Buy-to-let fraudsters jailed

The Serious Fraud Office confirmed the Practical Property Portfolio companies of Gateshead, which handled buy-to-let investments of around £80m, were used to pay the directors' excessive salaries and fund lavish lifestyles involving luxury cars, fine art, antiques and racehorses. Practical Property Portfolio companies sold around 4000 residential properties in the north of England to at least 1750 investors in exchange for an estimated £80m. The companies were wound up by the DTI in spring 2003 on the basis that they were not being run in the public interest. In January, the five director...