A convicted property fraudster has been ordered to serve a further six years in prison after failing to pay a confiscation order.
John Potts, who was sentenced in 2009 to five years for conspiracy to defraud in a buy-to-let scheme, will now serve more time.
Between 2001 and 2003 he defrauded investors in Practical Property Portfolios of about £80m. In September 2010, a £1.5m confiscation order was made against him following a Serious Fraud Office investigation.
He was told that unless he paid this sum in full within two years he would serve an additional six years imprisonment. That sentence was activated today.
Elizabeth Baker, SFO joint deputy head of the proceeds of crime division, said: “This was a pernicious fraud, with large amounts of money paid over in good faith by investors. As a result, John Potts enjoyed an extravagant lifestyle, using other people’s money to pay for home improvements and purchase race horses and expensive cars. The Serious Fraud Office is committed to ensuring criminals surrender the benefits of their crimes.”
The SFO case was conducted with the assistance of Northumbria Police Economic Crime Unit.
The outstanding balance of the confiscation order is £1.4m which is accruing interest at £251.66 per day.
