Harcourt claims huge losses onUS scheme

Dublin property firm Harcourt Developments has said that it lost tens of millions of dollars on a US property deal after falling victim to an elaborate fraud involving ‘‘sham condominium sales’’ and fictitious front companies.

Ian Kehoe - avatar

Ian Kehoe

16th May, 2009

Dublin property firm Harcourt Developments has said that it lost tens of millions of dollars on a US property deal after falling victim to an elaborate fraud involving ‘‘sham condominium sales’’ and fictitious front companies.

The Irish firm has also alleged that its former business partner in the US, Glen Smith &Glen (GSG), conspired to lie about the pace of a proposed $1 billion development in Las Vegas and made ‘‘multiple...

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