“After learning that some of his agents were misleading investors, did Ames and Harlequin take steps to alert investors? Now there is a question.”
Some agents and financial advisers selling Harlequin Property pre-March 2009 were telling clients that their investments were protected in a solicitor’s client account. This according to the UK law office representing a group of disgruntled Harlequin investors.
Talking to Barbados Free Press, Gareth Fatchett of Regulatory Legal Solicitors explained “It is clear that Harlequin identified instances where agents were telling people that a solicitors client account was being used to protect their monies.“
Mr. Fatchett also provided a clue that his law office intends to go after agents who lied to prospective investors, saying, “Many agents think that by using a limited company they can absolve themselves personally of any liability for a statement made either fraudulently or recklessly. It is clear that some agents / financial advisers made statements which were plainly untrue. English law makes provision for limited liability protection to be removed when grossly reckless statements are made.”
Regulatory Legal Solicitors are reviewing advice files for investors who are concerned that they have been misled by agents. Mr. Fatchett is also looking closely at advice given by advisers, financial advisers and pension advisers.
Dave Ames and Harlequin knew agents were misleading prospective investors!
In a March 24, 2009 “Policy Statement” from Harlequin to agents, Dave Ames told his agents to stop the practice, saying “I am aware that some agents have been suggesting to investors that we do ring fence the payments and this has to stop immediately to avoid investors being misled.” and “It is also not true to say that investors’ money is held in a solicitor’s client account.” (PDF of Ames’ statement here)
While it is shocking is that Harlequin’s Dave Ames was apparently aware that some of his agents were misleading investors, the natural question is: What did Ames do after learning of the lies? After learning that some of his agents were misleading investors, did Ames and Harlequin take steps to alert investors? Now there is a question!
No reply from Harlequin or Dave Ames Continue reading