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SOUTH EDITION roundtownnews.com
Issue 703
05 APR - 11 APR 2013
INSIDE THIS WEEK
RTN Spotlight on Property
Brought to you by
The new Certificado de Eficiencia Energética (CEE)
www.spanishhomefinder.com
Harlequin property investment scam by Keith Nicol THE SPANISH Costas are full of stories from International residents who have been ripped off or defrauded by property developers or have been caught up in land grab situations. Many of these cases are ongoing and thanks to the sterling work of the late Louise Clarke and with the backing of RTN, many of these unscrupulous companies, individuals and Town Hall are facing or have lost court actions. Although not focused on Spanish Property sales, Britain’s Serious Fraud Office is now investigating Essex-based Harlequin Group regarding its marketing of high-end Caribbean villas linked with a self-investing personal pension product. It has come to light though the pages of the RTN that some Spanish residents have also been taken in by this scam. The situation has also been broadcast on UK TV and stems from the fact that Harlequin’s business was not regulated by the Financial Services Authority, which is now writing to all UK FAs requesting the details of any client who has invested in the scheme. At the same time, the Serious Fraud Office (SFO) and Essex Police are also requesting full details of the transactions involved from anyone who has invested in the Caribbean resort off-plan sales schemes. The SFO would also like to hear from others inadvertently caught up in the scam, and state that they may request a full witness statement where necessary. The SFO believe that thousands of investors have poured their savings into off-plan purchases of condos and villas in the Caribbean and Thailand, many of whom are now in touch with the FSA. A legal challenge by a group of investors is expected, based on mis-selling of a financial product. The Mail on Sunday has also conducted their own investigation and said that: Liverpool Football Club, Australian tennis star Pat Cash and former Republic of Ireland footballer
What the project looks like, in reality, last week!
Andy Townsend have allowed their names to be used in promotions; a planned holiday village in Barbados is still little more than a building site while a former prime minister of St.Vincent and the Grenadines says local builders and suppliers have not been paid in full! Harlequin CEO David Ames has denied misleading inves-
tors and promised that the developments in question will be finished, blaming contactors for the problems. However, investigation has revealed that, out of 3,000 promised homes, only 300 have as yet been completed and interest payments due to investors have now ceased. Continued on page 6