Property
North America | 27 Feb 17
Harlequin nears liquidation after court refuses more time
Beleaguered overseas investment scheme Harlequin Property SVG is a step closer to liquidation after the High Court in St Vincent and the Grenadines refused to grant more time for the managers to file their proposal to creditors.
Property scheme investment advice unsuitable: Ombudsman
The UK Financial Ombudsman Service (FOS) has determined that advice given to a client by financial advice network The Falcon Group to invest £83,000 ($103,269, €97,263) of his pension fund in a scheme focused on the leisure property industry was not suitable.
Harlequin boss David Ames charged with fraud
The UK’s Serious Fraud Office (SFO) has charged David Ames, chairman of the failed Caribbean property group Harlequin, with three counts of fraud.
Former Westpac banker jailed for property Ponzi scam
A former Westpac banker in Australia has been sent to jail for three years for encouraging elderly and vulnerable customers to borrow over A$2.5m (£1.5m, $1.9m) to invest in a Tasmanian property development, which turned out to be a Ponzi scheme.
KPMG blasts Harlequin boss over investor pay-back plan
The independent trustee of Harlequin Property, the £400m ($509m, €454m) overseas property scheme facing ruin, has blasted the company’s chairman David Ames over how he intends to pay back stricken investors.