A couple spent £31,500 on an artwork by LS Lowry using funds acquired from a fraudulent scheme that scammed over 3,000 individuals out of £28 million. Mark and Nicola Rowe also allocated over £110,000 to private school fees, purchased a house in Hampshire with stables for £2.4 million, and spent £26,000 on a private jet trip to Tenerife. Their bank account received £8 million, with £185,000 spent on art, including the Lowry sketch known for portraying working-class life in northern England.
Most victims, around 500 individuals, lost over £10,000, with the majority aged between 60 and 80, some even in their 90s. One victim expressed the devastating impact of the fraud on their retirement plans and financial stability.
The Rowes, aged 54, operated under the Sell My Timeshare (SMT) brand, focusing on individuals looking to sell their properties. Mark Rowe used deceptive tactics, such as arranging victims in hotels and creating fake offices and identities. The scam involved high-pressure sales meetings lasting up to six hours, where victims were coerced into trading their timeshares and investing in a scheme called “Monster Credits.”
Ultimately, victims discovered the scheme was a fraud, leaving them with worthless credits and ongoing timeshare costs. The fraudulent operation defrauded 3,583 victims across the UK, with losses totaling £28.1 million, the highest individual loss being £80,000.
Investigations revealed that a significant portion of the embezzled funds was spent on luxuries by Mark Rowe and his wife. The elaborate deception led to numerous convictions under Operation Destin, with the mastermind receiving a seven-and-a-half-year prison sentence for conspiracy to defraud.
The wife’s sentencing is scheduled for Friday at Southwark Crown Court, following her guilty plea for money laundering. In total, 14 individuals were found guilty after four trials spanning two years. The masterminds involved in the scam were described as selfish and manipulative, preying on elderly timeshare owners for personal gain.
Various accomplices received sentences ranging from suspended terms to several years in jail after being found guilty of conspiracy to defraud. The extensive operation targeted vulnerable individuals seeking to sell their timeshares, ultimately resulting in significant financial losses and legal repercussions for those involved.