How did Harlequin get taken for so much money?
It looks like David Ames and Harlequin weren’t looking out for investors’ money when they let Padraig O’Halloran get so far over the line. Harlequin says that O’Halloran misspent $13 million out of payments of $50 million intended for the development of the Buccament Bay Resort.
You could laugh if it was Ames’ money – but it wasn’t. It was the ‘investment’ of people who trusted that their units would be built as Ames said they would.
My, my Oh My! What a mess…
Court told of $13m used for ‘lavish lifestyle’
A developer unlawfully diverted over $13 million for his own benefit and “lavish lifestyle” out of some $50 million intended for the development of a luxury resort in the Caribbean, it has been claimed before the High Court.
Pádraig O’Halloran used some of the money to buy properties, a private jet, a grand piano for his girlfriend and also paid €120,000 to Weddings by Franc, the wedding organiser featured on TV.
Referring to the 2009 purchase of a jet, Paul Gallagher SC, for the plaintiffs, said Mr O’Halloran (42) was swept up “in the feeling of the times” and got ideas “wholly unsuitable” for what he was engaged in. It is alleged various payments were made by a company of Mr O’Halloran’s, Shippool, Innishannon, Co Cork, to Irish bank accounts.
Harlequin Property Ltd and Harlequin Hotels and Resorts Ltd, owners and operators of a luxury resort in Buccament Bay, St Vincent and the Grenadines, have also claimed Mr O’Halloran used their money to buy a property in Ireland; properties and businesses in the Caribbean; a $1.5 million private jet, a grand piano, dental work and other items of personal expenditure…