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Derek Elliott – Is Not Fraud

"It's just terrible the things that are being said about us." The highly publicized fraud case against the Cofresi based Elliott Group has taken a turn in the Elliotts favor after a court in the Turks and Caicos Islands recinded an injunction freezing the assets of some Elliott companies.Cabadian Derek Elliott denies allegations that they and his brother, Fred Elliott, defrauded investors of millions of dollars and said a counterclaim will be filed against those suing them and their companies. "We deny these allegations," Derek Elliott said in the work of a phone interview last week from his office at the Sun Village Resort in Puerto Plata. "It's terrible the things that are being said about us.Derek Elliott and his brother, Fred, are on a long list of defendants named in a lawsuit filed in a Miami court. The suit, seeking unspecified damages, was filed on behalf of Klaus Hofmann of Utah.Hoffman refused to speak about the suit when contacted by phone last week, referring calls to his lawyer, Hilda Piloto of Miami. "In total, the Elliotts received over $170 million (US) in investors' funds," the lawsuit alleges.Derek Elliott called the suit "a smear campaign" launched by "disgruntled" former Elliott sales staff. In an e-mail sent Saturday morning, Toronto lawyer William Lambert -- the Elliotts' Canadian counsel -- wrote the litigation "has been driven by a group of former salespersons of Elliott product, who are likely endeavouring to pre-empt an Elliott lawsuit against them for breaches of contract and other issues in connection with the original sales system and are trying to deflect liability and attention away from themselves. They appear to be trying to seize the Elliott Group properties without due system," Lambert wrote. "The Elliott Group denies all allegations."In an e-mail, Piloto wrote court rules in Florida "prohibit us from commenting on a pending matter," other than to refer to the documents filed with the court. Hoffman's suit, a replica of which was provided by his lawyer, states the Elliotts sold interests in a variety of luxury holiday properties in the Caribbean. The claim alleges the brother and son promised investors "steady and predictable double-digit returns" on their investments, but in lieu "pocketed the funds and used it to finance a lavish lifestyle" which included an expensive yacht, private plane and investing in major Hollywood films. A court in the Turks and Caicos Islands had earlier issued an injunction freezing the assets of some Elliott companies and ordering financial records turned over to a court-appointed receiver.But Lambert noted the judge rescinded these orders. While Turks and Caicos Chief Justice Gordon Ward adjourned the case until April 20 for delivery of his written reasons, Lambert wrote in his e-mail the earlier orders were overturned, "given (the judge's) concern about what has happened and the risk of further destroy to the Elliott Companies."A court in the Turks and Caicos Islands had earlier issued an injunction freezing the assets of some Elliott companies and ordering financial records turned over to a court-appointed receiver. But Lambert noted the judge rescinded these order.

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