Fraudsters jailed over £36m land banking scam

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Four fraudsters have been jailed for up to seven years each for their part in a £35.8 million land banking scam, according to The Sunday Times.

Daniel Webster, Stephen Allen and Steven Percival were found guilty of fraud, while Christopher Demetrious admitted the charge, at Southwark Crown Court.

They defrauded more than 400 investors between 2005 and 2010, selling them what turned out to be worthless plots of land.

They operated from a company marketed as Countrywide Land Holdings and Regional Land.

This follows on from the announcement in March 2012 that the Financial Services Authority (FSA) had won an important victory in the battle against unauthorised businesses after the High Court declared that James Kenneth Maynard, Countrywide Land Holdings Limited (Countrywide) and Plateau Development & Land Limited (Plateau) operated a collective investment scheme without authorisation and sold plots of land unlawfully to UK consumers. Regional Land and Countrywide were trading names used by Maynard.