By Andrew White
Dutchmen spent investors' money on jewellery, clothes, watches and fast cars.
Two men found guilty of deliberately defrauding investors of more than $36m through Palm Invest, a property development firm they established in Dubai, have each been jailed for three and a half years.
Dutchmen Danny Klomp and Remco Voortman convinced more than 400 people to put money into Palm Invest, which was advertised in glamorous television adverts, promising annual returns of nine percent. According to the firm’s website, investors were asked to make a minimum investment of $75,000 for properties on the Palm Jumeirah.
However, an Amsterdam court heard that the majority of the cash went to fund the pair’s lavish lifestyles, paying for jewellery, clothes, watches, luxury holidays and cars including brand new Bentleys and Porsches.
Cash withdrawals from their bank accounts totaled more than $1.2m, the court heard, and the scam ran from 2005 until police intervened in January 2008.
“This was a confidence trick of the highest order,” one prosecution lawyer told the court on Monday.
The pair will each serve two and a half years in jail, as they have already been in custody for one year. They have said they will appeal against the verdict.
Another one. More to folllow in coming months ???. But want to make government aware that most of scams made by foreigners and not by locals . So our legal frame work to be strengthned.
Ram, looks like your facts / statement is not completely accurate - look at how many locals have been indicted or have already been taken downtown in the patty wagon...?? Not defending the foreigners, but it looks pretty even to me, with the scale actually tipping towards the locals...
Does anybody know the law firm that dealt with this case ? Please advise.