Thursday, March 13, 2014

Police Raid Offices, Home of US Real Estate Mogul Accused of Fraud - The Tico Times




Reposted from The Tico Times:

http://www.ticotimes.net/2014/02/27/police-raid-offices-home-of-us-real-estate-mogul-accused-of-fraud



Police raid offices, home of US real estate mogul accused of fraud


On Tuesday afternoon, Judicial Investigation Police (OIJ) raided the offices of U.S. real estate developer Patrick Vincent Hundley, currently serving two months preventative detention for an alleged $7 million fraud, according to the daily La Nación.
Erick Ramos, the defendant’s attorney, told the newspaper that only two documents were retrieved, copies of which were already in the prosecutor’s possession.
Authorities arrested Hundley, a prominent real estate developer and former owner of the Jacó Rays soccer club, on Feb. 17 after he allegedly defrauded five foreign investors of millions of dollars when he convinced them to invest in a property in Jacó, a popular tourist beach destination.
According to the allegation, Hundley, a Costa Rican resident, offered to help the foreign investors avoid fictitious fees by purchasing land for a real estate development through his company. The plaintiffs claimed that they signed an agreement with Hundley promising to add their names as shareholders for the 15,850 square-meter property after paying the developer $7 million. Plaintiffs claim Hundley took their money without providing shares in the new company.
OIJ also raided the offices of two notaries connected to the case who are serving one month preventative detention.
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Friday, February 21, 2014

Patrick Hundley Arrested for $7 Million Fraud



Hmmm....Makes one wonder. Could there be a correlation here? :
http://caselaw.findlaw.com/mi-court-of-appeals/1095527.html



Patrick Hundley, owner of Jaco Rays, falls alleged fraud of $ 7 million
BY DAVID C. DELGADO / david.delgado @ nacion.com - Updated on February 19, 2014 at: 12:00 am



Vincent Patrick Hundley, president of second division Jaco Rays, was arrested by the Prosecutor of Puntarenas due to alleged fraud in $ 7 million in damage to five foreign investors.
As reported to the Public Prosecutor 's Office , the U.S. would have convinced the offended group that invested their money through it to buy a property of 15,850 square meters in the town of Jaco, Osa, Puntarenas, since otherwise , they would come out more expensive "for being foreigners."
Apparently, investors signed a contract and began making monthly contributions of up to $ 500,000 for a year and a half, with the promise that in the end, when fully implemented the $ 7 million, a corporation Hundley buy the house and foreign be part of the shareholders of the firm, but allegedly did not happen that way.
Patrick Hundley came to the country 12 years ago. It is known for its real estate projects in Jaco. In 2012 he announced that he would build a stadium there $ 4.7 million.
Hundley is a recognized entrepreneur in the Pacific for their real estate projects: Diamante del Sol, The Pacific, Paloma Blanca, Azul Bahia, Bahia Encantada and The Palms.
In 2012, he publicly announced that it would build Garabito Municipal Stadium for $ 4.7 million for the World Women's Under-17.
In 2011, he was also known for his society, CW Playco, contributed ¢ 15 million to finance the campaign of the National Liberation Party (PLN) to the feedback of February 2010, by buying bonds of debt policy.
Property. Puntarenas Prosecutors said the property, according to the National Register, is a "field terraces with a building intended for food".
That property was acquired on July 27, 2009 by Mountain Vista Jaco society, whose president is Patrick Hundley since 2007.
In addition, the prosecution said the alleged fraud is $ 7 million, according to the complaint filed on July 16, 2013.
Foreign investors told the Prosecutor that there was never a transfer of shares or endorsement Jaco Mountain View, as promised.
Furthermore, the prosecuting body said investors were never informed that the land they intended to buy had a registry entry for a divorce trial in Toronto (Canada), which contained the former owner of the farm-un outsider who died in 2010 - and his wife.
A Hundley is credited mismanagement offense, punishable by up to 10 years in prison. Under the Criminal Code, this crime occurs when a person is responsible for the management, administration or care for other people's property, and damages to the owner, in their accounts altering prices or contract terms, assuming operations or expenses, overstating the which he hath done, concealing or withholding securities or abusive or wrongly using them.
Assets. On these facts, the prosecution asked the Criminal Court of Garabito to govern their register entry on the farm, which was held on January 27, 2014, and judicial restraint Jaco Mountain View.
In fact, for these two scores, Hundley and his two lawyers appeared before the prosecutor last Monday to investigate why these entries were made, and was detained. I inquired at about 4:50 pm
The Criminal Court hearing will Garabito request for precautionary today at 3 pm, measures and could discuss a settlement with the plaintiffs.
Ana Briceno, representative of the victims, declined to discuss the case, but said: "As this is an equity issue, our interest is to reach a settlement."
Meanwhile, Erick Ramos defender Patrick Hundley, would not give statements.

 Reproduced from: http://www.nacion.com/sucesos/seguridad/Patrick-Hundley-Jaco-Rays-millones_0_1397660242.html   and http://www.costaricantimes.com/pat-hundley-day-star-owner-7-million-fraud/25238
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