London property director hit with 11 year ban after conning investors out of millions
A London property director has been given a 11-year ban from the top position, after scamming investors out of millions.
Sam Eustace, from Sutton in south London, was formerly director of Kingsman Property, which promised landlords guaranteed rent all year around.
The company also offered investors the opportunity to receive annual returns of 30 per cent by investing money into the rental house for multiple occupancy (HMO) sector.
However, an investigation by the Insolvency Service found investors were conned out of £6.7m before the company went into liquidation in August 2019.
The probe found that Kingsman Property likened a ponzi scheme, when the company paid out more than £3m to investors, which was actually cash received from new investors.
Chief investigator Martin Gitner said: “The Insolvency Service will not hesitate to investigate and use its powers against those engage in this kind of fraud.
“Sam Eustace knew he was taking people’s hard-earned savings as part of a scam and has left countless people out of pocket.”