Milliardenbetrug German Property Group: Hausdurchsuchung beim Gründer Charles Smethurst msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
‘My family lost millions to a toxic German property investment’
Thousands of British savers have lost their life savings after investing in a failed scheme
Investors were lured in by promised high returns
Fancy investor dinners, offices around the world, company-branded cars and heaps of glossy brochures celebrating the business model. It was enough to convince thousands of British savers to invest some £320m in a toxic investment that since collapsed.
German Property Group, more commonly known as Dolphin Trust, sold loan notes to fund the purchase and renovation of derelict German buildings. It filed for bankruptcy last July, taking with it millions in investors’ money.
Lloyds let down victims of £1 5bn German property scandal telegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraph.co.uk Daily Mail and Mail on Sunday newspapers.
British investors in the German property scheme face huge losses
Financial “experts” have been blamed for tipping wildly risky property investment schemes to their clients, after hundreds of millions of pounds was lost to the collapsed German Property Group.
Dozens of introducers were able to cream off 20pc commission payments by suggesting their customers use such schemes. Many presented themselves as experts despite their businesses being unregulated. Others were approved financial advisers who sold highly risky schemes to clients on the side. Ordinary people who followed their suggestions now have huge black holes in their finances.
About 2,000 British investors have come forward and joined the German Property Group Creditors Association, which was formed by British investors who want their money back. Investors have already collated a list of 60 different introducers in Britain, who they claim lured them into the investments.