A fraudster who cost a family almost £85,000 after he falsely claimed to be a financial advisor has been jailed.
Rafiq Master, 55, was contacted by a family who were buying a home in Fulwood, Preston.
Master, director of BFX Capital Ltd and Tijori Ltd, claimed his companies were registered with the Financial Services Authority and that he was an independent financial advisor accredited by the Financial Conduct Authority.
However, neither claim was true.
Master told the victim he could arrange a loan from a lender in the Middle East which specialised in buying property in the UK.
Master told his victim that, as the property was being sold at auction, money needed be transferred quickly and the victim signed paperwork which allowed Master to use his house as security on the loan.
On June 7 2013, the victim transferred an initial £25,000 to Master and transfers continued until he had paid more than £84,500.
However, on October 2 2013 the victim noticed the property had been sold to another buyer in August 2013 and when he asked for his money back, he received a cheque that bounced.
Police were called after the victim tried to confront Master at his home.
The Middle East-based lender was in fact his own company, Tijori Ltd. Master spent his victim’s money paying off other clients and funding his own lifestyle.
Master, of Oakley Park, Bolton, was sentenced to three years in prison at Bolton Crown Court. He had pleaded guilty to fraud by abuse of position at an earlier hearing.