A Yorkshire-based fraudster has been jailed for more than six years after he swindled would-be property investors out of more than £500,000.
Married father-of-three John Keats-Ormandy, of Main Street, Sutton-on-the-Forest, York, was locked up after he admitted fraud charges relating to eight potential investors who thought their money would be used to refurbish empty properties before they were rented out.
Prosecutor Andrew Epsley told Bradford Crown Court today how the 42-year-old claimed he had contracts with the Ministry of Justice to house people and rental income from the investments were guaranteed. But the court heard how the investors lost life-savings and pension money because Keats-Ormandy had no legal interest in the properties he was advertising for sale.
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When one concerned investor visited one of the homes in Liverpool, he discovered a couple had already bought the house and were living there. Mr Epsley said Keats-Ormandy took the money from people never intending to carry out his side of the bargain.
In total Keats-Ormandy, who had no previous convictions, was said to have defrauded investors out of £592,000 with only about £100,000 ever being returned to his victims despite their efforts to get their money back.
Even when he pleaded guilty to a series of fraud charges in April, Keats-Ormandy submitted through this counsel that he would be able to repay a…
