Property Investor Fined £1m !

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Property Investor Fined £1m !

Postby Nick » Thu Jun 20, 2013 2:16 am

Well - not quite £1m, but close enough to be a big warning to anyone who thinks that they can get away with Sale and Rentback:

The FCA has banned and issued its largest ever fine to a sole trader, who deliberately mislead and exploited several sale and rent back customers.

The Authority has fined sale and rent back adviser Gurpreet Singh Chadda £945,277 and banned him from working in the financial services industry for significant failings when conducting businesses.

The fine represents the largest ever issued to a sole trader in a retail business.

Based in Birmingham, Chadda traded under the names Red2Black Homes and B&L Homes. The FCA investigated his involvement in seven sale and rent back transactions between June 2009 and January 2010 and found serious failings in all of them.


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