Harlequin Property, a UK-based overseas property sales agent that is not regulated by the Financial Services Authority (FSA), has agreed a "substantial" out of court settlement with a number of investors who wanted their money back.
The case was brought on 6 March 2013 by Regulatory Legal on behalf of the individuals who had invested in Harlequin properties. Thousands of investors have put money into the £200m scheme run by Essex-based Harlequin, which has promised to build luxury villas in St Lucia, St Vincent, Barbados and the Dominican Republic. Within the court proceedings an application was made to freeze Harlequin Property ‘s assets, however the parties reached an agreement on the 8 March 2013. The terms of the settlement are confidential. Procedurally, the claimants' lawyers will appear before the court...
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