Category Archives: Offshore Investments

David Ames running from the courts: Percival Stewart v Harlequin Properties

David Ames - Harlequin's Ponzi King

David Ames – Harlequin’s Ponzi King

Both Affidavits can’t be true!

Some interesting reading from a recent court case [March 2015] in St Vincent where Dave Ames is no stranger to litigation.

Percival Stewart v Harlequin Properties (Caribbean) Limited et al

In this case  on Page 4 the judge rules on the audacious delays by Ames in filing statements…

“Mr Commissiong deposes that Mr Ames lives in England and travels a lot globally making it difficult for him to be in Saint Vincent to testify. Implicit in Mr Commissiong’s averments is the notion that for those reasons, it was impossible or extremely difficult to contact Mr Ames, receive instructions from him, or arrange for him to sign a witness statement. I make the observation that the CPR permits a party to file and serve a witness summary if he is not able to provide a witness statement, and that a witness does not need to be in the jurisdiction to sign or attest either document.”

(download court document pdf here)

Now this is totally the opposite of what lawyers and Ames claimed last October 2014 (in the group of 33 investors failed case) when the judge was told that the company was NOT run from Essex. (See Judge rules against Harlequin investors in £1.8m court case)

“The case did not centre on whether or not the investors were owed money, a point which deputy judge Nicolas Strauss QC noted ‘does not appear to be in dispute’. Instead it focussed on whether a UK court could wind up Buccament Bay, given that the company was incorporated in Saint Vincent and the Grenadines.

While the investments were sold through Essex-based Harlequin Management Services (South East), which filed for administration in April 2013, Strauss ruled that Harlequin’s ventures including Buccament Bay were not run with ‘bird’s eye management from Essex’. He agreed that they were largely managed in Saint Vincent and the Grenadines and therefore this was the correct jurisdiction to apply for a winding up petition.”

The fact that Mr Commissiong’s claim that Ames couldn’t possibly find the time to be in St Vincent for the Stewart case makes a complete nonsense of Ames’ submission to the UK court that the Harlequin business was entirely run from the Caribbean and therefore the UK court’s jurisdiction does not apply.

Quite obviously both Affidavits cannot be true and both evade bringing Harlequin and Ames to account.

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

Harlequin selling Headquarters building for £525,000 – Where is the £400million taken from investors?

harlequin headquarters fraud

We’d say it was like selling off the family silverware, except there is no silverware left. Probably never was any.

After slickly removing £400 million from little old ladies and transit pensioners, David Ames and his gang are selling off their headquarters to pay the bills.

The Serious Fraud Office and the Essex Police have had an open file on the bunch since early 2013, but after two years Ames is still walking around with the rotting financial corpses of thousands of victims in his wake.

Two years should be long enough for the police and the SFO to do the job. What’s the delay?

From the Professional Adviser…

Troubled Harlequin puts HQ up for sale

Troubled overseas property investment scheme Harlequin has put its headquarters up for sale.

The warehouse and offices in the Honywood Business Park in Basildon have been listed for sale on property website Rightmove for £525,000. Harlequin owner David Ames would also consider leasing back the first floor offices at a rent of £25,000 per year, according to the advert.

A spokesperson for the company said: “Harlequin owns its Basildon offices and occupies the first floor of Unit 11, with all other space let to third parties.

“Harlequin is attempting to sell in order to discharge its liability and remove its responsibilities as a lessor.”

The move raises further questions over the financial situation of the company, which has received £400m from investors that they are currently unable to access.

Unregulated investment scheme Harlequin worked by taking deposits from mainly UK pension investors to build off-plan properties in the Caribbean, which could then be sold at a profit on completion or used to generate a rental income from holidaymakers. But out of a scheduled 6,000 properties, about 300 have been built.

… read the rest at the Professional Adviser

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

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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