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Hunt For Ferrari Driving Millionaire As String Of Investors Lose More Than £20,000 Each After £70Million Brazilian Social Housing Scheme Collapses

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One investor from Oxford was convinced to put money into the scheme after a cold call from a stockbroker. She believes she was targeted because she had signed up for a number of property investment newsletters and was saving up for a buy-to-let house.

Can't lose on propertieee!! :P

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Tomorrow, British savers in the scheme will meet to discuss what returns they might get from EcoHouse.

They mean speculators, obviously.

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so,"Armstrong Emery, 37, is thought to have made his fortune by selling homes to expats in Spain before the last property boom."

but in reality:

Armstrong Emery, 37, is thought to have appeared to have made his fortune by telling speculators that he offered a share in selling homes to expats in Spain before the last property boom"

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20% annual return. Nope, that wouldnt make me worry about my capital, not at all.

Wonder if the investors were the usual brainiacs...Teachers, Doctors, Cops and other public sector dross seem to be the ones usually reeled in to these things (might be their the only ones with money to throw around, i guess).

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I love the way the guy says 'I set the return at 20%'. Yeah, and I set the button on my magic oompah-loopah machine to 'blue skies every day'. Anyone who put money into a scheme like that really does deserve to lose the lot.

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I love the way the guy says 'I set the return at 20%'. Yeah, and I set the button on my magic oompah-loopah machine to 'blue skies every day'. Anyone who put money into a scheme like that really does deserve to lose the lot.

Red Ferrari

Guaranteed stellar returns

Previous track record selling time shares in Spain

Plush company offices and flash marketing

Overseas property thousands of miles away

"Boiler room" selling methods

But apart from that no sign at all that it might possibly be dodgy........

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He could write a book, then release a film, staring Leonardo Dicaprio. He'll make a fortune!

The Wolf Of .........

Well, the word that best describes him starts with a W, that bit is certain.

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It isn't clear whether it was outright fraud or if the scheme simply collapsed.

It clearly wasn't run professionally but there could have been some kind of viable business model behind it that collapsed due to a change in state backing/funding. Brasil seems to be suffering economically and the oil rout can't be helping them (the state bleeds the oil companies dry).

If it was highly leveraged with foreign investment I somehow wouldn't be surprised if the Brazilian state just said "screw em, we've got our houses now.. there's no way we are going to pick up the tab".

Would be interesting to know more about what happened.

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Red Ferrari

Guaranteed stellar returns

Previous track record selling time shares in Spain

Plush company offices and flash marketing

Overseas property thousands of miles away

"Boiler room" selling methods

But apart from that no sign at all that it might possibly be dodgy........

A mate of mine (Carl) invested heavily with money saved working as a security guard/consultant in Afghan into a friends business who he had met out there working the same circuit, both not with out risks. The business was to provide security at the 2012 London Olympics, entirely speculative as no contract had or was ever going to be secured.

I asked Carl why he was so confident investing £60,000 of his roulette money into this venture and he replied that his now 'business partner' had shown him pictures of his very own red Ferrari. That set alarm bells ringing in my mind and I asked him firstly why if his friend was so successful would he be risking life and limb now and secondly what's happened to the car. Carl's reply was that his previous ventures had folded and the Ferrari was returned to the receivers. He would not listen my cautious and rational mind and went ahead and invested anyway :rolleyes::

+1 for Executive Sadmans comment teachers aside (the wilsons spring to mind) I used to work a night shift at a GP outofhours to fit around my children and there were many examples of doctors who I spoke to who were so leveraged into property investments that they were pretty much forced or take on these extra shifts to remain afloat. One was so poor he was living on hand me downs from his own parents and had extended his £2million mortgage across his BTL (Manchester flats), home AND surgery.

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