Daily Archives: November 14, 2012

Harlequin Accountant blows whistle: claims massive “Ponzi scheme” in court action

Harlequin & David Ames: Ponzi Scheme House of Cards?

New investors’ deposits used to pay existing investors’ interest payments!

“Cash raised by deposits: £270million

Amount spent on commission and marketing: £127million”

… from court papers filed by Harlequin’s former accountant

Accountant Jeremy Newman behind Harlecon website

“Harlequin is almost entirely dependent on investors’ deposits for income.

It has repeatedly tried and failed to obtain external financing. It cannot afford to meet its existing contractual obligations.”

… from court papers filed by Harlequin’s former accountant

Harlequin spent 47% of investor’s deposits on commissions and marketing!

by Barbados Free Press staff

Now we know why independent financial advisers and the news media pump Harlequin so much: Financial advisers are paid huge commissions, and the news media makes millions upon millions from advertising revenues. Together the financial industry and the news media were a wonderful tag team to snare both sophisticated and neophyte into ‘investing’ in off-the-plan resorts: most of which will not be built, according to a whistle-blowing accountant.

How much did our Caribbean Politicians receive?

How much investors’ money did Harlequin give Barbados DLP & BLP?

How much of Harlequin’s ‘marketing and advertising’ expenditures were directed to Caribbean politicians and government officials? That question will never be answered in Barbados because we have no election funding disclosure laws and no Freedom of Information legislation. And that’s the way the politicians like it!

Barbados politicians and government staff have been heavily involved with Harlequin’s projects in Barbados. Lately we haven’t seen many politicians taking photo-opportunities with Harlequin projects, but Bajans recall about four years ago it was nothing but smiling politicians on the CBC touring construction sites, or talking with Ames. Not any more though because that Harlequin house of cards is looking a little shaky and the political class is running for cover.

Bajans and burned investors won’t forget though how our politicians, financial advisers and news media let us down. If it looks too good to be true… well, you know the rest of the story, and sadly, so do many Brits and others who trusted their pensions to what looks more and more like one of the classiest Ponzi schemes that has been seen since, well, since the last one.

Echo News publishes bombshell Harlequin story

Folks, we don’t like to publish the full text from other publications, but in this case we again have to because of the public interest. Just like last time, there’s nothing on the Echo-news.co.uk website about this latest development, so we have to publish the entire article so we can back up what we’re saying.

List of all previous BFP Harlequin articles

Here is the latest Echo News story in PDF and text…

harlequin10  (PDF about 120k)

Accountant says he acted to protect potential Harlequin investors Website warned of luxury resort ‘fraud’

EXCLUSIVE
By JON AUSTIN
jon.austin@nqe.com

First published by Echo News November 14, 2012

AN accountant claims he set up an anonymous website about a luxury resort developer he used to work for to warn investors it was a major fraud.

Jeremy Newman, a former senior manager with accountancy firm Wilkins Kennedy, defended setting up spoof website Harlecon, about Basildon business Harlequin Property, claiming he acted in the public interest.

The website, online from October 2011 to June 2012, was registered in Singapore. Continue reading

Advertisements

138 Comments

Filed under Barbados, Barbados Tourism, Business & Banking, Consumer Issues, Crime & Law