10 Jan, 2015 @ 10:30
1 min read

EXCLUSIVE: Expat property fraudster jailed after long Spanish spree


EXCLUSIVE by Imogen Calderwood

AN expat estate agent has landed a two-year jail sentence after a lengthy fraud spree came to a shuddering halt.

Marbella-based British businessman Olufemi Jaiyeola was found guilty of stealing money from at least five victims in a bogus buy-to-let scheme.

A Spanish court heard how the Mancunian conned expats out of €90,000 with victims paying up to €24,000 each.

Dozens of other foreign investors claim to have lost money to Jaiyeola – also known as Femi Jaye and Akan Jaye.

Thanks to a determined seven-year campaign spearheaded by expat Alec Knox, based in Almeria, Jaiyeola was finally brought to justice.

Knox, originally from Sussex, told the court in Fuerteventura that he was conned out of €6,000 in 2007.

The accountant told the Olive Press: “My lawyer said it could take years for the case to come to court, but I was determined not to give up.

“I don’t think I have any hope of seeing my money again, but at least I’ve got justice.”

Jaiyeola posed as an agent for Sol Bank, working with company Arcosa Financial SL, to offer his victims access to a ‘buy to let’ scheme at Fuerteventura Park Nuevo Horizonte.

The three to five-year ‘plan’ promised clients a profit of up to €70,000, and as a ‘registered finance broker’ Jaiyeola also guaranteed they would get a mortgage of 70% of the property’s value.

Clients were asked to forward a €4,000 reservation fee to Arcosa, to buy one of the 24 units, each selling at €48,000, but with a bank valuation of €91,500.

But the money, according to court documents, was instead transferred to his personal account.

Jaiyeola, who is said to be renting a home in Marbella, launched an appeal against the sentence on December 22.

Meanwhile his passport has been confiscated by police, while other victims are also coming forward.

One victim Kieran O’Hagan – who invested €10,000 – has set up a website www.avoidthisman.com to warn people about Jaiyeola.

Various phone numbers for Jaiyeola went unanswered.

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