SFO Says Developer Cost Investors £226M In Pyramid Scheme

By Christopher Crosby (May 6, 2022, 4:36 PM BST) -- A former developer defrauded thousands of investors out of £226 million ($278 million) pooled for luxury properties in the Caribbean that were never built, a prosecutor for Britain's fraud agency told a jury Friday.

The SFO has told the court that David Ames duped consumers into handing over their lifesavings and retirement pots despite realizing that the Caribbean properties' development scheme was high-risk and might fail. (Peter Dazeley/Getty Images) David Ames duped consumers into handing over their lifesavings and retirement pots despite realizing that the properties' development scheme was high-risk and might fail, a prosecutor for the Serious Fraud Office told...

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