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Investor awarded US$200,000 in suit against Ricardo Azan
Thursday, April 17, 2008
An investor of the failed investment club, Money Express Financial Services Limited, has been granted close to US$200,000 against the ill-fated entity and its embattled head, Ricardo Azan, in a default judgement at the Supreme Court.
The judgement was entered last week after Azan failed to file an acknowledgement of service in relation to the lawsuit brought against him by investor Michael Ellington, a businessman of Kingston.
Ellington said in his particulars of claim that he had loaned Azan money in June, July and October 2007, which totalled US$199,866 to be invested overseas and was promised a high return on the loan. Ellington said that he never received any interest, and the money loaned was not returned.
The court ordered that the loan is to be repaid with interest.
Investors were required to pay a minimum of US$25,000 (J$1.75 million) to join the investment scheme, managed by Azan.
Azan had told his 190 investors at a meeting in January that he had lost their funds while trading overseas in the United States and Europe.
Three investors - Richard Preston; Elizabeth Dudhu, a businesswoman; and housewife Dorothy Gardener - in February sued Money Express and Azan to recover more than $17 million which they claimed they invested in the company last year.
Preston and Gardener are contending that they loaned Azan $13.9 million between April and December 2007. Dudhu is suing for $3.4 million she allegedly loaned to Azan in March 2007 to invest overseas.
Thursday, April 17, 2008
An investor of the failed investment club, Money Express Financial Services Limited, has been granted close to US$200,000 against the ill-fated entity and its embattled head, Ricardo Azan, in a default judgement at the Supreme Court.
The judgement was entered last week after Azan failed to file an acknowledgement of service in relation to the lawsuit brought against him by investor Michael Ellington, a businessman of Kingston.
Ellington said in his particulars of claim that he had loaned Azan money in June, July and October 2007, which totalled US$199,866 to be invested overseas and was promised a high return on the loan. Ellington said that he never received any interest, and the money loaned was not returned.
The court ordered that the loan is to be repaid with interest.
Investors were required to pay a minimum of US$25,000 (J$1.75 million) to join the investment scheme, managed by Azan.
Azan had told his 190 investors at a meeting in January that he had lost their funds while trading overseas in the United States and Europe.
Three investors - Richard Preston; Elizabeth Dudhu, a businesswoman; and housewife Dorothy Gardener - in February sued Money Express and Azan to recover more than $17 million which they claimed they invested in the company last year.
Preston and Gardener are contending that they loaned Azan $13.9 million between April and December 2007. Dudhu is suing for $3.4 million she allegedly loaned to Azan in March 2007 to invest overseas.