Gill has been sentenced to two-and-a-half years in prison for running the scheme without being authorised and illegally providing credit agreements and mortgages.
His accomplice and partner, Amandeep Heer, received a community order for two years with a condition of 250 hours of unpaid work, while his other accomplice, Jetinder Sandhu, has completed 100 hours of unpaid work over 12 months, a condition of a 15-month suspended imprisonment, which was suspended for 18 months.
The scheme was run through Secure Property Consultants, and Gill claimed he could sell homeowners’ properties quickly, offering them cash advances and telling them they could remain in the home as tenants. Victims were encouraged to sell their homes for less than the market value and were charged excessive, confusing or hidden fees totalling £925,223. Some victims were evicted from their homes.
The misconduct took place between 2014 and 2018.
Once Gill became aware of the Financial Conduct Authority’s (FCA’s) investigation, he tried to conceal activities, shut down the company and told clients not to speak with the regulator.
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Sandhu and Heer supported the offending.
Gill pleaded guilty to 27 offences in relation to sale-and-rent-back agreements as well as credit agreements and mortgage contracts. He asked the court to consider a further 12 offences of the same nature at sentencing.
Following a trial, Heer was found guilty of committing three similar offences.
The FCA has started confiscation proceedings to deny the defendants the proceeds of their crimes with a view to compensating victims.
Gill has also been disqualified from being a director of a company for eight years.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “Mr Gill and his accomplices preyed on vulnerable homeowners, turning financial difficulty into misery to fill their own pockets. Sale-and-rent-back comes with significant risks. If you are considering using it, always check the provider is authorised by the FCA.”
In sentencing Gill, His Honour Judge Weekes said “there was a pattern of systematic exploitation” and the “victim impact [was] stark and troubling”.
He added that Gill was “dishonest and manipulative” and the sale-and-rent-back agreements “particularly odious”.
