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Student Housing Investors Jailed After Defrauding Clients

Law360, London (June 7, 2019, 7:58 PM BST) -- Two men who allegedly set up a Ponzi-type scheme to pay off investors of their failed student housing development companies have been jailed for 21 months, a government agency said Friday.

Judge Tony Cross sentenced Liam James Collins and David James Bone to 21 months in prison for participating in fraudulent business by a sole trader in breach of the Fraud Act 2006, the Insolvency Service said.

The case, which was brought by the agency, had been set to go to trial at Manchester Crown Court on May 15 and was estimated to last five weeks, but both men entered a...

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