A financial boss from East Lancashire has admitted his part in a £1 million buy-to-let property scam.

Mark Lenton Jopson, who ran his own investment company Mark Jopson Financial Services, admitted conning investors from Ireland into purchasing around 21 homes in Burnley and Pendle in the buy-to-let scheme.

Jopson, estate agent Raymond Abramson and accomplice John Edwards lied about how much refurbishment had occurred in the houses, and the possibility of mortgage financing available.

Abramson, who used the false name Trevor Smith during the fraud according to the Lancashire Telegraph, is believed to have been the one to recruit Jopson into the scam.

Prosecutor Andrew Nuttall QC said that, whilst some refurbishments of the 21 properties had taken place, they were ‘inadequate’ for some of the homes.

The trio also reportedly exaggerated the extent to which they could secure tenants for the houses and the amount of rental income they could charge.

Greater Manchester Police’s serious and organised crime unit began an investigation into the trio’s activities between January 2005 and September 2008, leading to their arrest and subsequent guilty pleas.

The three men all admitted conspiracy to defraud, and were remanded on bail for pre-sentence reports until November 28 2011.

Investor losses are believed to have totalled more than £1 million.