The financial director of company that developed property on the Isle of Wight has been jailed for fraudulently withdrawing £781,000 from company accounts.
The case, heard at Snaresbrook Crown Court, detailed how Stephen Manuel, 62, of Hampstead, London took the funds from a company he set up in 1997 with his friend Mr Jefcoate.
Isle of Wight property deal
The money that was fraudulently withdrawn was connected to a property they had developed on the Isle of Wight.
During the period of the fraud taking place 2003-2012, the development company, Macemaster Properties, redeveloped a large, multi-million pound site on Landguard Road, Shanklin.
Previously the old Teknacron Circuits site, it now has the Shanklin Lidl and a sizeable estate of 38 houses and 15 flats with garages on it, labelled Atherley Park.
Money missing from bank account
The fraud was discovered after Mr Jefcoate checked bank records, following a large sale of property on the Isle of Wight, and found less than £250,000 remaining.
Despite paying all of the money back, Stephen Manuel was still jailed for two years and four months, after pleading guilty to 12 counts of fraud and two of obtaining money transfer by deception.
The company may have had carried out a development in Cowes earlier, but OnTheWight could not verify this through more that one source.
Thanks to Seb for pointing us to the source of this story.
