Cost Reduction Services, a firm backing a dubious get rich quick scheme, is run by 46 year old bankrupt fraudster, Stewart Kennedy. Linked to the firm are three scoundrel lawyers who use fake photographs of satisfied customers as bait and promise monthly incomes of nearly £4700 to gullible debt laden Scots.
The undertaking is another grand Ponzi type scheme, say former staffers, where new money is paid out to older investors with no real income generation. Kennedy had already taken nearly £105000 from former clients.
Bankrupt twice over, Kennedy has brought together a team of highly suspect individuals to work for the company. The three lawyers, Andrew Miller 49, Catriona McFarlane 50 and John O’Donnell have all fallen foul of the Scottish Solicitor’s Discipline Tribunal (SSDT) at some stage.
Preying on indebted small businesses and homeowners, the company offers to cut their monthly expenses by taking another mortgage on their home or property thereby making more cash available to clear other debts. The customer is charged a large fee and offered a chance of purchasing a £15000 share in the business, bringing a return of £4700.
Despite their claim to have been in business for the past decade, the company was only registered last year. Further doubts were raised when it was discovered that they were using an online slideshow presentation with bogus photographs as a lure. Graham Scott, another bankrupt, has since confirmed this. Staffers making the initial contacts were using inexpensive mobiles after office telephones had been cut off.