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By Racquel Porter
Sixty-year-old businessman Carl Ranglin was on Thursday found not guilty of breaches of the Proceeds of Crime Act (POCA) in the Corporate Area Criminal Court.
Allegations are that between 2007 and 2008 he enticed another businessman, Owen Grant, to invest in an overseas scheme on the premise that Mr. Grant would yield sizeable interest on the principal sum of his investment.
As a result, Mr. Grant invested in excess of US$280,000.
Having not been satisfied with the investment returns, Mr. Grant reported the matter to the police which resulted in Mr. Ranglin being charged.
Prior to the start of the trial, Mr. Ranglin's attorneys Peter Champagnie, K.C. and Patrice Riley submitted that the matter was best suited for the commercial court rather than the criminal court.
But the prosecution did not agree and a trial followed.
During the trial Mr. Champagnie and Mrs. Riley brought to light that the arrangement between their client and Mr. Grant was in writing.
In cross examination Mr. Grant admitted that a term of the contract was that there was no guarantee on the investment returns.
Mr. Grant also admitted that even after not receiving any initial returns on the investment he continued to do further investments with Mr. Ranglin.
In finding Mr. Ranglin not guilty, Senior Parish Judge Maxine Ellis alluded to this fact and also found that there was no intent on the part of Mr. 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.
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