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Property developer found guilty of £1.3m fraud

A commercial property developer from Lancashire has been convicted of defrauding seven investors in deals exceeding £1.3m.

Shaun Kiely, 43, auctioned a string of unprofitable small retail shops claiming them to be viable and profitable business opportunities. He will be sentenced on July 4.

Kiely, a director and shareholder of development and real estate business Sky Properties (Northern) and of retail outlet S-Mart Stores Plc was yesterday found guilty at Preston Crown Court of obtaining money transfers by deception and of false accounting.

A second defendant, Christopher Page, 44,  a former manager at both companies, was acquitted after being charged with obtaining money transfers by deception.

The case was referred to the Serious Fraud Office in 2007 and the defendants were charged in April 2009. The trial opened at Preston Crown Court on 11 April 2011.

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There are 3 comments at the moment, we would love to hear your opinion too.

  1. kevin fitzgerald 25th May 2011 at 9:42 am

    These two men have decieved me and 12 other men into a supposed trainee project manager/quantity surveyer role last year! They took at least 3 grand off us all for ‘university fees’ that never materialised and in the end didnt even pay wages. They also ripped off the clients we had gained buisness with by shoddy work and not completing jobs but taking the money! In short I seriously hope these two vile excuses for men go to jail for a very long time and forget to take rope for there soap if you know what I mean!!!! Myself and other lads I still speak too took out loans which we are still paying off and these men have in some cases ruined lives. This shop thing is just one of the many deceptions this pair have took part in, the one im talking about shaun got his 18 year old daughter to be managing directer so he wasnt directly implicated.

  2. No good just jailing them at state cost.
    Fraudesters such as these should not be imprisioned but made liable for the whole of the loss to unsuspecting victims; by imposing financial penality on current and future earnings and a charge on their assets until the victims are fully compensated.

  3. Mohan is a dirty horrible twat,

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