Record fine for rogue property trader
A financial salesman who arranged sale and rent-back deals and lied about property values has been fined nearly £1m by the Financial Conduct Authority for misleading customers. It is the largest ever fine for a sole trader.
Gurpreet Singh Chadda traded under the names Red2Black Homes and B&L Homes. The FCA looked at seven sale and rent back deals – where a homeowner sells their home and rents it back from the arranger – between June 2009 and January 2010, and found serious failings in all of them.
Tracey McDermott, the director of enforcement and financial crime at the FCA, said: "Chadda's misconduct is the most shocking we have seen from a home finance arranger. "
Mr Chadda told customers he would be buying their homes when in fact the purchasers were other people. He failed to tell those selling their homes that the purchasers were not authorised, which meant they were not covered by regulatory protections. He also fabricated a mortgage valuation to make it look as though the seller's property was worth much less than its real value. He has been banned from working in the financial services industry.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...