Tweet
Boat hire boss convicted of fraud | Sailing news | Yachting Monthly
...It was at this point that Rimmer's operation was revealed as illegal. He had been committing fraud in a number of ways, most notably:
* In 2004, Challenger Syndicateships started buying older boats from syndicates and source a new one for them, using the older boats as hire boats for holidaymakers. The purchase capital was invested by sponsors (individuals or local businesses) who in return got around 10% interest on their investment capital. It was found that Mr Rimmer had offered sponsorship of the same boats to two and even three different parties, each time taking a lump sum of up to £90,000. When Challenger Syndicateships when into administration, up to three owners expected to have ‘their' boat returned to them.
* Rimmer would utilise the maintenance fees paid for one boat in order to pay debts due on other vessels. He would thereafter produce false accounts to disguise this activity giving the impression that the maintenance funds for each boat were healthy when in fact the contrary was often true.
...It was at this point that Rimmer's operation was revealed as illegal. He had been committing fraud in a number of ways, most notably:
* In 2004, Challenger Syndicateships started buying older boats from syndicates and source a new one for them, using the older boats as hire boats for holidaymakers. The purchase capital was invested by sponsors (individuals or local businesses) who in return got around 10% interest on their investment capital. It was found that Mr Rimmer had offered sponsorship of the same boats to two and even three different parties, each time taking a lump sum of up to £90,000. When Challenger Syndicateships when into administration, up to three owners expected to have ‘their' boat returned to them.
* Rimmer would utilise the maintenance fees paid for one boat in order to pay debts due on other vessels. He would thereafter produce false accounts to disguise this activity giving the impression that the maintenance funds for each boat were healthy when in fact the contrary was often true.