Builder accused of £2m fraud denies business was Ponzi scheme
James Tucker, prosecuting, asked the defendant if he was marketing his company, TD Cole LTD, as a large company that was skilled and reliable, when in reality it had no employees, no business assets and no premises."You gave a very attractive proposition to clients - one that you had all the trades necessary for the job and two that it was a fixed price quote," Mr Tucker said."It had all that," Mr Killick replied."Is it in fact the case that you knew that the way you were running TD Cole the company would inevitably crash and leave customers out of pocket?" Mr Tucker asked.
Mr Killick said the company had gone into liquidation due to factors beyond his control, and that it had cash flow problems."The reason you had a cash flow problem was because you were running it as a fraud. A pyramid scheme," Mr Tucker said."That's completely mental," Mr Killick said.He added: "We were operating the same as most other businesses in the UK. You are looking at a tiny snapshot."
Mr Tucker said: "You were using the rest of your customers' money to go into your pocket."Mr Killick responded: "All of the money coming in was sales and and the money going out was business expenses and yes I did get wages like anybody else."Mr Killick did not answer when asked where all the accounts setting out the company's assets and liabilities were, or if any such documents had ever existed."Is the reason there's no full documents because all you need to run a Ponzi scheme is to keep selling and to put off any costs for as long as possible before the company inevitably goes pop?" Mr Tucker said.
"There's no basis to the figures you're saying. It's just a load of rubbish," Mr Killick said.The defendant claimed he intended to complete all of the jobs booked, and said they were halted due to factors beyond his control.He alleged customers were being "unreasonable" in their demands and said he never set out to defraud anyone.Jurors have been told Mr Killick served time in prison after pleading guilty to fraud charges in 2014, and had previously pleaded guilty to further fraud charges in both 2008 and 2009.The trial continues.
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