KINGSTON, Jamaica – Sixty-year- old businessman Carl Ranglin was today found not guilty of breaches of the Proceeds of Crime Act in the Corporate Area Criminal Court.

Allegations against him were that between 2007 and 2008 he enticed another businessman, Owen Grant, to invest in an overseas scheme on the promise that Grant would yield sizable interest on the principal of his sum investment. As a result Grant invested in excess of US $280,000. Having not been satisfied with the investment returns Grant reported the matter to the police which resulted in Ranglin being charged.

Before the commencement of the trial Ranglin’s attorneys Peter Champagnie, KC and Patrice Riley, made vigorous submissions that the matter was best suited for the Commercial Court rather than the Criminal court.  However, the prosecution did not agree and a trial followed.

During the trial Champagnie and Riley brought to light that the arrangement between their client and the Grant was in writing. Under cross examination Grant admitted that a term of the contract was that there was no guarantee on the investment returns. Grant also admitted that even after not receiving any initial returns on the investment he continued to do further investments with Ranglin.

In finding Ranglin not guilty, Senior Parish Judge Maxine Ellis alluded to this fact and also found that there was no intent on the part of Ranglin to defraud based on the evidence.

The judge also found that the investment sums could not be treated as criminal property as defined by the legislation given all the circumstances.