A property developer has been sentenced to three years in prison following a prosecution by the Serious Fraud Office (SFO).
Shaun Kiely, a dealer in retail properties was jailed for three years and disqualified from being a director for seven years at Preston Crown Court, for defrauding seven investors in deals exceeding £1.3 million.
Kiely was the director and shareholder of Sky Properties (Northern) Limited, a property development and real estate business and of S-Mart Stores Plc, a chain of small retail outlets in locations across the UK.
The SFO established that he deceived investors in 2005 by promoting the S-Mart stores, managed by staff he appointed, as profitable businesses whereas in fact, very little trading was being done.
Kiely was found guilty at Preston Crown Court in May 2011 of obtaining money transfers by deception and of false accounting, and was yesterday sentenced. Confiscation proceedings have commenced.
HHJ Gibson said: “The jury accepted that there was a lie at the heart of the case”” and told Kiely “”The sign of your calculation was that at first sign of failure
