A man is in custody for questioning over fraud and money laundering connected to a property management company, police said today.
The 58-year-old from Portsmouth was arrested today on suspicion of fraud by abuse of position, fraudulent trading and money laundering and theft.
The announcement comes after clients of Brighton and Portsmouth-based PS&B Estate Management complained to police.
Hundreds of flat owners have been worried about millions of service charge payments and other money believed to be held by the company in bank accounts which have been frozen since February or March.
The company’s sole director, Peter Hewett, 58, told staff earlier this month he was appointing administrators.
Since then, Brighton and Hove News understands no further details have been shared with staff, leaving them unable to lodge claims with the government’s statutory redundancy scheme.
Hewett is also director of several other companies connected to PS&B and its parent company, Blue Bombini Ltd. No administrators have been appointed for those since he emailed staff.
In a statement released this afternoon, the South East Regional Organised Crime Unit (SEROCU) said: “The arrest is in connection with an investigation relating to funds linked to a Hampshire-based property management agency.
“Search activity took place today at business premises and at a residential premises, both in Portsmouth.
“SEROCU is working closely with a number of partner agencies and financial institutions. Enquiries are ongoing.
“Anyone who has any information which could assist the investigation, should contact Hampshire and Isle of Wight Constabulary via the non-emergency number, 101, quoting reference 44260266014.”
Thank you Jo
This knocks the bottom out of leaseholders’ belief that their funds are protected by being ‘in trust’
The question is – can you place your trust in a trust account ?
Not any more.
S156 of the 2002 Landlord and Tenant Act which insisted on separation of funds in leaseholders’ Trust Accounts – on the statute book since 2002 needs to be brought in now.
Please cotact Shula Rich – Chair Brighton Leaseholders’ Association to be put in touch with others affected by this catastrophe.
If the guilty party is prosecuted under the Procceeds of Crime Act 2002, their victims may be able to recover part or all of their financial losses from them
The sooner leasing is prohibited by law the better I think it’s disgusting our daughter had a lease hold property years ago she saved up so when she got married to move in but circumstances made her change her mind she lost everything and all her hard earned saving were gone could get nothing back
Can you make your statement make sense?
That’s not how the property market works.
In this day and age when you have been able to sack managing agents and run the estate management yourselves is madness. Very very easy to do.
All managing agents do is charge you a fee for absolutely nothing. Then when you need work doing they will round up a couple of their mates in the building trade who will quote £5k-10k over the normal price, and kick that back to the director of the management company. It’s been going on for years and years and people some how won’t question why a house would cost £18K to paint lol… If think the world is bribery but for some reason in property management it’s seen as perfectly legitimate
Thank goodness for that and let’s hope he gets what is coming to him. Leaseholders need to be protected from these rogues as no one seems to care.