Rutherford Ross land banking scam?
- Thread starter Patrick50
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Brendan Burgess
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What do you want to know?
The Financial Conduct Authority in the UK advised people not to deal with them.
BBC explained what happened:
http://news.bbc.co.uk/1/hi/england/somerset/8322520.stm
The BBC programme alleges that Rutherford Ross is run by Sohan Singh, 50, of Richmond, south-west London.
... Mr Singh, who runs Rutherford Ross as "Shaun Singh", was tracked down by the BBC's Inside Out West programme over the sale of land on two fields near Shepton Mallet and Clutton
The land was bought for £40,000, then split into more than 200 individual plots which were then sold for between £5,000 and £18,000 ...
Not a bad return. Around £1.5m for a plot of land which cost £40,000
If you bought one of these plots, it's likely to be worth, at most, around €200.
I know one person caught up in a land banking scam. His solicitor said that he could verify the legal title, but it was pointless as the land was probably worthless.
You have lost your money. Move on.
Brendan
The Financial Conduct Authority in the UK advised people not to deal with them.
BBC explained what happened:
http://news.bbc.co.uk/1/hi/england/somerset/8322520.stm
The BBC programme alleges that Rutherford Ross is run by Sohan Singh, 50, of Richmond, south-west London.
... Mr Singh, who runs Rutherford Ross as "Shaun Singh", was tracked down by the BBC's Inside Out West programme over the sale of land on two fields near Shepton Mallet and Clutton
The land was bought for £40,000, then split into more than 200 individual plots which were then sold for between £5,000 and £18,000 ...
Not a bad return. Around £1.5m for a plot of land which cost £40,000
If you bought one of these plots, it's likely to be worth, at most, around €200.
I know one person caught up in a land banking scam. His solicitor said that he could verify the legal title, but it was pointless as the land was probably worthless.
You have lost your money. Move on.
Brendan
Brendan Burgess
Founder
- Messages
- 52,076
The Money Fair in the RDS was quite happy to host these companies:
http://www.askaboutmoney.com/threads/key-post-buying-greenfield-land-with-a-view-to-rezoning.6214/
The Financial Regulator had a stand at one of these fairs and I challenged them to do something about them. They said that as it was land, it was not a financial product, so they had no authority to intervene.
Rutherford Ross seemed to operate by cold-calling:
http://www.askaboutmoney.com/threads/anyone-dealt-with-rutherford-ross.55265/
Brendan
http://www.askaboutmoney.com/threads/key-post-buying-greenfield-land-with-a-view-to-rezoning.6214/
The Financial Regulator had a stand at one of these fairs and I challenged them to do something about them. They said that as it was land, it was not a financial product, so they had no authority to intervene.
Rutherford Ross seemed to operate by cold-calling:
http://www.askaboutmoney.com/threads/anyone-dealt-with-rutherford-ross.55265/
Brendan