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| "In total, the Elliotts received over $170 million (US) in | | | | rescinded these orders.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