Expert handling Dolphin Trust’s bankruptcy called it a ‘pyramid scheme’

The German property group, into which 1,800 Irish investors put a combined €107m, has been reported as having ‘collapsed years ago’

31st January, 2021
Expert handling Dolphin Trust’s bankruptcy called it a ‘pyramid scheme’
Charles Smethurst‘s Dolphin Trust, now renamed German Property Group GMBH, had around 1,800 Irish investors

Dolphin Trust, the collapsed German property group where Irish investors stand to lose millions of euro, was described as a pyramid scheme by an expert handling its bankruptcy, a report seen by the Business Post shows.

Gerrit Hölzle, who was the preliminary insolvency administrator after Dolphin Trust petitioned for bankruptcy last year, said in his report to the Bremen district court that the company’s business model “collapsed years ago” and that funds raised from investors...

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