Fraud probe into Morris property empire dropped
THE Serious Fraud Office has dropped its three-year inquiry into the collapsed property empire of Yorkshire businessman Simon Morris.
The investigation has ended because the SFO said that there is insufficient evidence to pursue it.
The allegations centred on claims that former Leeds United director Mr Morris’ company sold buy-to-let properties at inflated prices which left buyers unable to cover mortgage payments when expected rental income levels were not achieved.
An SFO spokesman said: “Following an investigation into suspected property fraud regarding the sale of buy-to-let properties by the former Leeds-based Morris Group Lfd (in liquidation), the SFP has decided there is insufficient evidence to bring a prosecutiion and has discontinued the case.”
As well as Mr Morris, a number of other people arrested during the course of the inquiry will also not face any further action.
Leeds-based residential and commercial property business SRM Holdings, the company owned by Mr Morris, and 36 of its subsidiaries were put into administration with most of the major UK high street banks the main creditors in October 2008, with debts of around £50m.
The 33-year-old, who was made bankrupt last year, was once listed in the top 10 of the Sunday Times Young Rich List with an estimated fortune of £69m.
