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A Dublin taxi driver has revealed how he lost his €40,000 pension in a suspected German pyramid scheme.
Over 1,800 Irish people invested in a German property company called Dolphin Trust. The average amount invested is estimated to be around €50,000. Most were small investors, who used either large chunks of their savings or their pensions.
Dolphin has recently gone bust and a suspected fraud investigation is ongoing.
Ray Sludds is one of those who was told the company was a good investment.
“I got a call from the broker to say there were issues,” he said. “But even then he assured me that: ‘We’re just looking at a delay.’