THE owner of real estate company AIFOS has been jailed after he ran off with a couple’s life savings.
Jesus Ruiz Casado was sentenced by the Malaga provincial court for two years over misappropriation of funds after he took €56,000 for a flat that was never built.
The couple’s lawyer, Antonio Castillo Adam, said the pair, who had emigrated to Canada, decided to spend their life savings on a move to the Costa del Sol after the wife developed lung problems.
After seeing an advertisement, they decided to sign a contract for an 84sqm home on the Las Caballeriza estate in Mijas in November 2004.
They paid €13,500 upfront, then paid the rest off with 20 monthly installments.
Once they realised construction had yet to begin, they requested their money back, but AIFOS refused, despite having no license to build yet.
In fact, a request for a license had not even been submitted.
The money, which was invested into the company, must now be paid to the pair, along with their legal fees.
Casado has also been fined €2,400 and will serve time behind bars.
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