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Another Costa Rica Real Estate Scam

Costa Rica News – When it comes to investing and buying real estate in Costa Rica, make sure you hire a good lawyer to help you complete a thorough due diligence process.  There are many legit projects in Costa Rica that have their image tarnished by the ones involved in scams or fraud. 

costa rica real estate scamThis is not to say that you should walk into the real estate deals in Costa Rica with a trusting attitude.  The scammers are out there and wanting to take advantage of the naive Costa Rica real estate investor. There is not much of a legal system to fall back on in the unfortunate situation you all victim to one of these scam artists, so always protect yourself and never send a penny until you have visit the property and hired your own lawyer.

A scheme set in motion by David and Antoinette Bolden has ripped off investors, stealing over $1 million. The scheme was related to Costa Rican property. After costs, the remaining value of the estate will be available for full distribution to the EFG International Realty investors.

Unfortunately, there is not much left so investors can only expect 3 or 4 cents to the dollar! The next step is to make a formal call for claims by investors and then after the expiry date a distribution will be made. The scheme affected 35 investors in total.

Mr. Bolden was president of the company and its affairs were organised by its general partner Emerald International Management Limited (EIML), a regulated financial firm owned by the couple.

The Emerald Group of Companies, including EIML, is being wound up by KPMG after the BMA took enforcement action in summer 2009 due to concerns about the firm’s liquidity.

The report said that the company’s general ledger did not contain any financial data and there was no bank account opened.

It is believed that $1,417,442 has been invested. Subscriptions were all between $25,000 and $150,000. The Boldens were found guilty by the Supreme Court of misleading the BMA regarding the Emerald Financial Group of Companies.

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