11 Aug 2022by James Chapple
Harlequin Group boss David Ames is facing jail after being convicted for his leading role in a £226 million Caribbean property investment fraud in which he duped thousands of unwitting investors.
Ames, 70, was earlier this month found guilty by a jury at Southwark Crown Court on two counts of fraud by abuse of position following an investigation by the Serious Fraud Office (SFO). Ames offered no evidence in his defence.
The investigation revealed how Ames convinced more than 8,000 people to invest in his Caribbean hotel and resorts venture, which gained the backing of celebrities and politicians.
Developments included Buccament Bay in Saint Vincent and the Grenadines, The Marquis Estate and Blue Hotel in Saint Lucia, and Merricks, The Harlequin Hotel and the H Hotel in Barbados, as well as projects in the Dominican Republic and Brazil’s Garapua.
The model relied on people paying a 30% deposit to purchase an unbuilt villa or hotel room, half of which went toward fees for Harlequin and salespeople and the other half went toward construction.
Investors were told construction of the properties would be funded by additional external financial backing, which never materialised, meaning three properties needed to be purchased to finance the construction of just one.
This, said the SFO, led to the…
