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Home Did anyone manage to recover their funds from EcoHouse Group property investment in Brazil?

Did anyone manage to recover their funds from EcoHouse Group property investment in Brazil?

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You may be aware of EcoHouse Group Developments Ltd.

EcoHouse supposedly invested in the construction of social housing. They offered investors the opportunity to invest in social housing in Brazil and claimed a connection with the Brazilian Government who denies any relationship between them.

In November 2014 the EcoHouse office closed and they failed to pay interest on £20,000,000 for investors. Brazilian police are now probing into the company for alleged fraud.

Has anyone recovered their funds?

approve Answered question August 21, 2020
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Kenneth McQueen (anonymous) 0 Comments

 I lost £138,000.00 effectively my retirement savings. Altogether £38m was taken from around 300 investors and disappeared into the pockets of a few criminals.

The whole operation was handled by the Escrow account solicitors Sanders and Co. As a group we are still trying to get the Police and the SRA to do something.

But after 3 years we are all getting tired and finding it a waste of time and further money.
I attach a copy of a detailed questionnaire on the subject originally prepared by CPC.

Witness Statement Questionnaire

 

1. Please explain, in your own words, how you came to be introduced to the Ecohouse.
Adam Wood was working in Dubai in 2011 where I met him. He appeared an honest broker and I bought securities
from him. In 2012 he had moved to Ecohouse in Richmond and he contacted me regarding what he considered was a
genuine ethical investment to assist the Brazilian people to obtain low cost housing. I checked with the FCA who
concurred they had no records against investing in this company, which appeared to be backed by ownership of the
building that was to be constructed.

2. What Ecohouse promotional material were you provided with? What do you remember from the material?
Material promoting the investment was almost exclusively on the Ecohouse Web site. There were also the
monthly up dates on progress, showing pictures of the houses and completions. If you purchase 5 plots one
was also entitled to a free trip to Brazil to see the working sites.

3. What were your initial thoughts on Ecohouse as a company?
It appeared very sound. Commercially professionally activated. Apparently covering all possible complications
by using a UK Escrow Agent. The ethical investment was my biggest draw as many years ago I had worked in
Brazil, helping at a clinic in the slum areas of the town of Belo Horizonte.

4. What were the factors about Ecohouse that encouraged you most to invest?
The relatively short time frame with a high return and as an ethical investment to the poorer sections of the
Brazilian society

5. Did you visit any Ecohouse promotional events? No
a) If so, when were they held and where?

b) What exactly was said and by whom? (If you can remember exact phrases or quotations that would
be helpful).

c) What documents did they provide you with?

6. Did you meet Mr Anthony Armstrong-Emery or Mr Charles Fraser-Macnamara? If so, what did you discuss?
No

7. When did you sign the contract to purchase your unit with Ecohouse?
2 – units on 26 th September 2013 and 3 – units on 10 th January 2014
8. Who did you speak to at Ecohouse regarding your purchase and what were you told?
All discussion and correspondence was with Adam Wood of Ecohouse in Richmond.

9. When did you pay your reservation fee to Ecohouse?
Paid Sanders & Co on 26 th September 2013 and 10 th January 2014

10. When did you pay your deposit to Ecohouse?
Paid Sanders & Co on 26 th September 2013 and 10 th January 2014

 

11. After you made your deposit, how long were you expecting your unit to take to build? What did Ecohouse say
about the amount of time it would take?
It was always assumed to be 1 year or less

12. When the completion dates passed and your unit was not completed, what did Ecohouse tell you were the
reasons for this? What were your thoughts on this?
I receivef a letter from Ecohouse in November 2014 indicating delay and financial problem in Brazil

13. What impact has the failure of Ecohouse to deliver had on you personally?
I am broke. The money was basically my house mortgage repayment money. My mortgage is due to be repaid in May
2015. I require 160,000 pounds. I had expected 138,000 from this investment. Now I do not know what to do. I expect
I will have to sell my house and move into rented accommodation.

14. What amount have you lost from your investment with Ecohouse?
138,000 pounds

15. What, if anything, have you been told by Ecohouse since about completion of your unit?
Nothing

16. Have you had any contact with anyone at Ecohouse or your agent about the investment?
No

Ken McQueen 23 rd March 2015

Kenneth McQueen Answered question April 6, 2018
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