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Isn't this guy involved with the league?

spillthebeans
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spillthebeans Newbie

spillthebeans

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http://www.accountan...ntentId=1385430

 

A chartered accountant has pleaded not guilty to involvement in a £16m VAT fraud.

 

Stewart Collins, 52, of Hornchurch, Essex, denied at Isleworth Crown Court that he had been involved in a scam to which two others had pleaded guilty. They were named as Costas Sophocleous of Walthamstow and Philip Foster of Leyton.

 

It is alleged that over a period of 10 years more than £16m was fraudulently claimed in VAT in respect of fake building companies.

 

Referring to the two who have pleaded guilty, prosecutor Richard Karey-Hughes said: ‘Those two men claimed massive payments of VAT from the taxman, to which they are not entitled. And when I say massive amounts, we are talking in excess of £16m.'

 

The case concerns a building company set up by Sophocleous, Eastway Construction, which pretended to be a firm specialising in new housing developments.

 

New properties are exempt from VAT payments when they are sold on, meaning the conman would not pay tax out but could claim it for services and purchases for them, though none were ever built.

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Steph Contributor

Steph

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Posted

He was also a director of Leyton and successfully sued Enfield Town Board after his employees spoke and made clear to Paul Harding in an unfriendly manner that he could not stand behind the goal at Leyton and we had to be shepherded into an enclosure in a corner of the ground.

 

He is not a nice man.

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Fruitbat Newbie

Fruitbat

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Posted

http://www.accountancymagazine.com/croner/jsp/Editorial.do?channelId=-305031&contentId=1385430

 

A chartered accountant has pleaded not guilty to involvement in a £16m VAT fraud.

 

Stewart Collins, 52, of Hornchurch, Essex, denied at Isleworth Crown Court that he had been involved in a scam to which two others had pleaded guilty. They were named as Costas Sophocleous of Walthamstow and Philip Foster of Leyton.

 

It is alleged that over a period of 10 years more than £16m was fraudulently claimed in VAT in respect of fake building companies.

 

Referring to the two who have pleaded guilty, prosecutor Richard Karey-Hughes said: ‘Those two men claimed massive payments of VAT from the taxman, to which they are not entitled. And when I say massive amounts, we are talking in excess of £16m.'

 

The case concerns a building company set up by Sophocleous, Eastway Construction, which pretended to be a firm specialising in new housing developments.

 

New properties are exempt from VAT payments when they are sold on, meaning the conman would not pay tax out but could claim it for services and purchases for them, though none were ever built.

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Fruitbat Newbie

Fruitbat

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Oh dearie me, I've just found this out. What goes around comes around EH, Costas you ?1?%&*$/ !!

Oh HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA and another HA !! Goodbye abd Good riddiance to BAD RUBBISH !!

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Ian_W Explorer

Ian_W

Posted
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http://blogs.mirror....payer-with.html

 

He had all the tycoon trappings of the owner of a booming building empire.Costas Sophocleous lived in a £1million mansion, could buy a £90,000 Porsche Cayenne without a second thought and his wife Alison had jewellery worth tens of thousands.

 

He was also chairman of amateur East London football club Leyton. Most players were lucky to get £50 a week but his son Mark, who lived in a house once owned by Jade Goody, was on £1,000.

 

Even Costas's accountant was loaded, living in a house in Hornchurch, Essex, once owned by Frank Bruno.

 

But it was wealth built on an astonishing fraud - and we are all victims.

 

Because Costas, business partner Philip Foster and struck-off accountant Stewart Collins hatched a plan to fleece the taxman.

 

They exploited the fact new-built homes are exempt from VAT, which means builders can claim back tax paid on materials.

 

Cyprus-born Costas began the scam back in 1996 - claiming a VAT rebate of £4,520 for his firm Eastway Construction.

 

Ten years later he was claiming more than £235,000 for just one month's worth of refundable VAT for the homes that he was supposedly building.

