Former Helmshore fraudster has Porsche recovered by SFO

Shaun Kiely, previous of Helmshore and now of Preston, was sentenced to three years in prison in 2011 for operating a property investment fraud through his company Sky Properties (Northern) Limited.

The company sold commercial properties to investors, promising returns by leasing the properties to a separate business which he owned and operated.

Kiely fraudulently inflated the turnover of the business, which was signed on for 20-year leases, in order to increase the sale price of the properties.

Shaun Kiely (Image: Archive)

A proceeds of crime investigation by the Serious Fraud Office (SFO) uncovered that Kiely had obtained access to additional funds, as well as vehicles including a Porsche Cayenne V6 worth around £50,000 and personalised number plates worth more than £7,000.

The SFO’s interim head of proceeds of crime and international assistance, Paul Napper, said: “Our team is determined to go after fraudsters no matter when they committed their crime.

“We will continue to monitor and pursue those who have benefitted from defrauding others.”

Kiely was the director and shareholder of Sky Properties (Northern) Ltd, a development and real estate business, as well as S-Mart Stores, a chain of small retail outlets.

READ MORE: Helmshore man jailed for three years over £1.3m property scam

The 2005 fraud involved Sky Properties buying 50 cheap outlets and creating 20-year commercial leases for S-Mart.

S-Mart auctioned off the freeholds to investors who believed they would make money from ‘viable and profitable business opportunities’, while S-Mart paid the rent.

But they were stocked with poor-quality goods, damaged items, and got no customers.

Investors were left ‘high and dry’ with property worth less than they paid.