BANNED financier Gary Hexley has broken his silence over the £2 million collapse of his firm – and says he is “desperately sorry” for leaving over 200 creditors facing losses of up to £80,000.
Mr Hexley spoke for the first time of the demise of Sutton Coldfield-based Greenfield International, and said he was willing to meet creditors face to face to apologise for the “awful situation”.
The 49-year-old financier, made bankrupt with liabilities of nearly £1 million and banned and censured by the Financial Services Authority, claimed he was a “victim of circumstances” when the falling property market caused the collapse of Greenfield.
He told the Mail: “I know it is an awful situation that I have created. It is terrible. I cannot sleep through how it ended up.
“I am desperately sorry. I would not want to see anybody lose a penny. I think I was trustworthy but the market caught me out.
“I would happily talk to them (creditors). I cannot give them any money, and I cannot give them hope of any money – I do not know how to address that.”
Mr Hexley’s business world crumbled in September last year when property development firm Greenfield International collapsed into liquidation.
The demise of Greenfield left a total of 237 creditors, including many elderly West Midland investors, with total debts of £2,077,426.05.
Mr Hexley was censured and banned by the FSA for providing unsuitable investment advice. West Midlands Police subsequently said no evidence of criminality was found.
The banned financier said: “I didn’t do anything illegal. We built 52 properties near the Mailbox in Birmingham and they were valued at £132,000 and now they are valued at £75,000. I would have liked to have kept them all, rented them out and waited for some time for the future.
“The value has just gone from them. The property market has been a complete disaster. The market collapsed and I have lost everything.
“My mistake was believing in what I was doing as much as I did. The market devastated it; it got worse and worse and worse – it was getting ridiculous. I didn’t know the way out.
“I gave a personal guarantee and I lost my house – I bought that house 15 years ago. If I could live my life over again, I would never do property investment. I should never have built the properties in the first place. We were definitely victims of circumstances.
“The effect on my life has been devastating. I am 49 years old, I have been in the same business for 30 years.
“I loved my job and I always helped people a lot. I love helping people. I had 28,000 clients and most people benefited from what I have done.
“If you look over my career, I think we have done well. I wanted to try to make a difference in a positive way.
“I am the same person, but the circumstances surrounding my life are quite awful. I am no longer the pillar of the community I was.