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Letting agent admits to £80k fraud

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  • 16/08/2022
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A Suffolk-based letting agent has pleaded guilty to two counts of fraud, after pocketing more than £80,000 from victims.

Frank Smart, proprietor of Smart Residential Letting Agents, will be sentenced at a later date after admitting two counts in respect of retaining rent and deposits under the S1 Fraud Act 2006.

An investigation into Smart, from Dowding Avenue, Cambridge, was launched back in 2018 following complaints from landlords and tenants who had been unable to contact the business after its premises in Wellington Street, Newmarket closed.

A spokesperson for Suffolk Trading Standards said that landlords had trusted Smart Residential to hold tenancy deposits on their behalf, deposits which should have been placed into an independent deposit protection scheme, which Smart did not do.

They added: “We spoke to over 30 witnesses, with numerous landlords telling us that they didn’t receive rental income and had to refund tenancy deposits out of their own pocket. This resulted in individual losses ranging from £700 to over £8,000 and an estimated total loss in excess of £80,000.”

Councillor Andrew Reid, cabinet member for public health and public prosecution at Suffolk County Council, said the prosecution “sends a very clear message” that fraudulent trading will not be tolerated.

He continued: “His actions led to countless landlords being significantly out of pocket, causing immeasurable personal and financial stress – and highlighting the importance of ensuring that any rental deposit is placed into a Deposit Protection Scheme.”

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