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Dolphin. german property fund

  • 23-04-2013 11:23pm
    #1
    digzy
    Registered Users Posts: 3,049 ✭✭✭


    Hi lads,met my pension broker today. He was advising me to put some savings into this thing. It is one year fixed return of 12%.

    The gist of it is, that your money is used to buy a derelict building in a german city. the builder does it up and flogs it to german citizens who get tax relief.
    He reassures me he's done all the 'due dilligence'. A mate of mine put in 150k a year ago and all's fine.

    it sounds a bit too good to be true-ponzi alert. sure why leave your money on deposit with this thing:rolleyes: Anyone heard of this thing? A google search reveals little enough and my broker is one of the 'expert testimonials' on their website!


Comments

  • #2
    Sonnenblumen
    Registered Users Posts: 5,834 ✭✭✭Sonnenblumen


    Sorry mate but nursery crimes are not on this floor.


  • #3
    jank
    Banned (with Prison Access) Posts: 13,018 ✭✭✭✭jank


    Sounds too good to be true in my opinion. If you must invest limit your exposure.


  • #4
    digzy
    Registered Users Posts: 3,049 ✭✭✭digzy


    Sonnenblumen wrote: »
    Sorry mate but nursery crimes are not on this floor.

    ? wtf


  • #5
    AndrewJRenko
    Registered Users Posts: 28,304 ✭✭✭✭AndrewJRenko


    Being covered on Prime Time now - looks like much of the investments may be lost


  • #6
    dxhound2005
    Registered Users Posts: 20,447 ✭✭✭✭dxhound2005


    The BBC have been reporting this fraud for a while.

    https://www.bbc.co.uk/sounds/play/m000pqd0


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  • #7
    BENDYBINN
    Registered Users Posts: 1,818 ✭✭✭BENDYBINN


    Where did all the money go?


  • #8
    jams100
    Registered Users Posts: 766 ✭✭✭jams100


    jank wrote: »
    Sounds too good to be true in my opinion. If you must invest limit your exposure.

    And there you have it!
    It's an overused cliche but so often correct!

    I find it hard to believe that people would put 70 or 85% of their savings into one asset, no matter what that asset was. A really tough lesson for them to learn, hopefully others see this and don't make the same mistakes.

    And apparently upto 40 Irish financial advisors were advising people to go with this company according to RTE. Worrying to say the least.

    I really hope the OP listened to his gut and didn't go through with this in the end!


  • #9
    AmberGold
    Registered Users Posts: 1,281 ✭✭✭AmberGold


    Amazing really in this age, where has all the money gone! 1800 Irish caught in this:

    https://www.independent.ie/news/this-was-their-entire-life-savings-its-heart-breaking-for-them-dail-told-of-ponzi-scheme-that-collapsed-with-savingsof-1800-irish-people-40343639.html

    Been following this for a while now. The Irish Independent have reported two Irish businessmen seem related to this; Cormac Smith and Marc Reilly.

    Marc Reilly https://jstreicherglobal.com/our-team

    https://www.independent.ie/business/irish/irish-dolphin-executives-take-senior-roles-at-dubai-arm-of-wall-street-market-maker-40165688.html

    https://www.independent.ie/business/irish/dolphins-cork-spend-included-bmws-and-gym-gear-40217973.html


    "The Sunday Independent previously reported that in June 2019 Reilly and Smith were paid gross monthly wages of close to €70,000 each, four months before they placed the firm in voluntary liquidation."

    The company also loaned them €1.8M each before it was wound up! WTF were these wide boys up to to get this level of compensation.


  • #10
    neris
    Registered Users Posts: 20,031 ✭✭✭✭neris


    jams100 wrote: »
    And there you have it!
    It's an overused cliche but so often correct!

    I find it hard to believe that people would put 70 or 85% of their savings into one asset, no matter what that asset was. A really tough lesson for them to learn, hopefully others see this and don't make the same mistakes.

    And apparently upto 40 Irish financial advisors were advising people to go with this company according to RTE. Worrying to say the least.

    I really hope the OP listened to his gut and didn't go through with this in the end!

    I don't find it that hard to believe, where Irish people and high returns are involved alot of people seem more then happy to just hand money over and not ask questions. Too many people are hoping to make a quick buck in this country


  • #11
    mitresize5
    Registered Users Posts: 996 ✭✭✭mitresize5


    I was 10 years old when I first heard the expresssion "if its too good to be true ..."

    It won't be of any comfort to those that invested but if anyone told me they could return 12 - 13% in a year I'd run a mile unless I had a fund for pure specualtion.

    Hard to believe one guy last night put 35 years worth of savings into it. Feel sorry for him but did we learn nothing as a country.


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