Developer Convicted Over £226M Caribbean Pyramid Scheme

By Sophia Dourou (August 3, 2022, 2:42 PM BST) -- A London jury found a property developer guilty on Wednesday of defrauding thousands of investors out of £226 million ($274 million) that had been pooled for luxury properties in the Caribbean that were never built.

David Ames, 70, was convicted after an 11-week trial of two counts of fraud by abuse of position for duping investors into handing over their life savings and retirement pots, despite realizing that the development scheme for the properties was high-risk and might fail.

"I am not going to sentence Mr. Ames today," Judge Christopher Hehir told the jurors at Southwark Crown Court. "In view of...

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