 

But things fell apart when he couldn't give a VAT inspector simple facts such as the number and location of the houses.

 

By then Costas, Foster and Collins - who's already done time for tax fraud - had pocketed £16million, enough to pay 700 nurses for a year.

 

And the number of newhomes they built over that decade? Precisely zero. Every receipt they submitted to Revenue & Customs for building materials was a forgery.

 

The new-build houses did exist. It was just that Costas and his gang had nothing to do with their construction.

 

One reason they got away with it for so long is that the VAT rebate system relies partly on honesty.

 

Tax inspectors cannot double-check every claim submitted.

 

The system also relies on deterrence - the penalties given to those who abuse the system. As Costas, 52, Foster, 53, and Collins, 52, will soon find out.

 

The three are due to be sentenced tomorrow at Isleworth Crown Court in West London.

 

Costas and Foster have admitted fraud, Collins was found guilty, and we're told they can expect jail sentences.

 

Alison and Mark Sophocleous were cleared of money laundering.

 

Perhaps the cheekiest part of the fraud was this.

 

If Costas really was such a successful builder, he'd be on a decent wage, and should be paying income tax.

 

So the fraudster invented an income he didn't have - apart from the VAT rebates - and paid his taxes.

 

As the prosecution told the court: "He received a wad of taxpayers' money in one hand while returning some small change with the other, as a necessary camouflage for the cheat he was perpetrating."

 

We asked Revenue & Customs if they would be seeking a confiscation order and got the answer: "Yes, oh yes.

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Steph Contributor

Steph

Posted
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http://blogs.mirror....payer-with.html

 

He had all the tycoon trappings of the owner of a booming building empire.Costas Sophocleous lived in a £1million mansion, could buy a £90,000 Porsche Cayenne without a second thought and his wife Alison had jewellery worth tens of thousands.

 

He was also chairman of amateur East London football club Leyton. Most players were lucky to get £50 a week but his son Mark, who lived in a house once owned by Jade Goody, was on £1,000.

 

Even Costas's accountant was loaded, living in a house in Hornchurch, Essex, once owned by Frank Bruno.

 

But it was wealth built on an astonishing fraud - and we are all victims.

 

Because Costas, business partner Philip Foster and struck-off accountant Stewart Collins hatched a plan to fleece the taxman.

 

They exploited the fact new-built homes are exempt from VAT, which means builders can claim back tax paid on materials.

 

Cyprus-born Costas began the scam back in 1996 - claiming a VAT rebate of £4,520 for his firm Eastway Construction.

 

Ten years later he was claiming more than £235,000 for just one month's worth of refundable VAT for the homes that he was supposedly building.

 

But things fell apart when he couldn't give a VAT inspector simple facts such as the number and location of the houses.

 

By then Costas, Foster and Collins - who's already done time for tax fraud - had pocketed £16million, enough to pay 700 nurses for a year.

 

And the number of newhomes they built over that decade? Precisely zero. Every receipt they submitted to Revenue & Customs for building materials was a forgery.

 

The new-build houses did exist. It was just that Costas and his gang had nothing to do with their construction.

 

One reason they got away with it for so long is that the VAT rebate system relies partly on honesty.

 

Tax inspectors cannot double-check every claim submitted.

 

The system also relies on deterrence - the penalties given to those who abuse the system. As Costas, 52, Foster, 53, and Collins, 52, will soon find out.

 

The three are due to be sentenced tomorrow at Isleworth Crown Court in West London.

 

Costas and Foster have admitted fraud, Collins was found guilty, and we're told they can expect jail sentences.

 

Alison and Mark Sophocleous were cleared of money laundering.

 

Perhaps the cheekiest part of the fraud was this.

 

If Costas really was such a successful builder, he'd be on a decent wage, and should be paying income tax.

 

So the fraudster invented an income he didn't have - apart from the VAT rebates - and paid his taxes.

