A letting agent has been jailed for two years after stealing £140,000. The 43 victims included people who were his friends.
Robert Stagg pocketed rents and deposits paid by tenants which should have been handed over to landlords.
He had earlier been spared jail after promising to start paying the money back. But he had failed to do so and has now been sent to prison.
The case highlights the fundamental lack of controls on letting agents, which allows them to handle client money without having to ring-fence the amounts in separate accounts or to have client money protection insurance. There is also nothing to stop Stagg re-entering the lettings industry and, should he do so, he would not have to sign up to an ombudsman scheme.
For the full story, see Agent who stole from clients is jailed for two years
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Comments
Which regulation prevents and armed robber from opening a jewelery shop?