Ex-travel boss guilty of £226m property investment scam

Harlequin Group boss David Ames was behind the Buccament Bay project, which promised a big resort style unusual among smaller Caribbean islands.

It was heavily plugged to the trade and timed to coincide with the opening of a new airport on the island in 2017, promising football coaching by former stars among its activities.

However, the 700-acre site saw only 134 rooms developed and closed in 2016. The area was acquired by Sandals Resorts International in 2020 with plans to  develop it into a Beaches property.

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.

Other developments included 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 half 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 "exponential expansion" of the scheme and an eventual funding shortfall of more than £1.2 billion by 2012, some seven years after Ames launched the scheme. During the hearing, an expert accountant told the court investors were expect to "a near 100% risk of loss".