A ‘conman’ estate agent who is already serving time in prison after using £700,000 of client cash to keep his business afloat has been ordered to repay £580,000 to his victims.
Jeffrey Gadsden was found guilty in July last year by a jury at Snaresbrook Crown Court (pictured) of eight counts of fraud by abusing a position of trust and later sentenced to five years behind bars.
A confiscation hearing under the Proceeds of Crimes Act has now been completed against the 69-year-old former estate agent and after assessing his existing assets Gadsden has been ordered to pay £580,747 to seven victims. He has until August 1st to repay the cash or face another five years in jail.
Detective Chief Inspector Lee Morton, head of Essex’s Serious Economic Crime Unit, told local media: “This was a large-scale theft of money from people who believed they were dealing with an honest person.
Estate agent victims
“The sentence passed on to Gadsden reflects how this type of crime is viewed by the court and the Proceeds of Crime Act has been used to take away any benefit obtained by him and this will be given back to his victims.”
Gadsden stole the cash from landlord clients between 2009 and 2013 to pay his staff wages at Walker Professional Property Services Ltd but the theft only came to light after the company went into liquidation.
His former business was then investigated by the Kent and Essex Serious Crime Directorate. Gadsden had been either an owner or director of 26 estate agency businesses in Essex before being jailed.