AIB - Belfry 6 Investment gone wrong

[Bronte]

A relation of mine is attempting to get his investment back from a UK Property Investment Fund that was recommended to him by AIB called Belfry 6. He lost everything he put in. I'm not familiar with these types of investment and he wants me to help to fill out the form he's received from AIB. He came into a good deal of money and was called in by his AIB branch and there were 6 men in suits there to encourage him to invest in this product. With he having no experience whatsoever of investing in anything as he's a pretty standard rural farmer. I've no idea what they told him but he never expected to lose the money and would have trusted 'the bank'. He is the type that literally has hay bail twine for his trousers.

As far as I can gather all prior Belfry's were refunded, and now AIB are looking at No. 6. It's been difficult to get the details from my relation, I suppose there is an embarrassment factor, and he's going it alone. He's finally sent me the document he needs to fill out.

Obviously filling out the form is easy. But is there something I ought to know in order to do this right.

Background

Belfry Funds

aib.ie

The battle of the Belfry: AIB offers full refund to hundreds of investors in three Belfry funds - The Currency

Hundreds of investors in ill-fated Belfry property funds have been offered a full refund in recent days by AIB. The new wave of settlements totalling many millions is being offered to investors in Belfry Funds 2, 3, and 4 only of the six Belfry funds. In many cases, investors in these funds had...

thecurrency.news

Form to fill out.

 

[Bronte]

More background:

AIB Belfry Review, erroneously designated 'Medium-risk'

AIB Belfry Review, missing key documents, alleged Independent Appeals Panel, serious implications under GDPR and Consumer Protection Code' regulations.

thebottomline.ie

- it was mis-selling
- wrong full disclosure
- Conflict of Interest
- fradulent files (AIB doctored the files on the investors)
- lies about it being medium risk when it was high risk
- documents missing
- highly geared (means they borrowed even more on the strength of what was put in)
- Reluctant regulator (where have we heard that before)
- AIB tried to evade legal responsibility by using the Statue of Limitations (no really, a good solid bank would never do that)
- Supreme Court didn't allow this (wow)

Followed by an AIB designed scheme to send addled investors bonkers with systems designed to thwart them. This is good time I found that article as it's actually this month.

So what do I need to do to get the money back, if that's even possible?

AAM

Was this not dicsussed on AAM or should I got elsewhere, a search gives me Jim Stafford

How much did AIB pay out to the investors in Belfry 6

Could someone PM or email me jim.stafford@frielstafford.ie How much did AIB paid out to the investors in Belfry 6? Jim Stafford

www.askaboutmoney.com

 

[ClubMan]

So what do I need to do to get the money back, if that's even possible?

Doesn't the document that you attached above explain the review, redress/compensation scheme and appeals process?

This seems to be the case that kicked it all off in case it's of any use... (I don't know why it has "unapproved" in the file name - maybe it's not the final document).

 

[Bronte]

Doesn't the document that you attached above explain the review, redress scheme and appeals process?

Well I thought the point of on here was to be able to discuss things. Other's might have experience. And it seems to me it's better to get it right or AIB will do their best to not pay. In fact I'm quite surprised it wasn't discussed on here as loads of people were involved.

 

[ClubMan]

You asked a single question:

So what do I need to do to get the money back, if that's even possible?

And, as far as I can see, that question by addressed in the doc that you attached.

 

[Bronte]

You asked a single question:

And, as far as I can see, that question by addressed in the doc that you attached.

Well you have to have reasons to get the money back, and you have to word it correctly I guess. So I was hoping someone would know what to write etc.

As I said I'm not an expert in investments of this kind. As far as I can see the product was mis-sold, he didn't know it was high risk, he's very much low risk or adverse risk. it was presurissed selling with 6 people from AIB in the branch to meet him (Bank manager, Assistant Bank manager, Asset Manager from X city and a couple more. (he has the names of some of them). Documents were done up there and then, with him coming back next day to sign. He had no independent legal or financial advice. So I think it's undue influence too. He had no idea they would be borrowing so much on top, nor had he a clue about how much they were paying themselves as fees. He seems to have paid an extra 2K as well on top for admin, which I'm assuming is some kind of commission, and/or I am also assuming that there was commission coming somewhere.

When the money was gone he was phoned up to be told it was gone and that there was no recourse. Followed up by a letter in writing. As far as I can tell this 'appeal' is based on a review (he's trying to find that for me). And then I've to help him fill out the form to appeal the review. He says he had no part in the review.

 

[ClubMan]

Maybe these people can help?

