So that statement from WOT was not true. But it is not the brokers fault that it was not true. So why were they allowed to make that statement and who would be responsible for it being untrue. I suppose the real question is why are consumers not more protected. Why do people fall for get rich schemes all the time.I'm one of the 1,800 Irish suckers who took the German Property Group (formerly called Dolphin Trust) bait.
Although initially hesitant about investing, I was convinced when my broker sent me the following assurance from Wealth Option Trustees (WOT):-
"We hold first charge security over property in Germany as security for investors which is valued in excess of or at least equal to the amount of funds raised by Irish investors ..... and if there is a default in investors coupons or capital we can call on this security and sell those properties."
It was recently reported in the Irish media that this so-called security may effectively be worthless, which leads me to wonder what (if any) options I have to recover all - or even some - of my investment. I am aware that, in the UK, questions have been asked in Parliament on behalf of some worried investors and the UK Financial Services Authority appear to be taking some sort of action, but there's no sign of any similar activity in Ireland.
Has anyone got any suggestions as to what I should do next, please?
What can they complain about. Investing is a risky business. I would be surprised that people investing in this weren't told that investments can go up as well as down. My bank analysed me and said I'm so risk adverse here's basically no product they could offer me, or with such a low return as to make it pointless. It's the law here that they must so analyse clients.The advisors were regulated. So I presume the Ombudsman can hear a complaint against them.
Brendan
I suppose the real question is why are consumers not more protected. Why do people fall for get rich schemes all the time.
I would be surprised that people investing in this weren't told that investments can go up as well as down.
My parents taught me that the shiner and slicker the brocure the more it tells lies.From time to time, people send me a brochure that they have received offering stock market returns but with no risk. I tell them that it is not true and they ask me what the catch is. I tell them that I am not going to bother reading the brochure. There is a catch.
I have contemplated that course of action, but I believe that my advisers were almost as badly duped by the promoters as I was so am reluctant to throw them under a bus. That said, I seem to remember that they got a free junket to Germany (courtesy of the Irish promoters, presumably) - which is more that I didOn reflection, I think that those affected should get together and make complaints to the Ombudsman about the professional advice they received or maybe even the sales literature.
Brendan
the GPG (German Property Group) Redress Group has been formed by 40
Broker Firms,
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