It’s easy with hindsight to see that the Raedex Consortium’s investment model was preposterous. It’s also easy for people to say that of course they would never fall for anything like that. And yet, people do fall for scams like these and will continue to do so. Why? Two of the cars could not be found on the DVLA database, and 18 leases were registered as having started significantly before the vehicle was on the road. Despite the state we found him in, a roadside breath test which showed he was three times the limit and an evidential reading in custody showing that he was nearly four times the limit, he completely denied the offence and forced a trial on the basis that our equipment was faulty and that we had not followed proper procedure," he said. Despite the state we found him in, a roadside breath test which showed he was three times the limit and an evidential reading in custody showing that he was nearly four times the limit, he denied the offence and forced a trial on the basis that our equipment was faulty and that we had not followed proper procedure. https://www.thesun.co.uk/money/8324176/i-was-on-benefits-and-wanted-to-die-but-i-turned-it-around-and-now-run-4-3million-car-finance-business/

Consumer finance campaigner Mark Taber and Dominic Lindley, former leader of the financial services policy team at Which?, said they had flagged up their concerns about the company to the FCA in 2019. In one of the more heated phone calls I’ve had lately, company director Reginald Larry-Cole bawled at me: “You’ve got it totally wrong, I’m telling you now because I will sue you like you won’t believe.” Sgt Dan Pascoe said: ‘It was immediately obvious to us when Reginald Larry-Cole stopped, that he was drunk. He practically fell out of his car and needed assistance walking to the edge of the road. A lot of swearing followed, but to cut to the chase: his business group has just been put into administration, leaving investors fearing for their savings. We would like to reassure our customers that we fully intend to challenge this and will be in touch with them directly this week.”

Why do people fall for investment scams like Buy 2 Let Cars?

Is that these unregulated bonds are mean to be only sold to 'sophisticated ivnestors' i.e. people with 100k+ free cash. A man who "practically fell out of his car" when stopped by police and tried to challenge the accuracy of a breathalyser test after he was found to be more than three times above the drink drive limit has been given a suspended jail sentance. The FCA does not regulate the leasing of cars via Buy2Let Cars but did regulate investments in Raedex. Larry-Cole, of Lincoln's Mead, Lingfield, denied that he was drink driving and claimed the equipment police had used was faulty, something the judge described as being "spurious" according to the police.

Brev doesn’t believe the Bank accounts have been frozen, which is basically calling the Directors liars. The directors assure me that there’s nothing for investors to worry about because the figures give an unfairly bleak picture of the business by not recognising the value of its contracts to lease cars. This ‘greed clouding judgement’ phenomenon is itself a form of investment bias. One person making decisions by themselves is not unbiased, because they are swayed by their own motives and desires, as well as by the limits of their own knowledge and experience. That’s why, whenever you see an investment opportunity that looks good, you should first ask an independent financial adviser about it. They will give you a truly unbiased perspective, and so should enable you to find genuinely good investments. According investigating office, Sergeant Dan Pascoe, "it was immediately obvious" when he was stopped by police that Larry-Cole was drunk and he needed help getting to the side of the road.

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The following year, Bond Review reported: "The figures for Raedex Consortium Limited, the group holding company, show limited information as the company used small company exemptions and did not release a profit and loss statement, or have the accounts audited.The figures are however clear that the overall company remains loss-making." Figure out why you’re starting the business: If the first answer is that you want to make money, then you’re wrongfooted already. What I do right now it’s not work for me, it’s a joy to go. You have to find your passion.

The FCA considers that the financial position … makes the firm’s business model fundamentally unsustainable and places consumers who invest money at direct risk of loss,” a spokesperson said. The coronavirus pandemic has forced many lenders to revisit their risk mitigation strategies. But at Buy2LetCars, no changes are required. In fact, their risk mitigation strategy could almost have been designed with the pandemic in mind. Their leasing arm only leases cars to key and essential workers who are unable to access mainstream credit. A member of the public called police after they saw Reginald Larry-Cole, 48, driving erratically in the M3 between junctions 2 and 3 at 12.30am on December 21, 2017. The unnamed person was interviewed and has since been released, pending further investigation. Another person has also been interviewed but not arrested.

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The FCA said the company claimed to own 1,200 cars but that there were question marks over these assets. One person has been arrested and a second person has been questioned by police as part of a new fraud investigation into Raedex Consortium – the parent company of defunct lending platform Buy2Let Cars. With this knowledge, he began to build the foundations of Buy2LetCars.com, a vehicle leasing model funded by people for people. Investors would receive a 33 per cent return on their investment after three years, while providing new cars to customers with a proven regular income, who struggle to access mainstream credit for a variety of reasons, via its leasing arm Wheels4Sure.com.

Reginald Larry-Cole is founder of Buy2LetCars.com and Wheels4Sure.com. Further reading on raising money

Larry-Cole put an ad in the Sunday Times and received 12 responses. The first responder invested enough money to launch the company in 2012, entirely funded by people. ‘There was a lot of behind-the-scenes work involved to launch the company,’ he says. ‘Firstly, I worked with my accountant to draw up a business plan and projections for the first three years, and came up with the name; it was important to have a name that said exactly what the company was about and would be easy for people to find. I registered with Companies House and then the focus shifted to generating investment and getting manufacturers involved.’ It found that from a sample of 102 cars, 55 were secondhand, even though the company said that used vehicles formed a minority of its fleet because its business relied on securing deep discounts on new ones.