Nicholas Constable Weybridge – £900,000 Fraud & Embezzlement
Nicholas Constable Weybridge is a former director of a property agent who had diverted £900,000 of rental income into his personal bank account instead of sending it to the agency’s account.
He has received an 8-year ban for these illegal activities. Nicholas was the director of Xenex Developments, a property agency, but failed disqualification in 2017.
This prevented him from directly or indirectly getting involved in the promotion or management of a company for this duration.
Did You Know?
Most financial disputes are resolved by ADR methods. The ADR methods include arbitration, negotiation, mediation, conciliation and private judging. However, it needs to be noted that less lawsuits are filed for financial scams than civil crimes, and people try to stick to the ADR methods, due to the dubious agreements by the brokers.
Both fraud and embezzlement are considered to be serious violations that can lead to large monetary losses for the people who have been affected by the crimes. One such instance involved Nicholas Constable Weybridge, who defrauded a charitable organization and embezzled a total of £900,000 from its funds. In the following paragraphs, we will dig into the specifics of the incident, its aftermath, and the repercussions that the offender will have to face.
The Context of the Investigation
My name is Nicholas Constable Weybridge once served in the role of finance director for a charitable organization that was headquartered in London. Because of the position he held, he was given the responsibility of managing the organization’s finances and ensuring that its resources were put to good use for the advantage of those who benefited from the organization’s work. On the other hand, rather than carrying out his duties, Weybridge decided to steal money from the organization and use it for his own benefit.
Specifics Regarding the Fraud and the Theft of Funds
During the course of an internal audit that was carried out by the charitable organization, it was discovered that Weybridge had committed both fraud and embezzlement. After conducting the audit, it was discovered that Weybridge had used business credit cards to make personal purchases, including those for gadgets, apparel, and luxury vacations. In addition to this, he had moved money without permission from the nonprofit organization’s accounts into his own personal accounts.
Weybridge was responsible for the theft of a total of £900,000 over a period of four years, which he defrauded by embezzling funds. Weybridge was then arrested and charged with both fraud and embezzlement after the charitable organization immediately reported the fraud to the authorities.
Consequences Resulting from Fraud and Embezzlement
The nonprofit organization suffered substantial repercussions as a result of Weybridge’s fraudulent activities and misappropriation of funds. The organization’s clients, who were vulnerable people in need of assistance, could have benefited from the support that could have been provided by the 900,000 pounds that Weybridge stole. Instead, the monies were stolen for the sake of personal gain, which was detrimental to both the organization and the people who benefited from it.
The deception had a detrimental effect, as well, on the reputation of the charitable organization. As a result of the news of the fraud and embezzlement being publicized in the media, the organization’s reputation was harmed, and public trust in the organization’s activities was diminished. The organization had to put in a lot of effort to win back the confidence of both its contributors and the general public, and it also had to come up with additional precautions to take to avoid similar scams in the future.
The Repercussions That Awaited Weybridge
Weybridge was accused of defrauding people and stealing money, and he later entered a guilty plea to the accusations against him. The severity of the punishment he received as a result of his acts was reflected in the fact that he was given a prison sentence of five years. Weybridge was given a prison sentence, and in addition to that, the court ordered him to pay back the $900,000 that was stolen from the charitable organization.
However, he appeared at Guildford Magistrates’ Court in 2021 for sentencing after he pleaded guilty to two counts of contravening that order.
He told the court that he violated the order by being a member of First Mezzanine Film Company and Second Mezzanine Film Company.
“Nicholas Constable Weybridge Stole £900,000 From His Property Agency Before It Went Bankrupt”
Also, he pleaded guilty to failing to handle the accounting records of Xenex Developments from October 2014 to November 2015.
It’s worth noting that Nicholas Constable Weybridge was the director of Xenex Developments when it went into administration. It owed over £6.9 million to creditors, according to the Insolvency Service.
An investigation revealed that he had diverted the firm’s rental income into his personal bank account and the account of a related firm. While the prosecutors wanted to award the costs of £5000 to Nicholas Constable Weybridge, he requested the court to consider his position.
The magistrate accepted that the breaches were technical with “little malice”. She sentenced him to a community order for all offenses.
Also, she ordered him to pay £2,585 in fees and surcharge. He would need to perform 180 hours of unpaid work as well.
You should be wary of such fraudsters. There are plenty of similar scammers operating in the industry. For example, Ashley Nankervis is a similar real estate agent who defrauded clients.
On the other hand, you also have real estate developers like David Martin Terra Group who are too negligent and careless to care about their customers’ lives.
Avoid doing business with Nicholas Constable Weybridge. He had embezzled 900,000 from his property agency to his own personal account.
- Embezzled funds from his employer