Investigating, the Financial Conduct Authority (FCA) found that Richard Gill had used a limited company to target homeowners that were financially struggling.

Along with accomplices —  Amandeep Heer and Jetinder Sandhu —  he would tell victims he could sell their homes quickly, offering cash advances and saying they could stay in homes as tenants.

Victims were then charged excessive, confusing or hidden fees with the group taking £925,233 from them. Some victims were also evicted.

Once he became aware of the FCA’s investigation, Gill tried to conceal these activities, shutting down the company and telling clients not to talk to the regulator.

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Gill pleaded guilty to 27 offences in relation to sale-and-rent-back agreements as well as credit agreements/mortgage contracts. He asked the court to consider a further 12 offences of the same nature at sentencing.

Also pleading guilty for the roles they played, Heer received a community order for two years with a condition of 250 hours’ unpaid work. Meanwhile, Sandhu has completed 100 hours’ unpaid work over 12 months, as a condition of a 15-month prison sentence which was suspended for 18 months.

The FCA has commenced confiscation proceedings against the defendants with a view to compensating victims.

Gill has also been disqualified from being a director of a company for eight years.

“Mr Gill and his accomplices preyed on vulnerable homeowners, turning financial difficulty into misery to fill their own pockets,” said Steve Smart, executive director of enforcement and market oversight at the FCA.

“Sale-and-rent-back comes with significant risks. If you are considering using it, always check the provider is authorised by the FCA."