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?
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?