Property agent jailed for spending £700,000 of his clients’ money

|News, Fraud and economic crime

A property agent who misspent £700,000 in rent he had collected for his clients has been sentenced to five years in prison today (2 August).

Jeffrey Gadsden, 60, ran Walkers Professional Property Services in Brentwood, Essex. He collected rent and service charges on behalf of landlords for more than 150 properties across the east of England.

These funds were kept in client accounts, with rent normally sent to the property owners on a regular basis, Snaresbrook Crown Court heard.

However by June 2013 Gadsden’s business had run into financial difficulty and he had begun spending his clients’ money on the day-to-day running of his business.

Some of his victims attended Gadsden’s company offices to collect their money where they found the office was shut and the business was in liquidation.

He received five years in prison for the first count of fraud and four years in prison for the remaining seven counts to run concurrently.

Stephen Rowland, from the CPS, said: “Jeffrey Gadsden was trusted by his clients to collect the money received in rent on their properties and properly look after funds collected for building work.

“Instead he used this money to keep his business afloat, leaving them thousands of pounds out of pocket.

“Gadsden denied fraud but the CPS presented evidence including client accounts analysed by a financial accountant that showed he had stolen money from each victim.”

Notes to editors

  • Stephen Rowland is a Specialist Prosecutor in the Specialist Fraud Division at the Crown Prosecution Service
  • Jeffrey Gadsden (DOB 2/12/1948) was convicted of eight counts of fraud.

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