July 5, 2011 Leave a comment
Shaun Kiely the retail property merchant was jailed yesterday for three years and disqualified from directory positions for seven years due to defrauding seven investors in financial agreements reaching £1.3 million.
The accused was found guilty at Preston Crown Court in May 2011 on charges of obtaining illegitimate money transfers by deception and false accounting.
Using misleading accounts, Kiely attempted to portray his property business Sky Properties (Northern) and S-Mart Stores, a small retail outlet chain all over the UK, as being financially prosperous.
The companies relied on the inflated accounts, whereby seven investors purchased freeholds at auction that were bought by Kiely before and throughout the year 2005, to create 20-year leases for the properties of S-Mart. More than 50 commercial retail properties across the UK were purchased to obtain retail outlets leases. Read more of this post