Bust property group continued raising money despite collapse
The 1,800 Irish investors, among them healthcare workers, small business owners and pensioners who invested €107 million in Dolphin Trust had their investments written down as worthless late last year
The founder of the bust German property group where hundreds of Irish investors have had their interest written down to zero, has admitted it kept raising money even though it could not pay returns already due.
In his statement to the German public prosecutor’s office on December 16, Charles Smethurst also acknowledged the lack of transparency to investors about escalating problems dating back to 2018.
Smethurst ran Dolphin Trust, now called German Property Group, where ...