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 [email protected]