The Belfry Funds Investment - Lavelle Partners

Between 2002 and 2006, AIB sold a series of investments in UK commercial properties, known as the Belfry Funds, which subsequently incurred losses for about 2,500 individual investors. Following a...

www.lavellepartners.ie

Lavelle Partners are currently advising investors in respect of the review of their investments in the Belfry Funds. Please contact Ciarán Leavy, Partner and Head of Commercial Litigation should you wish to discuss the Belfry Funds review. Email: cleavy@lavellepartners.ie

 

[Duke of Marmalade]

My read of this is that the case has already been reviewed and your relative has been told AIB's decision. You are talking here of appealing that decisiuon. What was the decision?

 

[Duke of Marmalade]

A relation of mine is attempting to get his investment back from a UK Property Investment Fund that was recommended to him by AIB called Belfry 6. He lost everything he put in. I'm not familiar with these types of investment and he wants me to help to fill out the form he's received from AIB. He came into a good deal of money and was called in by his AIB branch and there were 6 men in suits there to encourage him to invest in this product. With he having no experience whatsoever of investing in anything as he's a pretty standard rural farmer. I've no idea what they told him but he never expected to lose the money and would have trusted 'the bank'. He is the type that literally has hay bail twine for his trousers.

As far as I can gather all prior Belfry's were refunded, and now AIB are looking at No. 6. It's been difficult to get the details from my relation, I suppose there is an embarrassment factor, and he's going it alone. He's finally sent me the document he needs to fill out.

Obviously filling out the form is easy. But is there something I ought to know in order to do this right.

Background

Belfry Funds

aib.ie

The battle of the Belfry: AIB offers full refund to hundreds of investors in three Belfry funds - The Currency

Hundreds of investors in ill-fated Belfry property funds have been offered a full refund in recent days by AIB. The new wave of settlements totalling many millions is being offered to investors in Belfry Funds 2, 3, and 4 only of the six Belfry funds. In many cases, investors in these funds had...

thecurrency.news

Form to fill out.

What did the AIB review recommend for your relation?

 

[Bronte]

What did the AIB review recommend for your relation?

Thanks Duke. I'm awaiting that info on the review outcome and will revert. I wasn't aware that had happened until I read the document he sent me, which is clearly based on an appeal of the decision.

 

[Duke of Marmalade]

Thanks Duke. I'm awaiting that info on the review outcome and will revert. I wasn't aware that had happened until I read the document he sent me, which is clearly based on an appeal of the decision.

My read is as follows. AIB reviewed every Belfry case and decided in their wisdom who should get compensation. For example if it was some of the wise guys on AAM AIB would probably assess they knew their onions, so no compo. Your description of your relative suggests he would not be like that.
The form you attached refers to appealing the AIB decision. I am not at all familiar with the situation but I would suspect that appealing a decision could be challenging, hence the involvement of Lavelles.

 

[Bronte]

Yes that sounds about right. He's also trying not to tell me about his assets, even though I could have a fair guess, and as we get older he's divulged this mistake to me. What he's not told me is why he didn't get his money back. As far as I can tell Belfry 2/3 /4 & 5 got their money back. Because there was so much wrong with how it was sold, invested, leveraged, costs, etc. Belfry 1 made money. So I assume that was the bait for subsequent investment. You know by now I avoid all this kind of stuff as I prefer full ownership via bricks and mortar.

 

[Brendan Burgess]

An article in today's Indo on it.

AIB extends deadline for those Belfry investors who did not receive refunds

AIB has extended the deadline for investors in a property fund to appeal against the bank’s decision not to compensate them.

www.independent.ie

Padraic Kissane is helping people get compensation.

Brendan

 

[DeeKie]

If I were the investee I would write a letter asserting all the things that you list, misspelling etc. Your list above is good. I’d mention the 6 men. Name names. I’d mention the level of investment Davy of the individual etc. ut looks like the bank found out he had money by using transaction details on the account and using it to upsell to him. A breach of data protection law?

By all means use the forms AIB wants him to follow now but if he doesn’t get the outcome he ought to get the letter can be used to ground a claim, mindful of the Statute of Limitations. Say that in the letter.

Sounds awful. Poor guy.

 

[Bronte]

ut looks like the bank found out he had money by using transaction details on the account and using it to upsell to him. A breach of data protection law?

Yes he was constantly targeted every time he went into his branch. Until finally he agreed to have a meeting with them.

But them knowing he had money, I don't see how that's any breach of data law?

They only put the pressure on after the money arrived in his account.

He has sought legal advice, and it is ongoing. But it's very difficult to prove it was missold if you have a meeting, if you sign documents etc. There are no meeting minutes I assume for these sort of meetings.

How do you get around signing something that says you've read the documents. And if AIB says everything was discussed in full etc.

I'm amazed at the fact one person who has never invested in anything can sign off on a large investment without independent advice from their own legal advisor. And that having so many people from one side, AIB, is not clear pressure.

 

[Lightning]

Regarding AIB Belfry compensation - would anyone know if the proceeds received from AIB Belfry liable to CGT? (Asking for someone else). Thanks.