Elliotts facing suit in Canada over alleged Ponzi scheme in the DR
HAMILTON—A father-and-son team from the Hamilton area is facing lawsuits over an alleged $170-million (U.S.) Ponzi scheme related to resort properties in the Dominican Republic.

 

 

The allegations against Derek Elliott and his father, Frederick, surfaced in a Miami civil court case launched last year by more than 150 investors across North America.

They allege they lost amounts ranging from $10,000 to $940,000.

The Elliotts, 38 of their companies and several other individuals are named as defendants in the lawsuit.

The lawsuit’s allegations have not been proven in court and the Elliotts strenuously deny allegations contained in the suit.

They also filed a $120 million countersuit in February against the investors who launched the court action.

The case concerns investments tied to a pair of vacation resorts, one near Puerto Plata and the other in Juan Dolio, about 40 kilometres east of Santo Domingo.

Court documents state more than 1,500 investors from across North America and the world placed their money in the resort properties.

In Toronto, a $415,000 lawsuit was filed in February against the Elliotts and three of their companies, alleging they ran a Ponzi-like scheme in the Dominican Republic.

None of the allegations made in the statement of claim has been proven in court.

A court hearing in the Ontario case is scheduled for May 11th.

The Elliotts have not yet filed a statement of defence in the case.

source: TheStar.com

Read also: Case moves on, charges sought against Elliotts and others over Sun Village fraud as the result of forensic analysis report

Go back | Date: 29 Apr 2010
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