Businessman accused of fleecing woman of $4.8 million
A Kingston businessman who reportedly fleeced a woman out of $4.8 million after encouraging her to invest her money in his Ponzi scheme is scheduled to return to the Corporate Area Resident Magistrate's Court on June 20.
Forty-five-year-old Christopher Williams, a resident of Patrick Heights in Kingston 19, is facing charges of fraudulently inducing persons to invest, engaging in the business of trading without a licence and operating as a securities dealer without a licence.
The court heard that in December 2009, Williams, who operates Gauntlet Marketing Innovation on Beechwood Avenue in Kingston, approached the complainant and told her that he has a registered investment company that offers 10 per cent interest per quarter on the principal sum and encouraged her to invest.
It was reported that the complainant agreed to invest and between 2009 and 2011 invested a total of $4.8 million, but to date has not received any interest on her money or a return of her cash.
The matter was reported to the police and Williams was arrested and charged on May 14, but was released on $500,000 station bail.
When the matter was mentioned yesterday, the court was told that the case file was incomplete, as a result the matter was rescheduled for mention in June.
Williams, who is being represented by attorney Vernon Daley, had his bail extended by Senior Magistrate Judith Pusey.