Payback time

Five men have been convicted of masterminding Britain’s largest time-share fraud in which nearly 17,000 investors lost UK£30 million. The victims from across Europe, principally the UK, were persuaded, through high-pressure sales techniques, to buy new time-shares at an “incredible price” in a luxury development while on holiday in Tenerife; at the same time they were told that their existing property shares would be sold quickly. The victims made a credit card payment and were advised to take out a loan just in case their old property did not sell as promptly as was expected. The salesmen recommended a number of companies that would handle the financing and selling, all of which were interconnected. David Farrer, QC, said that the system was designed to part the victims and their money “as rapidly as possible and make recovery of their money as difficult as possible if the penny dropped they had been ripped off.” They were left with homes that they did not want and could not afford after their original time-shares failed to reach the prices promised. Martin Addington-Smith, Malcolm Watsford-Wallace, Alexander Thompson, Michael Harbison and Simon Stevens were each found guilty of conspiracy to defraud after an eight-month trial and will be sentenced in June.