Jailed fraudster from Nayland ordered by judge to repay £580,000 to victims
A fraudster from Suffolk, who was jailed for stealing hundreds of thousands of pounds from clients while running a property management company, has been ordered by a judge to repay his victims.
Jeffrey Gadsden, formerly of Bear Street, Nayland, was given a five-year prison term last summer after being found guilty by a jury of eight separate counts of fraud by abusing a position of trust, through which he stole approximately £700,000.
The 69-year-old appeared at a confiscation hearing at Snaresbrook Crown Court this month, when he was told to pay £580,747.99, based on his available assets, to his victims by August 1, or else have another five years added to his sentence.
The conviction followed a long-term investigation by the Kent and Essex Serious Crime Directorate, which determined that Gadsden fraudulently acquired the money from seven people between 2009 and 2013, when he was the director of Walkers Professional Property Management Ltd.
It is believed that he used this money in order to pay wages and prop up the struggling business, which ultimately went into liquidation in May 2013.
Detective Chief Inspector Lee Morton, head of Essex’s Serious Economic Crime Unit, said: “This was a large scale theft of money from people who believed they were dealing with an honest person.
“The sentence passed on to Gadsden reflects how this type of crime is viewed by the court and the Proceeds of Crime Act has been used to take away any benefit obtained by him and this will be given back to his victims.”