By Kirsten Hastings, 17 Mar 17
An Isle of Man-based fund that convinced 189 people to invest $61m (£49.6m, €56.8m) in bamboo plantations in Nicaragua by promising returns of up to 500% was wound up by order of the Isle of Man high court on Thursday.
An Isle of Man-based fund that convinced 189 people to invest $61m (£49.6m, €56.8m) in bamboo plantations in Nicaragua by promising returns of up to 500% was wound up by order of the Isle of Man high court on Thursday.
Eco Resources Fund has a complex corporate structure, which includes several companies registered in the Isle of Man and the US state of Delaware.
Speaking to BBC Radio 4 in April 2012, Camille Rebelo, one of the co-founders of US-based subsidiary EcoPlanet Bamboo, claimed that an investment of $50,000 would see a return of 500% over 15 years.
“It’s a guaranteed return to the investor,” she said at the time.
Tags: Isle Of Man | Premier Group
