I got burned too!

Discussion in 'Brazil Property' started by Golfingworld, Nov 11, 2008.

  1. All at sea

    All at sea New Member

    Someplace else - Belmonte

    Hi, is anyone else still in this Somplace Else's Brazil development in Brazil? Would be great to hear from anyone that still is and what you are planning on doing.
    Thanks
     
  2. bulbasaurus

    bulbasaurus New Member

    Back in business

    Someplace are alive and kicking!! Got this email today looks like a real boiler room scam..
    -------------------------------------------------------------------

    The Latin America Property Bond

    A savings plan with a difference – up to 10% per year interest.
    Introducing the Latin America 1, 2 or 3 year Property Bond
    Minimum investment £1,000
    Interest paid every 6 months
    Apart from the most expensive areas of London, property prices in the UK and USA are still falling.
    The best interest rate you can get on savings in a bank is around 3.5%
    The stock market and pensions are unpredictable at best.
    Latin American economies, which generally avoided the credit crunch, are growing at up to ten times the pace of the UK economy.
    The Latin America Property Bond is a great opportunity for you take advantage of these growing economies, without having to buy any property or risking too much time or money.
    The Latin America Property Bond offers safety, security and profitability in one simple and straightforward product.
    - Fixed One, two or three year term
    - Minimum investment £1,000 = 6% interest
    - £5,000+ = 7% interest
    - £7,000+ = 8% interest
    - £10,000+ = 10% interest

    For a full brochure please email [email protected] or call 0207 731 2200.

    There is a strict limit on the Latin America Property Bond and investment in it will be allocated on a first come, first served basis.
    Click Here To Visit the be someplace else website


    If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe
    Click here to forward this email to a friend
    Be Someplace Else
    279 New Kings Road
    Fulham
    London, SW6 4RD
    UK
     
  3. bulbasaurus

    bulbasaurus New Member

    boiler room

    There are very strict rules set out by the FSA in regard to the promotion of collective investment schemes such as these and I am fairly certain this does not include estate agents spamming their email database. An esate agent should be and agent for bonds not an agent for financial instruments for which they have no qualifications.
     
  4. bulbasaurus

    bulbasaurus New Member

    Amendment

    meant to say agent for property not agent for bonds !
     
  5. bulbasaurus

    bulbasaurus New Member

    Rob, It turns on whethere the Collective Investment Scheme is regulated or unregulated by the FSA. If its regulated then anyone can promote. EG I can say that Barclays have a great 3 year deposit account that is offering 5% and as it is regulated then I am not breaking any rules.

    If it is unregulated, and I would be amazed if this was a regulated CIS, then the scheme can only be promoted to certified high net worth or sophisticated individuals which would require a due diligence process before it is discussed.

    The FSA does not differentiate between email or website - both our promotions and would be illegal. This is clearly an inducement to invest since it is quoting high yields well above first world market rates of interest.

    There is an exemption on promoting the direct investment in property (as opposed to a fund) hence why estate agents can post blase statements of yields and future investment returns on apartments.

    In reference to this I was disturbed in particular was when a firm called Ready2Rent (now reincarnated as Ready2Invest) sent me brochures on how I could earn 15%+ net yields on purchasing coastal property in Bulgaria in 2004.

    I decided to investigate the matter and visited Bulgaria and met with some developers and soon discovered that yields quoted were completely exaggerated since they made non-sensical assumptions such as flats could be rented out in the Winter and Spring when the resort is physically closed down. Also the Summar season is much shorter in Bulgaria than,say, Spain due to the Gulf Steam and this was not assumed. When I put some numbers together a yield of 4 - 5% was the best I could show.

    Frankly I felt the whole approach was a con to part with my money but when I approached the FSA they advised that direct property investment was exempted from their regulations. Basically, estate agents could drum up silly assumptions and exploit their customers accordingly without fear of legal retribution. In any other investment the promoter would need to use fully researched assumptions. So we had a loophole here, and still have.
     
  6. robula

    robula New Member

    Hi, I was just doing a quick search about Someplace Else and came across this thread. I invested in their Belmonte, Brazil site a number of years ago. The building never materialised. I've tried many times to get a refund and have been promised this would be paid on several occasions but I've never seen a penny of my money. I've now heard that they have just been expelled from the AIPP because of serious breaches of code of conduct. Based on my experience, I would not recommend anyone puts any money with this company.
     
  7. Fumo

    Fumo New Member

    I am in a similar situation with Ben Mason and Someplace Else, having invested in the Dos Lunas development in Argentina.

    If anyone is interested in taking legal action, or has successfully done so, please let me know on [email protected] dot com.

    Alternatively, if anyone has any good news to share about Ben and Someplace Else, it would be good to hear that too as it would be nice to put my worries to rest.
     
  8. RLW

    RLW New Member

    Dos Lunas website

    I can't post the address but there's a new website about Dos Lunas.

    If you're an investor you should have received the link.
     
  9. manshow

    manshow New Member

    That happens to everyone and we call it the magic of time. I was also getting a great income from websites and all of a sudden everything is stopped. My thinking pattern is changed and literally everything related is changed.
     
  10. joaquim

    joaquim New Member

    is brazil safe for investment

    Well I am posting again after a long absence due to being bombarded with insults and other accusations from some deluded and obviously paranoiac member on this site the last time I posted.
    Enough of that, I have since been a regular visitor and reader of posts here.

    Maybe I should be starting another forum and will do if I am not attacked again so this is just to taste the waters!!

    Is it safe to buy or invest in any property in Brazil?
    Reason I am asking is that reading the posts on this site in the majority make pretty scary reading.
    Am I wrong or not?

    Now in Brazil on holiday again with my family in Rio and for those that do not know I am Brazilian by birth with residence in the US
    Joaquim
     
  11. Murfster

    Murfster Member

    I would say its a veritable minefield out there in summary and I would have to consider myself as one of the lucky ones as I have an apartment built, albeit on a condominium that is at least 12 months (and that's optimistic based on history) away from being completed even though the whole project was due for completion at the end of 2009!

    I don't believe any amount of due diligence, or any agent reputation, is any safety net. It would appear to be luck of the draw although of course you should do everything you can to mitigate known risks. Of course the financial crash did exacerbate the chronic situation of defaulting/defrauding on projects and I would expect that specific situation to improve as the worldwide financial pressures slowly ease, however my personal advice would be to enter with utmost care and with the risk that you could lose everything weighing against the more expressed benefits.

    Your Nationality should ease some of the other frustrations us Gringos go through, even with a Brazilian partner, to some degree at least.
     
  12. Lysos

    Lysos New Member

    "Be Someplace Else" still has a website (all froth & no substance) that lists Ben Mason as one of the principals. Apparently he started his career in real estate whilst a student & has travelled extensively - commonly known as backpacking.

    There's an address for the company on the King's Road in Chelsea. Might be worth a visit.
     

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