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PostPosted: August 2nd, 2017, 1:32 pm 
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Joined: January 20th, 2008, 1:32 pm
Posts: 439
In today's paper

"An Italian law firm has been ordered to compensate British investors for failing to advise them properly over a property scheme that is now under investigation for allegedly being a money-laundering vehicle for the mafia and IRA.

In what is thought to be the first case of its kind involving a law firm, judges at the Court of Appeal ruled that Giambrone, which has offices in Rome, Milan and Tunis as well as London and New York, is liable for the full consequences of its failure properly to advise about the potential risks around investing in an Italian resort development.

The court, which handed down judgment this week, heard that the law firm had been approached by developers of two property projects in Calabria, southern Italy, to act on behalf of prospective purchasers. Neither was completed within the timescale set out in the contract. One has since been seized by the Italian financial police in relation to an alleged money-laundering operation worth £400 million.

The London law firms Penningtons Manches and Edwin Coe said they were acting for about 180 Britons who had paid deposits of between £30,000 and £105,000 for off-plan deals.

Lord Justices Jackson, Underhill and Moylan said in their ruling that one of the development intermediaries was, according to reports, “a convicted IRA terrorist”, although they conceded that criminal investigations were continuing."


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PostPosted: August 3rd, 2017, 10:05 am 
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Joined: June 25th, 2008, 6:39 pm
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Location: Carmarthen, south west Wales / Santa Maria di Ricadi, Capo Vaticano
At least the British Court has recognised the scam that was perpetuated
What are the chances that they will get their money back Would Giambrone UK or Giamrione worldwide be able to pay? Would they have a insurance for this kind of negligence?
I wish everyone who lost out every success.


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