Search

Barkingside fraudster jailed after admitting to £35m land scam

PUBLISHED: 16:23 08 March 2013 | UPDATED: 16:23 08 March 2013

A Barkingside fraudster has been jailed after conning investors out of £35million through a land banking scam.

Working under the guise of gym membership salesmen from a Canary Wharf headquarters, he was part of a gang that duped more than 400 people into buying worthless plots of land between 2005 and 2010.

Defendants Daniel Webster, 29, Stephen Allan, 38 and Steven Ronald Percival, 29 – all of Bromley - were sentenced at Southwark Crown Court in one of the largest criminal fraud cases ever brought before the courts by a local authority.

Christopher Demetriou, 30. of Cranbourne Gardens, pleaded guilty to conspiracy to defraud investors before the seven week trial began.

He was sentenced to six years and four months in prison. Webster and Percival were handed six-and-a-half year jail terms and Allan was sentenced for seven-and-a-half years.

Det Insp Simon Pollock of the Metropolitan Police said: “Innocent investors were exploited for the personal financial gain of those convicted.

“We will now be using our powers under the Proceeds of Crime Act to ensure they are stripped of their criminal benefit and victims are compensated as far as possible.”

Demetriou was also handed a 10 year disqualification from being a company director, with Webster, Allan and Percival given eight year bans.

Latest Ilford News Stories

Yesterday, 18:00

With well maintained beards and a penchant for cocktails in jars East London is known for setting trends, but the recent rise in acid attacks is not one to be proud of.

Yesterday, 14:58

Top students at Redbridge College enjoyed a night of red carpet treatment as their academic achievements were highlighted at their annual student awards evening.

Yesterday, 14:29

A care home in Wanstead is to close temporarily to allow the old building to be entirely redeveloped to provide a complete care experience for Redbridge’s elderly residents.

Yesterday, 13:00

With the Elizabeth line and high street regeneration it is an exciting time for those living and working in Ilford.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Digital Edition

cover

Enjoy the
Ilford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now