ice-salesman with more money than sense gets stung

artful_codger

http://www.independent.ie/national-news/give-me-back-my-8364440000-life-savings-1939188.html

FATHER-of-three Alan O'Neill remortgaged his home and ploughed his pension, personal savings and money set aside for his children's education into the Dubai scheme.
The ice salesman, from Ballycullen in south Dublin, travelled to Dubai before committing his money. He liked what he saw and hoped the investment would yield cash for his family's future. But now he has no idea where the €440,000 he put into the scheme four years ago is, or what it has been used for.
"I read about it in the papers and it sounded interesting," he said. "I went over and I was just sold on the Larionova idea and the concept.
"I've invested in four different properties with Larionovo. The first one was International City, which is now completed and I still don't have deeds or keys for it. I've seen the end product, the site. I've bought in Sports City -- Westgate is 60pc paid, again through Larionovo and Profile. The third property I bought was Snowdome through Larionovo and Profile and 32 group, which is 50pc paid.
"I've a €10,000 deposit paid on another one -- the Waterfront -- to Larionovo. I have no idea where that has gone."
He returned to Dubai again last year to see what progress had been made on the developments.
"I was over there twice last year and they were just up to sub-floor level. There were no problems at the start and all the indications were fantastic until Larionovo disappeared overnight.
"The last contact I had was around nine or 10 months ago and I've been trying to email them and had people email on my behalf but there's been no joy.
"I'm planning to go over there in December to find out for myself. I don't think it will be completed. I'd like my money back at the moment because I really need the cash at home."

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i think when the dust settles on the bust cycle, the irish will be shown to have been the greediest, most oppulant, most staggeringly uninformed and financially ignorant people ever. how an ice-salesman could have raised 440,000 euro in the first place is unbelievable.

Fionn23

+1

InReality

Yeah just read that today. How could he be so casual about putting all his money into Dubai a place around the other side of the world.
And he still seems to think he's going to get in back or that a few emails were going to sort it out ?

Seems utterly crazy to me.

Jip

We just had the same discussion in the office, he obviously done no research into what he was doing and assumed he was going to make money on it, I mean why would someone invest everything they had into the one scheme ?

sceptre

Jip wrote: »

I mean why would someone invest everything they had into the one scheme ?

There are people who reckon that putting their eggs into more than one basket is less profitable than putting them into one. That's unfortunate.

aphex™

Isn't it amazing they really managed to pull in money from all around the globe into Dubai for property 'investments'.

Richiecats

More like one born every minute, has he heard about the money making scheme in Nigeria, I think it evolves given your bank details to get money out of the country for some prince. Oh by the way you can kiss good bye to your money and you identity. What a muppet :eek:

aphex™

Richiecats wrote: »

More like one born every minute, has he heard about the money making scheme in Nigeria, I think it evolves given your bank details to get money out of the country for some prince. Oh by the way you can kiss good bye to your money and you identity. What a muppet :eek:

Think you've got several scams mixed up there...