Not-so-smart letting agent caught defrauding his landlords

A Newmarket agent has pleaded guilty to defrauding his landords of sums totalling over £80,000.

The East Anglian Daily Times reports that Francis (Frank) Smart, 46, who lives in Cambridge, was the proprietor of Smart Residential Letting Agents. He admitted two counts in respect of retaining rent and deposits at Ipswich Crown Court on Friday.

The Neg reported his disappearance when the story broke, back in 2018. Smart has since been found and brought to justice.

Following numerous complaints from landlords and tenants who were unable to make contact with the company after its premises at 5B Wellington Street, Newmarket, closed in July 2018, Trading Standards officers began investigating Smart’s activities shortly after.

By law, these deposits should have been placed into a Deposit Protection Scheme.”

A Trading Standards spokesman said, “Many of these landlords entrusted Smart Residential with their rental properties, and to hold tenancy deposits on their behalf.

“By law, these deposits should have been placed into a Deposit Protection Scheme – offering protection to tenants in the event of a landlord or letting agency facing financial difficulties. We believe that Mr Smart failed to use this scheme, resulting in substantial losses for his victims.

“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.”

Francis Smart will be sentenced at a later date.