Manchester businessman on fraud charges
A Manchester businessman who allegedly convinced an investor to pump US$200,000 into his unregulated investment scheme is scheduled to return to the Corporate Area Resident Magistrate's Court on February 14.
The accused, John Cameron, is facing charges of fraudulently inducing persons to invest money, engaging in the business of trading securities without a licence, and operating as a securities dealer without a licence.
When the case was mentioned last Friday, Senior Magistrate Judith Pusey was informed that the case file was incomplete. As a result, Cameron's bail was extended.
According to the police, in 2007 Cameron allegedly persuaded the complainant to invest US$200,000
in his investment scheme, which, unknown to the complainant, was not regulated.
It is further alleged that in December 2007, the complainant withdrew $1,050,000 from his personal account which he then deposited into Cameron's bank account.
The complainant allegedly received a payment of US$33,000 interest on his principal in January 2008, but has not received any other payment since.
The complainant reportedly made several unsuccessful attempts to contact Cameron to recover his principal, and has reportedly suffered a loss of US$166,000.
The complainant later reported the matter and Cameron was arrested and charged.
Attorney Carolyn Reid-Cameron is representing the accused.