Charles Smethurst, who operated Dolphin Capital (later Dolphin Trust and German Property Group), was recently convicted of fraud impacting thousands of investors. After the firm's insolvency in 2020, with debts exceeding 1 billion euros, he was sentenced to nearly seven years in prison. The scheme, which claimed to restore historic properties, mismanaged funds and failed to deliver promised returns, devastating investors, many of whom lost significant savings or pensions. The case highlights serious issues in investment management and accountability, particularly for vulnerable individuals looking for secure financial products.
He took everything, left us with absolutely nothing, says David Middleton, one of thousands of British and Irish investors who racked up huge losses from the collapse of a German property ponzi scheme.
Smethurst was convicted this month of serious fraud and sentenced to six years and 11 months in prison by a regional court in Hildesheim.
Dolphin's glossy brochures promised readers double-digit returns for investing their money in a scheme that pledged to restore historic buildings across Germany.
However, few were ever restored. Investors were mainly from the UK, Ireland, France, Singapore and South Korea.
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