Desperate car trader made dodgy deals
A Staffordshire-based luxury car trader hit by the recession resorted to a string of dodgy deals in a bid to save his business.
Damian Greenwood's fraudulent transactions involved a Mercedes, a Porsche, a Range Rover and a Bentley, Stafford Crown Court heard.
Two of his individual clients and two finance companies lost out to the tune of just over £63,000, said Mr Paul Spratt, prosecuting.
Greenwood, aged 40, of Far Ridding, Gnosall, admitted five charges of making false representations and was given a six-month prison sentence suspended for two years and ordered to do 120 hours unpaid community work and to pay £650 costs.
The court heard Greenwood had run a successful car supply firm called Peregrine Group Ltd sourcing cars and arranging finance for clients.
But the recession which started in 2008 hit the business hard and eventually went under two years later.
Mr Spratt said a meeting of creditors was held in February 2011 and police arrested Greenwood three months later.
It was discovered that Greenwood had supplied a £32,000 Mercedes to Dean Russell without paying off the finance company. As a result, Mr Russell began receiving demands from Lombard Finance saying he owed £20,000.
Another of four deals included a £46,000 Porsche was traded in by Mr James Brennan who also paid Greenwood £14,960 for a Range Rover.
Mr Martin Reid, defending, said: "He was desperately trying to save his business which was sadly failing due to the credit crunch.
"He is sorry for the loss he's caused his customers, whether individuals or corporate."
Greenwood had been disqualified from being a company director for 11 years and had now moved to Yorkshire, said Mr Reid.
