Property development finance fraud: Liverpool property developer Nigel Russell could face the criminal courts over the alleged £3.6m investment fraud he is accused of providing false documents to gain property development finance, he could face trial as soon as July 2nd next year.
When investors are contemplating making an investment and they see the opportunity that suites their needs and profits relevant to the risk they would be forgiven in thinking job done, but so often that is not the case.
Whenever you are dealing with a company or individual that you have not worked with before be sure to delve deep into their working history and past track record, past successes are no indicator of future ones but without some sort of track record to go by it would be insane to do business.
As an investor use all resources at your disposed, always get independent advice when you can, they say two heads are better than one, but most importantly you need to know who you are going into business with I am sure you agree.
Unfortunately we live in a world where honesty can be a rare commodity.
55-year-old Nigel Russell allegedly provided false documents to a law firm to gain property development finance funding for four sites across Liverpool.
Russell has not entered any pleas to four counts of fraud by false representation and five counts under the Forgery and Counterfeiting Act 1981.
Judge Anil Murray fixed the trial, estimated to last four weeks, and remanded Russell on conditional bail.
He imposed a condition of residence and said Russell must live and sleep at a property in Duddon Road in Duddon, Tarporley, Cheshire.
The alleged frauds relate to city centre developments Alexander Terrace in Hatton Garden; 12 Gradwell Street; and the Paper Mill in Henry Street – while the fourth relates to student accommodation at St Joseph’s in Woolton Road, Childwall.
According to the charges, Russell is accused of arranging for documentation to be forwarded to his solicitors which “purported to show that all appropriate conditions were satisfied relating to development for the purposes of releasing funds, when you knew that they were not.”
The charges go on to state that Russell aimed to “secure the release” of £1,331,400 for Alexander Terrace; £1,319,000 for the Paper Mill; £583,360 for 12 Gradwell Street; and £432,770 for St Joseph’s.
The forgery charges relate to the alleged creation of “false instruments,” namely Notices of Proposal to Grant a House of Multiple Occupation (HMO) License for each development alongside a Completion Certificate for Alexander Terrace.
All of the offences are alleged to have taken place between 2012 and 2013.
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