US owner of Jaco Rays accused of $7 million property fraud

Vincent Patrick Hundley could face up to 10 years in prison if convicted. (YouTube)

Vincent Patrick Hundley could face up to 10 years in prison if convicted. (YouTube)

February 19th, 2014 (InsideCostaRica.com) Vincent Patrick Hundley, a U.S. citizen and president of the second division soccer club, the Jaco Rays has been arrested on charges of defrauding five foreign investors out of $7 million USD, according to a report by the daily La Nacion.

 

According to prosecutors, Hundley convinced the investors to back his purchase of a 15,850 square meter property in Jaco.

 

Apparently, the investors signed contracts and began making monthly payments of up to $500,000 for a year and a half, with the promise that they would become shareholders in a corporation holding the property after the $7 million was raised and the purchase was made.  The investors say they have never received their shares.

 

Furthermore, prosecutors say Hundley failed to inform investors that the property in question was tied up in the courts as part of a divorce trial between its former owner, now deceased, and the man’s former wife.

 

Hundley is being charged with fraudulent administration, punishable by up to 10 years in prison.

 

Hundley is also known as the owner of Day Star Properties in Jaco, and is responsible for the development of several area real estate developments such as Diamante del Sol, The Pacific, Paloma Blanca, Bahía Azul, Bahía Encantada and The Palms.

 

In 2012, Hundley publicly announced that he would build a $4.7 million stadium for the municipality of Garabito.

 

Hundley is also a political donor, having donated $30,000 to the National Liberation Party (PLN) through a company he controlled during the 2010 general elections, according to La Nacion.

 

Editor’s note: If you are one of the affected investors, we would be interested in speaking with you.  Please send a confidential email to editor@insidecostarica.com

 

costa rica news

ATTENTION: If you are seeing this message,


Subscribe via E-Mail

Get all of our news delivered fresh to your inbox every morning! Just tell us your name and where to send it using the form below.

PS – We hate spam too. We don’t sell or share our list with anyone, and we never send commercial email.

* = required field


Like us on Facebook and receive our news in your timeline

  • Oliver Wendell Holmes

    Glaring omission not mentioning where he was arrested.

    • roberto

      According to the La Nacion, the prosecutor asked the Criminal Court of Garabito to register a notation on the farm, which was done on January 27, 2014, and judicial restraint was placed on Jaco Mountain View. Hundley and his two lawyers appeared before the prosecutor last Monday to investigate why some notations had been placed on the property and he was detained at about 4:50 pm in Puntarenas.
      The Criminal Court hearing in Puntarenas, Garabito, will request for precautionary measures today at 3 pm and could discuss a settlement with the plaintiffs.
      Juzgado Penal de Garabito, Puntarenas.

      • http://insidecostarica.com/ Timothy Williams

        You are totally correct except for the fact that it was not “last” Monday, it was Monday of this week (the 17th).

  • Andrew

    ICR appears to have adapted a “Tico Time” mentality in its publishing schedule. Looks to me like the staff went out for a beer sometime in the middle of last week and never returned.
    Timothy Williams: care to explain?

    • http://insidecostarica.com/ Timothy Williams

      Andrew, we apologize. We are currently working out some finance issues.

  • Luis Diego Campos

    See gringos!!! CR is no longer a safe heaven for you folks…Just be a good old pal and dont walk on the dark side and youll be allright…Pura Vida..