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Property guru turned TV star misled investors to raise £731k

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Thu 21 Mar 2024

Property guru turned TV star misled investors to raise £731k

A property developer who was first declared bankrupt in February 2021 has had stringent bankruptcy restrictions imposed on him.

The High Court heard that Glenn Armstrong, 64, from of Romford, Essex, misled investors into giving him £731,738.

He raised the money by duping investors to support a a wide range of investments, promoted through his company, the Property Millionaire Academy, which went bust in July 2022 and never filed any accounts. Armstrong has also been a director of a total of 21 companies, according to Companies House, all of which he has resigned.

Armstrong owned up to 200 properties worth around £30m in the Milton Keynes area and even appeared on Channel 4 shows, How the Other Half Live.

He has been given a Bankruptcy Restrictions Order lasting 12 years at the High Court after investigations by the Insolvency Service. He has also been banned from acting as a director until 2036.

Judge Barton panned Armstrong for his “complete disregard for his creditors”, adding that he “had an entirely unrealistic belief in his finances”, with accounting that were “works of complete fiction”.

Bankruptcy proceedings began in April 2018, when a creditor petitioned to make him bankrupt.

Following this petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000.

Armstrong had signed an undertaking with the Financial Conduct Authority in December 2018 where he stated he would not enter into any further loan agreements either directly or through his companies.

He then went on to take £458,738 from a number of creditors through transfers he made to associated parties.

Joe Sullivan, official receiver at the Insolvency Service, commented: “Glenn Armstrong’s conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him.

“The 12-year Bankruptcy Restrictions Order which follows on from an interim 18-month BRO reflects the seriousness of the case and misconduct identified by the Insolvency Service.

“We will not hesitate to take robust action when financial wrongdoing is uncovered.”

In December a fraud case against Armstrong was heard at Southwark Crown Court but the case was suspended until further evidence was available.

Under the bankruptcy order, Armstrong is unable to borrow more than £500 without telling a lender that he is subject to extended restrictions, or act as a company director without the court’s permission for 12 years under the order.