|Associated Company Name:||Future Developments (UK) Limited|
Future Marketing (GB) Limited
(Both Companies Dissolved)
|Details of criminal activity:||Sold 26 clients small patches of land in Burnley which were unlikely to accumulate any value. McCrae had purchased the plots and he became aware that Adamson and Holt were misleading clients and he turned a blind eye.|
The land was 17 acres, divided up to be sold on a speculation basis, but it was green belt land and it wasn't likely to receive planning permission.
McCrae spent £48,000 on the land and employed his two co-accused to help sell it. He used a database of contacts he gained from living and working in Tenerife.
He focused on people who had worthless timeshares on which they still had to pay maintenance charges of up to £1,000-a-year. They were contacted and told that for £250, they could get rid of these liabilities and exchange it for a plot of his land.
The victims were invited to a business address in Tunstall where they met Adamson and Holt, who told them the land was likely to quadruple in value in the coming years and they could also get money from an EU timeshare compensation scheme. But that EU fund was completely bogus and the land banking scheme was unlikely to increase their investment.
|Authority Actions:||Jan-2012 |
* Jailed for 2 years.
* Guilty to conspiracy to defraud.
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