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Mortgage broker jailed over remortgaging sham
Mortgage broker Rienzie Silva, 73, has been jailed after duping elderly investors out of their life savings through a Ponzi scheme which reportedly spanned over three decades.
He persuaded customers, who according to the Court, “trusted him with their lives”, to take out home loans to invest in his property investment scheme.
Silva would then use new investors’ money to repay current clients in the Ponzi scheme and use the profits to fund his lavish first-class travel lifestyle.
Silva used Croydon-based brokerage Abbey Brokers as his “virtual fiefdom” according to the Court, raking in over £4 million from his friends, though reports indicate that the true figure will never be known.
Silva was been banned by the FSA back in 2011, where the High Court ruled that he had breached fiduciary duty by paying a mortgage deposit into another defendant's account.
Silva was forced to pay back £1,459,443 plus interest and £265,000 in costs, with the FSA stating that he was ‘not a fit and proper person to perform any functions’, claiming that his actions lacked any honesty or integrity.
Now, Silva, of Croydon, South London, has pleaded guilty to two counts of fraudulent trading and has been jailed for more than five years.
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