David Ames – Harlequin CEO and Ponzi Scheme King!
Where does one start when considering the sad tale of ‘investors’ who trusted their life savings with the predators working to sell never-to-be-constructed resort units for Harlequin?
These predators (called ‘financial advisors’) received 9 percent of the sale price off the top – and that came from the client’s 30 percent deposit! The clients were not told that about a third of their deposit was going as a sales commission, because that would have been an instant indication to most folks that something was terribly wrong.
Harlequin bastards. Most of the ‘financial advisors’ were unregulated, uninsured and totally unqualified. The ‘investment vehicles’ were different corporations in different countries – obviously created for the sake of confusion, hiding money and avoiding liabilities. Often Harlequin sold units on land that it did not own.
The scams could only have been pulled off with the cooperation of elected and appointed government officials in the different countries.
Harlequin’s ‘business model’ (I use the term with a rising anger) was totally unsustainable and is proof that the whole Harlequin scheme was an intended scam from the start. Like any Ponzi scheme, Harlequin collapsed because payments to previous investors relied upon finding sufficient new suckers to swindle. Once the cracks start to appear and new investors shy away, these types of frauds unravel very quickly.
And so it was, and is, with Harlequin…
UK Financial Ombudsman Service sides with Harlequin victims
The recent Financial Times Advisor article ‘Financial Ombudsman Service – FOS decision on Harlequin must be tip of iceberg‘ tells the story of the next chapter well. One of the profiting scam artists, Harris Knights, has been ordered to compensate a ripped off couple in full…
“… the ombudsman has ordered Harris Knights to take ownership of the Harlequin investment and compensate the couple in full.”
Thailand Court sides with Harlequin Victims
In Thailand, a court ruled against Harlequin Thailand and David Ames’ chosen partner in crime, Richard Haughton. Following the standard Harlequin operational procedure, the Thailand operation sold ‘off the plan’ and then built little for ‘investors’. And what they did build, they mortgaged without telling. What a mess!
Has Harlequin properly delivered one completed project in all its existence?
“Two more Britons were awarded the title deeds of their condominiums in Thailand today as judges ruled on a scam by the property company Harlequin, run locally by former video store owner from the British Midlands…
…Cheques were paid in the name Harlequin and TPME – but the company which actually owned the property was called Headland Holdings, and run by a Thai woman and two of Haughton’s subordinates Nicholas Pearce and Paul Salisbury.”
… from Andrew Drummond Brit’s win against dodgy property developers in Thailand