Two leading businessmen arrested for the alleged theft of $145,000 from a development company appeared in Magistrates? Court yesterday to face charges.

Arthur Jones, the owner and director of the Island?s biggest realtor, Coldwell Banker JW Bermuda Realty, and Fraser Butterworth, the president and secretary of the Institute of Bermuda Architects appeared in the regular plea court session.

Jones was represented by Saul Froomkin and Butterworth was represented by Richard Horseman.

Jones, 52, and Butterworth, 62, were charged with attempting to defraud the unit holders of the Harbour Gardens Estate between January 1, 1995 and October 27, 1995. Butterworth and Jones were also charged with stealing $145,000 on or about October 27, 1995.

The charges are indictable and both defendants were not required to plea.

Acting Senior Magistrate William Francis released the two men on $5,000 bail each. They will return to the court on July 7 for mention to decide what type of preliminary inquiry they will have.

Jones and Butterworth are directors of Harbour Gardens Limited, which was set up in 1995 to convert the pool wing of the former Palm Reef Hotel into nine townhouses worth between $570,000 and $660,000 each.