7 years ago
CAR dealer Richard Loach will pay only £1 of a £400,000 confiscation order after he and his brother conned customers out of more than £1million.
In May 2013, Loach, 47, of Roslyn Avenue, Gedling, and his brother David Loach, 50, of Main Road, Cotgrave, pleaded guilty to knowingly carrying on a fraudulent business with intent to defraud creditors and were both jailed for two years and three months.
Judge Michael Pert QC ruled yesterday that Richard Loach’s benefit from his crime was £400,000, but since he went bankrupt in 2008 and had no money available he would not have to pay it. However, the judge ordered him to pay £1 in the next 28 days.
At a proceeds-of-crime hearing, prosecutors failed to claim money Loach has been paying towards the mortgage on his marital home, since his wife, Dawn, had bought out his interest in the property.
Nottingham Crown Court was told that she had wanted to protect the family home after creditors continued to knock on their door.
The brothers ran the Left Hand Drive Car Company until Trading Standards began an investigation into the firm.
The Trading Standards officers found customers were paying for vehicles and not receiving them or a full refund. Others left vehicles with the pair on a “sale or return” basis but did not get full payment or, in some cases, any money at all.
David Loach’s benefit from the crime was also found to be £400,000, and £23,220 was ordered to be confiscated from him on August 23, 2013.
