Tag Archives: Harlequin Ponzi Scheme

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

Last Harlequin update by Serious Fraud Office was July 2014

Harlequin Fraud Office

Harlequin Property
25 July 2014

The SFO investigation into The Harlequin Group continues. We have had several reports from worried investors who have recently received information from other sources to suggest that our investigation is now closed. This is not the case.  Due to the complex nature of our investigations and the fact that several overseas jurisdictions are included within the scope of those investigations, it is inevitable that delays in the process of gathering information and evidence will be and have been encountered. It is not possible to issue any more detailed information at this time. Once we are able to issue a further update we will do so.

Many thanks to those who have been in touch to register their details with us at confidential@sfo.gsi.gov.uk

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Will the Harlequin Resorts debacle explode in 2015?

David Ames - Harlequin's Ponzi King

David Ames – Harlequin’s Ponzi King

The numbers tell us one giant truth: From the start Harlequin was set up as nothing less than a Ponzi scheme requiring a constant influx of new victims to keep everything going.

Consider these numbers…

– Total “deposits” by victims: US$800 million

– Percentage of “deposits” paid as salary and sales commissions: 50%

– Percentage of “deposits” used to pay interest to earlier “investors”: 22% (estimated, see below)

– Number of units sold: 9,114

– Number of units built: 230

It might be worth Ames and his merry band of supporters considering to remain silent throughout 2015.

To do so would reduce if not eliminate the anti-Harlequin responses no matter how articulate and factual they may be, given that the anti-Harlequin posts in the main are merely responses to the incessant nauseating, repulsive litany of lies emanating from Harlequin and their supporters in their never ending quest to justify “at best” the gross incompetence and abject failure by the Ames family and staff of Harlequin to operate their businesses in a proper manner.

The constant need to allay the blame for the failures of the Ames family and management at Harlequin at the door step of others demonstrates that the Ames family and management of Harlequin are in serious trouble.

And that summary is giving Ames and his cohorts far more benefit of the doubt than the facts say they deserve. The only reason I can think of that they haven’t been arrested as yet is that the Serious Fraud Office has been overwhelmed by the planned worldwide chaotic nature of the fraud through only god knows how many different companies, coupled with legal contracts bearing so much fine print, inter-jurisdictional references and available outs for the criminals.

The resorts will most probably never get built, not in the lifetime of many of the purchasers victims.      
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Filed under Barbados, Barbados Tourism, Business, Consumer Issues, Crime & Law, Economy, Offshore Investments, Real Estate

Newly revealed report details Harlequin Resorts due diligence disaster

Dave Ames Harlequin Ponzi

If you can’t see fraud and Ponzi schemes here… you aren’t looking!

According to a due diligence chart posted online, Harlequin Resorts’ The Merricks development in Barbados did not file financial accounts for seven years between 2006 and 2013.

During that same period The Merricks took in £47,946,581 in payments from victims ‘investors’ but only spent £7,971,246 for land and construction costs.

That leaves £39,975,335 outstanding, or… a better way would put it: that leaves £39,975,335 MISSING.

How many Ministers of Government received ‘campaign donations’ from Harlequin during this period? How did our government protect investors and Barbados’ reputation during this period?

Why did the Barbados government allow this to happen? Seven years without required filings and Barbados politicians were content to line up for photographs with Harlequin’s David Ames? What the heck were they thinking?

Or… were our politicians simply delivering the service that they had been paid to deliver? With no Integrity Legislation and no Freedom of Information laws, Bajans will likely never be able to prove who the villains are.

The Harlequin Resorts chart is nothing more or less than a confirmation that Harlequin was and is nothing more or less than a gigantic Ponzi scheme.

More and more the questions are shifting from Harlequin to the UK and Barbados authorities charged with maintaining the law…

The question has become: Why have the authorities not acted to arrest and charge David Ames and his co-conspirators?

Comments are open!

You can download the due diligence report at Barbados Free Press here, or download it from FileTea.

 

 

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