Tag Archives: Ponzi Schemes

Dave Ames and Harlequin Property file legal papers against Barbados Free Press readers

matt-mullenweg-wordpressed

Hi folks,

A few weeks ago we informed our readers that Harlequin had served our webhost WordPress – Automattic Inc with a court subpoena concerning reader comments on Barbados Free Press. Ames and Harlequin want to discover the identities of BFP readers who left anonymous comments on stories about them.

This will be difficult even if WordPress turns over the ip numbers to Harlequin because further steps are required with internet suppliers in other countries. Lots of folks use proxies and protection like ‘Anonymouse.org‘ for surfing too. Nope, we’re not worried at all and we run this here little blog. Have for nine years and the DLP and BLP haven’t found us yet!

WordPress didn’t send copies of the legal papers to us, so we presume they are fighting it out in court with Harlequin and David Ames. WordPress inventor Matt Mullenweg has a reputation as a hell of a scrapper when it comes to defending free speech and he’ll spend millions rather than give into extortion. (Matt is the handsome young chap above, just turned 30. And ladies, not only is he single – his business costs about $400,000 a month to run, but takes in gross revenues of $45 million a year. You do the math. The latest Business Insider issue says Matt is probably worth a billion yankee dollars and he has homes in New York, California and Texas. He was in Barbados a few months ago – I’ll try and find the photos I saw on the web.) 

Today we received more legal papers – unofficially and anonymously – from someone. This batch lists exactly what comments and BFP readers that Ames and Harlequin is after.

We’re not worried because we know that the WordPress business model would collapse overnight if Matt and the boys didn’t defend free speech.

Besides – we believe in Matt and WP crew. They will fight this attack all the way on a purely ideological basis – nevermind anything else.

Meanwhile here are the two batches of documents so far…

Latest – 04447212-Page0-41(1)

Previous – 2014_04_21_19_26_39

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109 Comments

Filed under Barbados, Freedom Of The Press, Human Rights

Harlequin wins lawsuit against Padraig O’Halloran by proving Dave Ames is unfit to manage your money

Harlequin & David Ames: Knew sales agents were lying to investors.

Harlequin & David Ames: Knew sales agents were lying to investors.

David Ames: Stupid? Crooked? …or smart like a fox?

Would you trust your money to a man so foolish that he paid tens of millions of dollars to a building contractor without signing a written contract?

Would you trust your financial future to a man who ‘managed’ investors’ money by holding million-dollar promotional events while not bothering to ask how toilets at the resort could flush if they weren’t hooked up to any sewerage lines? Would you trust a man who was such an idiot that he failed to monitor expenditures vs. observed results on a 100 million dollar project?

An Irish court has just awarded Harlequin Property a rather shameful victory – for in order to achieve victory in the civil lawsuit, Harlequin had to show and admit how much of a trusting idiot is their glorious leader, Dave Ames.

“Harlequin said between 2008 and June 2010 £8.5million was diverted from £34million paid to the contractor to develop the first phase of its flagship resort Buccament Bay, in St Vincent.

The court heard during a 31-day trial there was no written contract and money was diverted into personal accounts of Mr O’Halloran to fund lavish purchases, including a wedding, private jet, a racecourse in St Lucia, a car franchise business and renovations to a rented property on the Sandy Lane estate in Barbados.

Harlequin said during construction shells of the buildings went up but they were not connected to essential infrastructure like sewage, water and power leading to the resort opening late and on a smaller scale.”

“(Judge) McGovern said it was “extraordinary” there was no written contract for such a large development and that turned out to be a “very poor” decision by Mr Ames…”

… from the Basildon News article Harlequin Property wins civil fraud case against former resort builder

Dave Ames establishing a defense against Ponzi charges?

Charles Ponzi never worked for Harlequin... but he could have!

Charles Ponzi never worked for Harlequin… but he could have!

According to the Basildon News, Harlequin and Ames took about 6,000 deposits from investors for off plan resort accommodation at six planned resorts, but built just 300.

Couple those figures with a total failure to account for missing millions of dollars, and you have what is commonly called a ‘Ponzi Scheme’, named after the patron saint of fraudsters: Charles Ponzi. Wikipedia explains ponzi this way… Continue reading

2,859 Comments

Filed under Barbados, Consumer Issues

ALERT: Harlequin fails to pay loan interest

Harlequin Past Due

“Harlequin refused to comment on the investor’s missed payment, saying that the accounts team is looking into it, and that in the meantime the investor may have to make the payment themselves.”

