"A businessman accused of taking £300 million of British investors’ money – and failing to build thousands of luxury properties – could be forced to stop trading this week.
Former bankrupt David Ames is alleged to have collected millions of pounds for ambitious building projects in the Caribbean and Brazil, but less than 300 properties have so far been built.
Legal papers will be lodged at the High Court in Birmingham on Tuesday to freeze the assets of Harlequin Property and its directors in an attempt to claw back money for worried investors.
It is understood that Her Majesty’s Revenue & Customs’ pensions regulator is also poised to act if a judge’s ruling is made on Friday.
A Mail on Sunday investigation has discovered that Harlequin Property – which has paid tennis star Pat Cash to feature in its promotional material – last month failed to make interest payments to investors who took out loans for deposits.
Now hundreds of financial advisers, who convinced investors to cash in their pensions, have been given just two days by the Financial Services Authority (FSA) to confirm if any of their clients have SIPP investments in the Essex-based firm, and a further three days to provide all details.
SIPPs are a personal pension plan allowing individuals to cash in their pension to invest in schemes such as property abroad."
Read more: http://www.dailymail.co.uk/news/article-2287140/Tycoon-accused-taking-300m-British-investors-faces-freeze-assets-failing-build-luxury-homes.html#ixzz2MWIYuqTv