Ponzi scheme with 'nerve centre' in Ireland collapses with 1

 
The Central Bank was aware of, but failed to act on a German ponzi property scheme that had its “nerve centre” in Ireland. The company involved collapsed last year with 1,800 Irish victims facing losses of up to €108 million, the Dáil has been told.
Sinn Féin finance spokesman Pearse Doherty made the claim as he highlighted a fraud investigation by German authorities into a company called Dolphin Trust and its director Charles Smethurst. The firm was renamed as the German Property Group and owed about €3 billion to some 20,000 investors around the world when it collapsed.
Mr Doherty claimed that “regulatory failure of a dramatic nature” was at the heart of the scandal.

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