'Fields of gold' trial trio cleared

West Berkshire Council defends its part in bringing prosecution

THREE people have been cleared of conning clients into investing in Newbury’s “fields of gold”.

Afterwards one of the supposed victims, who bought a plot of land in Newbury, complained that his investment had been tainted by the case.

But West Berkshire Council has defended its part in bringing the prosecution.

During the 48-day Southwark Crown Court trial in Central London, it was alleged investors were conned into putting £20m into a land banking scheme.

Paul Taylor, prosecuting, said investors were offered “eye-watering rates of return” if they ploughed their cash into tiny pieces of worthless land too small to build a house on.

Clients were sold land on sites in Newbury and in Lutterworth, Leicestershire, Huby in North Yorkshire and a site near Stansted, Essex.

In the dock were former Asset Land Investment directors Stuart Cohen, aged 67, of West Lane, West Hampstead, North West London; David Banner-Eve, aged 55, of Rambles Lane, Harlow, Essex; and 54-year-old Susan Siggins of Whighten Mews, Isleworth, Middlesex.

The defendants denied they set out to rip off customers, blaming the wild claims about potential profits on unscrupulous brokers out to boost their commission.

Mr Cohen said a consortium of Asset Lands Investments’ clients were pressing ahead with planning applications on sites in Newbury and elsewhere, adding: “It’s happening, it’s happening now, it’s going ahead as we speak.”

He said profit estimates given to clients of 200 to 300 per cent were “conservative” and that he was “very, very confident” of getting planning permission on the land.

All were cleared of conspiracy to defraud.

Afterwards Newbury resident Andrew McLean, whose friend invested in the scheme, queried the wisdom of bringing the case.

He said: “The legal costs must be astronomical at a time of severe cuts.”

An investor in the Newbury scheme, which offered plots of land at The Chase, Wash Water, asked for his name to be withheld, but said: “We were all encouraged to seek independent legal advice before buying.

“I have a land registry certificate and my lawyer says it’s all above board.

“Of course it’s a gamble but I thought it was worth a punt.

“Now West Berkshire Council has branded the land worthless so I feel it’s far
less likely to ever get
planning permission in future.”

Council spokesman Martin Dunscombe said the costs of bringing the prosecution would come from a central Government fund.

He added: “West Berkshire Council became involved after receiving a significant number of enquiries from consumers who had invested money in plots of land in Wash Common, Newbury, and who had subsequently become concerned about what they had been told about returns when they had invested.”

He said the council had sought expert advice from a barrister before and during the case

Mr Dunscombe went on: “The outcome of this case will have no bearing on whether or not the land would or would not receive planning permission.

“This is dealt with by an entirely separate process and each application is treated on its merits.”

Trading standards portfolio holder Marcus Franks (Con, Speen) said: “While the council must respect the decision reached by the jury in this case, I am nevertheless disappointed by the outcome of the trial.

“The money invested was in the order of £20m and the scheme had a significant adverse impact on the lives of many of the investors that gave evidence, none of whom had seen a return on their investment.

“I am therefore satisfied that there was a compelling public interest in putting the matter before the court.”