Multi-millionaire and his wife is jailed over swindle (From The Northern Echo)

Multi-millionaire and his wife is jailed over swindle

5:42pm Sunday 13th January 2013 in News

A MULTI-MILLIONAIRE businessman and his wife have been jailed after  swindling an elderly serviceman out of £100,000.

Richard Pennock and wife Angela were locked up for 18 months for the  fraud on her great uncle. George Spann, 89.

The pair helped the former Royal Marine buy a bungalow on Teesside after he returned in 2009 from living in New Zealand.

Speaking afterwards, Mr Spann, said: "They've done the deed against me and the court has sorted it out. What they’ve got is what they deserve, I guess."

Judge George Moorhouse told the pair: "Mr Spann had total trust in you both. But it seems that greed took over."

He told Richard Pennock: "You’re a highly successful businessman, boasting of assets of £4.5m, and quite frankly there was no need for this greedy fraud to take place.

Teesside Crown Court heard that Mr Spann sold his house, car and personal belongings.

The Pennocks used £100,000 of his money and £130,000 of their own to buy a bungalow on Bute Close, Thornaby, for him to live in.

However, his stake was not registered on the deeds and the home was later  transferred in their daughter’s name.

Richard Pennock, 65, and Angela Pennock, 45, of Chancery Rise, Thornaby, denied two charges of fraud by abusing a position of trust.  They were  convicted on both counts.

James Kemp, mitigating, said the fraud was a one-off and not motivated to cause deliberate harm and the couple offered to repay the £100,000.

Judge Moorhouse made a £15,000 costs order. Compensation and proceeds of crime matters are yet to be settled.