A disgraced businessman who diverted tenants’ deposits to fund other financial ventures has been given a suspended jail sentence and ordered to carry out unpaid community work.
Brandon Weston, the former boss of Premier Places Lettings in Worcester and Redditch, should have ensured the cash was put into a ring-fenced client account.
But instead he used deposits from 203 tenants totalling £137,660, said Simon Phillips, prosecuting at Worcester Crown Court.
His actions contravened rules laid down by the National Approved Lettings Scheme and The Dispute Service.
Weston, 42, of The Old Stores, White Ladies Aston, near Pershore, pleaded guilty to four counts of fraud between April 1, 2007, and February 28, 2009.
His book-keeper Chris Williams, 47, of Church Lane, Whitington, near Worcester, who forged an accountant’s signature, pleaded guilty to three counts of forgery between June 1, 2007, and February 28, 2008.
Sentencing Weston to 12 months’ jail, suspended for two years, Judge Richard Rundell said he had taken prompt action to rectify the loss by selling his assets once he realised the financial difficulties he was in.
He was now bankrupted, had shown genuine remorse and had to suffer the impact on his family.
The judge gave Williams eight months’ jail, suspended for two years, and said he had forged the signature of a respected professional.
He ordered Weston to carry out 250 hours of unpaid work and Williams 150 hours.
Mr Phillips said: “The tenants’ deposits were supposed to be ring-fenced but were lost. Mr Weston used the money to fund other businesses. The tenants were repaid through insurances.”
He said Williams, who worked in the same building as Premier Places, pretended he was a qualified accountant by forging a signature on business papers three times.
A police investigation began in February 2009 when the manager of Premier Places’ second office in Redditch discovered ‘a black hole’ of £500,000 in the company.
Mr Phillips said Weston, who had a financial stake in the Glasshouse restaurant in Worcester, had owned seven houses in the city and a house in France. He recently sold his family home in Droitwich for £500,000.
Weston also sold the Worcester office of Premier Places in Foregate Street to Williams and a co-investor for £430,000.
He made a frank confession to police, said Mr Phillips. Williams claimed in interviews that Weston had put him under pressure.
Mr Phillips said Weston had taken ‘large amounts’ from the letting business, around £8,000 a month plus £500 a month pension contributions.
Daniel White, for Weston, said: “He wants to put an apology on the record for everything he has done.
“Every asset has been signed over to the prosecution or sold. His life has been turned upside down. He has gone from being an award-winning entrepreneur to a bankrupt. He was running a number of businesses but the recession triggered problems.”
Mr White said Weston had found himself another job, while his wife worked with disabled children.
Andrew Smith, for Williams, said the loss of his reputation in Worcester had had a substantial impact. He was now virtually a house-husband while his wife worked.
Mr Smith added: “To say he is ashamed is an understatement, but the prospect of him coming before a court again is low.”
This story was also covered on Monday on our sister site Estate Agent Today, where police comment was included in the report.
Comments
do not deal with herritage letting agencie in trowbridge. dammm rude and unprovesional. dont pay deposit into a deposit protection scheme. they have put me through hell . been with them nearly two years and all they do is argue with you. they dont get things done quickly in the house, was waiting for a new toiliet to be fitted for 3 months. tried kicking me and my daughter out without putting my deposit in a protected scheme. have shoved alot of things in my face i have to pay for which i dont have to. there very unpolite and unprofessional. not people u would want to deal with. WARNING
At least the Thief running Belvoir Norwich got a custodial sentence for doing exactly the same thing. This pair of crooks got off relatively unscathed without any barrier to their re-entry into the lettings game when the dust has settled. An utter disgrace.