Temporary delay or something more serious?

Here is what IFAonline posted yesterday:

Harlequin Property hits problems with payments
Author: Laura Miller
IFAonline | 15 Feb 2013 | 10:32

Harlequin Property, the unregulated collective investment scheme (UCIS) which invests in Caribbean property, is having problems issuing payments due under the terms of its agreement.

One investor, who did not want to be named, contacted Harlequin earlier this month after the company failed to pay the interest on a loan the investor had taken out in order to invest in a Harlequin property.

Under the terms of its agreement, Harlequin pays the interest on borrowings where the investor has re-mortgaged their home to invest in a Harlequin property. The interest is paid until the completion of the off-plan property the investor has invested in.

Harlequin said it successfully makes payments to investors, but that delays do occur occasionally.

However, in an email from the investor to Harlequin, seen by IFAonline, the investor informs Harlequin it has not made one of the payments. Referring to a telephone call the investor made to Harlequin, the investor said they had been told by Harlequin that “this was due to errors on the part of Harlequin and many people were affected”.

In an email seen by IFAonline to the investor, Katharine Manderfield, network sales director at Harlequin, said Harlequin has “had some issues with bank payments”. She said the payments will be resolved by 28 February. However, she refused to comment on the investor’s missed payment, saying that the accounts team is looking into it, and that in the meantime the investor may have to make the payment themselves.

“A spokesperson for Regulatory Legal, which is acting on behalf on some Harlequin investors, said: “We have received a number of client enquiries where interest payments have not been made.

“This is blamed on a banking error. We cannot see why this could not be remedied with payments being brought up to date in days…”

… read the rest at IFAonline Harlequin Property hits problems with payments

158 Comments

Filed under Barbados, Consumer Issues, Crime & Law, Economy

Barbados Corporation implicated in US$200 million Ponzi scheme. How will our government deal with David Krywenky?

Kingz Capital Management Corp. Barbados – Hundreds of Millions vanish

According to the Star Tribune of Minneapolis USA, Kingz Capital Management Corp. is a registered commodities trading adviser and commodities pool operator in Barbados. A simple Google search reveals numerous articles talking about Kingz involvement in several “gone wrong” investment schemes that took in hundreds of millions of dollars – that apparently vanished.

At Barbados Free Press our questions are: 1/ What is Barbados going to do about it? 2/ What laws does Barbados have at its disposal to prevent or to deal after the fact with occurrences like this?

Here are a few stories of the many online…

Trevor Cook’s ally won’t be trading for 3 years

By Dan Browning, Star Tribune, Minneapolis

Jan. 28–A Canadian-based commodities trader affiliated with embattled Minneapolis money manager Trevor Cook has agreed to give up his trading rights for three years in response to a complaint that accused him of letting Cook — who is not a registered trader — take control of an offshore currency investment pool.

The trader, David Krywenky of Toronto, has run Kingz Capital Management Corp., a registered commodities trading adviser and commodities pool operator in Barbados, for two years. The National Futures Association (NFA), a self-regulatory body that oversees the futures markets, filed a complaint against Krywenky and Kingz Capital in September accusing them of failing to uphold ethical standards, cheating customers, and failure to supervise business activities properly…

… continue reading the full story at American Chronicle’s article Trevor Cook’s ally won’t be trading for 3 years

Click image for Patrick Pretty's take on this story

$300 million Oxford trail leads into Canada

By DAN BROWNING, Star Tribune
November 4, 2009

Investors looking to recover their money from a suspect currency investment program have a new, $300 million trail to follow into Canada.

Regulators are quietly pursuing a complaint against a Toronto commodities firm and one of its executives, alleging they helped Minneapolis money manager Trevor Cook facilitate the currency trading program.

The $300 million that passed through the Toronto firm — KINGZ Capital Management Corp. — is the largest chunk of money found so far in the still-unfolding case, which drew investors from across the United States and several other countries. They have been unable to withdraw their money from what many were told was a Swiss-based currency trader since at least early July.

continue reading this story at the Star Tribune.com article $300 million Oxford trail leads into Canada

Further Reading

PatrickPretty.com – KA-BOOM! Offshore Firm To Which AdViewGlobal Claimed Wire Tie Booted From National Futures Association After Investigators Discover Ponzi Figure Trevor Cook Was Managing Its Investor Pool

Thanks to BFP readers A & R for tipping us to the story!

4 Comments

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