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An estate agent who was an undischarged bankrupt is awaiting sentencing after masterminding a property scam worth over £1m.
One of his accomplices was a mortgage adviser.
Both Raymond Abramson, 68, and Mark Jopson, 52, who ran Mark Jopson Financial Services, admitted conning investors into buying 21 homes in Lancashire.
The values of the properties being sold were inflated on the promises of guaranteed tenancies, rental income and refurbishments that didn’t materialise.
The investors were from Ireland, with the frauds taking place between January 2005 and September 2008.
The two men, together with a third accomplice, John Edwards, 43, were originally charged in October 2009 after an investigation by Greater Manchester Police’s fraud unit, and had been due to face a lengthy trial but changed their pleas at the last moment.
Prosecutor Andrew Nuttall QC told Manchester Crown Court how investors from Ireland were tempted with the promise of purchasing properties with guaranteed rental income. The offences related to 21 properties out of 31 on the defendants’ books.
Abramson masterminded the scam, using the pseudonym Trevor Smith so that he could prevent investors from finding out that he was trading illegally as a bankrupt. He recruited Jopson to arrange the mortgages, bringing in Edwards to help.
The three men all admitted conspiracy to defraud, and are due to be sentenced on November 28.
Medical reports will be sought for Abramson, who is said to have a number of medical difficulties, and a psychiatric report will be compiled on Edwards.
The defendants will also face Proceeds of Crime Act hearings following their sentencing.
Jeffrey Samuels QC, defending Abramson, said it was understood by the defendants that they were at risk of receiving custodial sentences.
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