Category Archives: Offshore Investments

Gareth Fatchett of Regulatory Legal offers some advice to Harlequin victims

Harlequin Investor Update March 2015 from Regulatory Legal News on Vimeo.

Meanwhile at the Financial Services Compensation Scheme…

Financial advisers could be on the hook for hundreds of millions of pounds after the latest twist in the Harlequin saga in which the Financial Services Compensation Scheme (FSCS) has written down the value of the investment to nil.

In a document from the FSCS seen by Professional Adviser, dated 12 February and marked ‘compensation calculation’, the body lists the value of a Harlequin Property investment as £0.00.

A FSCS spokesperson confirmed the decision.

“Where applicable we will disregard the residual value in respect of Harlequin investments,” they said.

The move opens the floodgates for the FSCS to pay the thousands of Harlequin investors compensation on the full amount they put into the unregulated scheme, up to a £50,000 limit.

With around £400m originally invested in Harlequin, the compensation bill is set to run into hundreds of millions of pounds, putting it on a par with other investment disasters like Keydata and Arch cru.

As in those cases, the bulk of the cost of the compensation is likely to be borne by investment advisers.

Read the entire article: Spectre of £400m compensation bill looms as FSCS values Harlequin at nil

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

Sales persons are liable for Harlequin pension losses!

Harlequin Resort

Oh boy!

“Financial advisers who recommended clients switch their pensions into self-invested schemes heavily exposed to investments being marketed by embattled overseas property group Harlequin are legally liable for losses, the Financial Services Compensation Scheme confirmed…”

… from the Financial Times article Advisers are liable for Harlequin pension transfer losses

Yup…

Do them. Do them all. Lead them away in handcuffs and beat them on the way to jail.

Lives ruined. Pensions devoured.

Barbados politicians played a pivotal role as enablers for David Ames and his gang. Do them all.

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Filed under Barbados, Corruption, Crime & Law, Offshore Investments, Political Corruption, Politics & Corruption, Real Estate

Does Leroy Parris of CLICO infamy have anything to do with Welches Insurance Agent Inc. ?

Editor’s note: Remember folks… this is an anonymous blog so don’t take anything for true without a little salt and lots of questions. We received this anonymously and have no way to check the information.

If it is true, it is news. If it’s not true, it was sent by some anonymous mischief troublemaker…

submitted by anonymous…

I would like for somebody to tell me how it is that Faye Wharton-Parris wife of CLICO Ex boss Leroy Parris has so boldly displayed on the door next to her business Premier Event Services Inc @ Welches Plaza a sign with the name Welches Insurance.

Are people so blind or is it that they don’t know of this newly formed insurance Company? I know for a fact that it is belongs to them. The PARRISES making jokes at us and turning some Bajans into parros because they can’t get their investments back.

Name    WELCHES INSURANCE AGENT INC.
Number    37958
Category    Company
Date registered / Incorporated    2014-02-18

5 Comments

Filed under Barbados, Business & Banking, Corruption, Offshore Investments

Bushy Park – Truth and Concerns

NBC Brian Williams Lied

Editor’s Note: We received this post anonymously, and like anything you read here at BFP or in the mainstream press you should keep your mind open and at the same time remember that BFP is an anonymous website. The blogs are still the wild west when it comes to accuracy… it might be true, it might not be.

It’s like this… blogs are the same as watching News Anchor Brian Williams on NBC News or Dan Rather at CBS: what they say might be true, or it might not be. Same same…

Bushy Park Truth and Concerns

by anonymous

After reading two articles in the press late last year regarding the new Bushy Park facility I think it is time that Barbadians hear the full truth about this development, my understanding is…

  1. The Government of Barbados and by extension the PEOPLE of Barbados own the land.
  2. Investors (SOME STILL TO BE IDENTIFIED) have erected buildings on said land presumably with a contract. Surely the details of said contract should be available to the public seeing that the land is owned by the TAXPAYERS of Barbados.
  3. Mr Stephen Lashley, Minister of Sport has confirmed that part of this contract stipulates that the facility shall be leased to other SPORTING organisations at a reasonable rate after discussion with the primary shareholder, that being Government.
  4. Who are the real investors in the new facility at Bushy Park?
  5. Why has PERMANENT branding been allowed, which prohibits competing entities from branding their products even if they sponsor an event there? Case in point – LIME is not allowed to advertise because DIGICEL is already there .
  6. Is Bushy Park Motor Sport Inc (BPMSI) a shareholder in the new development and if not what gives them the right to charge fees for the useage of the track?
  7. Is it true that the revenue from the Top Gear festival went directly to BPMSI?
  8. Is it true that there is a law suit pending with regard to the use of the RALLY CROSS name being used without permission at the said Top Gear event?
  9. Is it also true that a certain individual has threatened to dig up the track if his demands are not met?
  10. As majority owners at Bushy Park should Government not have a representative on the Board which administers the facility?

How is it possible for BPCI to employ and I assume PAY:

General Manager
Business Manager
Secretary
CEO which position was not advertised locally

… when they only had two events last year and only have one event planned for this year?

Barbadians need answers to these questions and more as it seems in today’s world MONEY does all the talking.

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Filed under Barbados, Corruption, Offshore Investments, Politics

DOUBLE STANDARD: Another corrupt Barbados lawyer and politician walks free after paying back the money he stole

michael carrington barbados lawyer speaker

Who loaned Speaker of the House Michael Carrington the money to pay back what he purloined from his trust account?

Why should thieving lawyers be able to walk free once caught – if they pay back the money they took?

Did the Barbados Bar Association audit Carrington’s trust account?

Citizens demand transparency!

When ordinary folk get caught stealing, they can’t just hand back the money, automobile or whatever they stole and walk free, so why should Barbados lawyers and politicians have that privilege?

