Frank Smart, proprietor of Smart Residential Letting Agents, admitted to two counts in respect of retaining rent and deposits under the S1 Fraud Act 2006 earlier this month.
An investigation was launched into Smart and his firm back in 2018 after it closed its premises in Newmarket, leaving landlords and tenants unable to contact him. Smart had pocketed the deposits placed by tenants, having failed to place them within independent deposit protection schemes, as well as rental payments.
More than 30 witnesses said they had suffered “substantial” losses as a result of Smart’s actions.
“Particularly sad” case
Smart was sentenced to 34 months for each offence, which will run concurrently. He is already in jail for a separate matter and will be remanded in custody, serving the sentences for fraud alongside the existing sentence.
In sentencing, judge Gabrielle Posner said that this case was “particularly sad” as many of the victims liked and trusted Smart, and that he had betrayed their trust.
A spokesperson for Suffolk Trading Standards and the National Trading Standards Tri Regional Investigations Team, noted that total losses were estimated to be around £80,000 due to Smart’s actions.
They added: “These were people who, in some cases, had bought an investment property to fund their retirement, meaning that Smart’s actions will have a long-lasting impact on them. We are pleased that the judge has taken this into consideration when reaching their decision and ordered Smart to serve a custodial sentence.”