 

As the prosecution told the court: "He received a wad of taxpayers' money in one hand while returning some small change with the other, as a necessary camouflage for the cheat he was perpetrating."

 

We asked Revenue & Customs if they would be seeking a confiscation order and got the answer: "Yes, oh yes.

 

Can some of that come to Enfield Town as the toerag also had a strange version of the truth in court when he sued them.

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Tom S Rookie

Tom S

Posted
Posted

Oh dear. How sad. Never mind.

 

Two Essex businessmen and their accountant have been jailed for a total of almost twenty years after they stole over £16 million in a VAT fraud to fund their lavish lifestyles, including building a bar and nightclub adjacent to Leyton FC, the club chaired by one of them.

 

Following an investigation by HM Revenue & Customs (HMRC) Costas Sophocleous (52), along with Philip Foster (53) and their accountant Stewart Collins (52) were jailed for 8 years 3 months, 5 years 3 months and 6 years respectively on four counts of Cheating the Public Revenue contrary to Common Law.

 

The fraud took place over a period of ten years. The investigation, codenamed Operation Guess, uncovered fraud related to Sophocleous and Foster’s businesses which were allegedly involved in new build construction. New build construction is zero-rated for VAT purposes, but a VAT registered builder/constructor may reclaim VAT on the related purchases and expenses incurred in the construction. No evidence was found to support that they actually carried out any new build construction.

 

Clive Cottrell, Assistant Director of Criminal Investigation for HMRC said:

 

“As well as living the high-life and buying expensive houses, some of the proceeds from this crime were used to build the E10 bar and cabaret club which is adjacent to Leyton FC, the club chaired by Costas Sophocleous.

 

“VAT fraud is not a victimless crime and we take a serious view of people robbing the public purse. Our investigators work tirelessly to pursue those who commit such fraud and these sentences will serve as a deterrent to anyone considering committing tax fraud.”

 

A jury at Isleworth Crown Court found Collins guilty of cheating the Public Revenue on 18 November 2009. Sophocleous and Foster pleaded guilty on 5 October 2009 in a pre-trial hearing. Mark Sophocleous and Alison Sophocleous, son and wife of Costas Sophocleous, were found not guilty of associated money laundering offences during the 5 week trial at Isleworth Crown Court.

 

Confiscation of assets is being sought.

 

 

Notes to editors

 

1. Costas Sophocleous, (date of birth: 01/06/1957) of Nursery Road, Loughton, Essex, was the sole proprietor of Eastway Construction, partner of Eastway with Philip Foster and chairman of Leyton Football Club. He was sentenced to 8 years 3 months.

 

2. Philip Foster, (date of birth: 11/01/1957), of Grosvenor Gardens, Woodford Green, Essex, was the company director of Denevalley Ltd, partner of Eastway with Costas Sophocleous and former director of Leyton Football Club. He was sentenced to 5 years 3 months.

 

3. Stewart Collins, (date of birth: 24/08/1957), an accountant of Fairlawns Close, Emerson Park, Hornchurch, Essex, was a former partner and employed by accountancy firm Paul Da Costa (trading as Kardells Ltd) in Loughton. He was sentenced to 6 years.

 

4. Leyton FC is an Isthmian League side who play at Leyton Stadium, and are not linked with the League One side Leyton Orient FC who play at Brisbane Road.

 

5. The total VAT repayment fraud was £16,637,816.00

 

6. Foster and Collins were each charged with four counts of cheating the Public Revenue contrary to Common Law. Sophocleous was charged with five counts of cheating the Public Revenue contrary to Common Law.

 

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Mr Happy Apprentice

Mr Happy

Posted
Posted

I would just like to take this opportunity to mirror Fruitbat's thoughts:

 

Oh dearie me, I've just found this out. What goes around comes around EH, Costas you ?1?%&*$/ !!

Oh HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA and another HA !! Goodbye abd Good riddiance to BAD RUBBISH !!

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