Barbados lawyers and politicians have something like a gentleman’s agreement between themselves that it is best for the profession if misdeeds are covered up. So the Barbados Bar Association and the political parties talk about integrity and accountability – but they don’t really want to see any of their good ‘ol boys network behind bars.

They also know that it is dangerous to put others in jail who may have as much on you and you do on them! We’ve covered this story time and time again here at BFP.

Old boy network covers for a corrupt politician and lawyer

No surprise that after lawyer and Speaker of the House Michael Carrington was unable to pay a court order to return almost $250,000 he stole from a client 14 years ago, that the old boy network came up with the money to replace what Carrington illegally took from his trust account. (But after the court and news media said it was almost a quarter million dollars, why did Carrington yesterday pay only just over $200,000?)

It only took 14 years of lawsuit, tears and a life destroyed for a 78 year old senior in a wheelchair, John Griffiths, to receive the money his aunt left him in the year 2000! Michael Carrington was supposed to surrender the money to Griffiths 14 years ago, but kept it for himself and then couldn’t pay it.

Carrington’s trust account has the evidence but the Barbados Bar Association isn’t going to go there. As Speaker of the House, Carrington is part of the elites and is as untouchable as lawyer and former Prime Minister David Thompson who money laundered millions for his friend Leroy Parris.

Nothing changes on this rock no matter which group of political elites is in power.

And the lapdog piss-itself Barbados news media won’t come close to asking the right questions in this story. Bet on that too.

Further Reading

BFP (background story) Barbados Speaker of the House Michael Carrington is a crooked lawyer – stole $250,000 from client – disobeyed court order to pay it back

Jan 30-15 Nation News: Speaker’s cheque handed over

Photo – many thanks to The Nation

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Filed under Barbados, Corruption, Crime & Law, Ethics, Offshore Investments, Political Corruption, Politics, Politics & Corruption

Inter-American Development Bank cancels $160m loan for Barbados Four Seasons project

barbados four seasons construction

Another monster project left to rot in the Bajan sun

The on again – off again Barbados Four Seasons resort project may have received its final coffin-nail with the IDB finally withdrawing from this decade-old debacle. (Nation News: IDB withdraws loan for Four Seasons)

How much taxpayer funding has the Barbados government poured into this mess? Are we allowed to know? Did the government transfer any of the National Insurance Scheme pension funds to the project developers?

Barbados Minister of Finance Chris Sinckler has made all sorts of claims. In March 2013 he told Bajans that our taxpayer monies would be recovered on the sale of the Four Seasons. Well Mr. Sinckler? Where’s our money?

Back then, BFP’s readers were asked if Bajan taxpayers would recover all the monies that their government invested in the Four Seasons. 50% said we’ll never know the truth, 43.5% said there was not a chance that we would recover the monies. 6.4% said we’d get back all the money, (but that was probably Minister Sinckler himself sitting there for voting for hours.)

Former PM Thompson said that supporting Four Seasons could be “extremely risky” to the DLP Government, but Freundel Stuart went ahead and did it after Thompson died.

“Now of course the first objective is not for Government to give guarantees to projects of this type. So the Government is not available, generally speaking, for that kind of thing and I want to make that abundantly clear. It is extremely risky. It has brought down Governments in other countries and I don’t intend to let it bring down my government. And it can sometimes smack of an element of favouritism and once you start it, it becomes like a rolling stone that will gather moss…and therefore, we have to be very careful,”

February 2, 2010 – Prime Minister David Thompson in the Barbados Advocate article PM defends stance on Four Seasons

Hard Times have arrived in Barbados

We’ve said it before, and we’ll keep saying it…

1/ Shun debt. Shun expenses. Live as frugally as you can.

2/ Work hard, save what you can.

3/ Look after family and friends as you are able because you might need their help someday.

4/ Learn to grow food, repair your own car, maintain your own home. Repair clothes, repair everything. Don’t buy new anything: let some other fool pay the depreciation!

5/ Smile at the tourists, make them feel welcome but never pressured. Pick up the rubbish where you can and never do anything that takes away from the beauty of Bim.

6/ Thank God for what you do have – then get back to working harder than you ever have before.

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Filed under Barbados, Barbados Tourism, Business & Banking, Economy, Offshore Investments, Real Estate

Harlequin victims hit with new lawsuit from Guardian SIPP

Abandoned Harlequin H Hotel is a testament to Barbados politicians' greed and incompetence.

Abandoned Harlequin H Hotel is a testament to Barbados politicians’ greed and incompetence.

Many “investors” in Dave Ames’ Harlequin ponzi scheme lost everything they had and more. Many of the gullible mortgaged their homes to “invest” in Harlequin, and relied upon the promises of Harlequin’s sales representatives. But the sales people knew that no legitimate investment could afford to pay the commissions that Harlequin was paying it’s representatives.

Now after losing everything, Harlequin victims are set to lose even more as Guardian SIPP is suing the investors for non-payment of the fees related to their self-invested personal pension.

Who is to blame for the mess?

Start with David Ames – but lined up with Ames should be the Government of Barbados, that allowed Harlequin companies to get away without oversight, accountability, annual filings and statements for the entire time. And our Government allowed Ames to acquire and start projects with zero oversight or consideration as to whether Ames had the means to finish those projects. As a result, the ‘H’ Hotel and Merricks projects look like bombed out disaster sites that are a testament to the greed and incompetence of the Bajan political class. Another Barbados property investment disaster that sends the wrong message to the world.

It’s fine to say that Ames and his crooked friends are responsible – but they couldn’t have done it without the wholesale purchase of willing politicians in Barbados and throughout the Caribbean.

Professional Adviser: Guardian sues Harlequin investors over SIPP fees

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Offshore Investments, Politics & Corruption, Real Estate