1. george sibley
    August 15, 2018 @ 2:54 am

    i am also waiting for my money to be repaid after maturity. it is over a month now and it does seem like a scam. for me this is the second one Lomax trust also went bankrupt. afterwards, i discovered that they only had shares in Lomax halls which is still thriving, the directors who were architects etc for Lomax halls parent company sold off the shares and went bankrupt leaving us mugs penniless. seems like this is another though again i was informed this that we had a first call on their property/


      January 25, 2019 @ 2:03 pm

      Hi George
      I have money invested with Dolphin Trust, and I received my annual statement September 2018 and I am still waiting for my money to be released.
      Can you tell me what the complaints procedure is please? or who you spoke to at Dolphin? I am worried that I have lost my life savings.
      Sam Hields


      • Elizabeth
        May 8, 2019 @ 11:28 am

        Sam. Have u received your money We were also expecting money in March But received a phone call asking us to wait another month and we would be paid an extra bonus for waiting however we have not heard from them since


  2. george sibley
    August 21, 2018 @ 3:27 pm

    since this, i have received my payment in full. Dolphin trust does seem ti have a problem with communication but since complaining, i have received the money with a 1% bonus. they turned £80,000 to £160,000 in five years. I understand also that no investor in Dolphin Trust so far has not had the interest paid or their loan returned. Unlike Lomax find that was a scam Dolphin Trust is genuine.


    • Rob
      October 5, 2018 @ 2:13 pm

      I wonder if you could help me, I am currently waiting for my money from them too. How did you manage to get your money? I’m not receiving a date from them and no one is telling me no information, my money matured on August 5th and I’ve had nothing.


  3. Mick
    September 13, 2018 @ 12:37 pm

    this article seems sensational and unfounded about Dolphin Trust. I invested in Dolphin Trust and got paid with all returns and on time. They have vast properties all over Germany and actually encourage investor visits to their properties before investment. You appear to be over critical of ALL investments with no actual due diligence yourself.


  4. Keith Eaton
    September 26, 2018 @ 7:07 am

    I too am waiting for my money to be paid. It is six weeks since my loan note matured. Whenever I contact them (weekly) they assure me it will be paid by the end of the week. I wanted to reinvest a portion of the money with them. This is now very unlikely!


  5. David James Booroff
    September 27, 2018 @ 2:14 pm

    Hi, I was shown the small brochure today by a Financial Advisor. I liked your comment “Quite apart from the fact that no self-respecting introducer or financial adviser should EVER be caught selling high-risk, unregulated, non-standard “assets” in the first place, surely nobody would ever want to be caught flogging the same stuff that the likes of James Hadley and Stephen Ward were making a fortune out of.”

    Is there any further news on this company as I have a meeting with the Advisor next week. Just looking forward to the look on his face. 25% intro commission is what he failed to tell me. I wonder why?

    Thank you for your article.


  6. Tony Balahura
    October 3, 2018 @ 4:36 pm

    Hi I am waiting for details upon my investment. It matured on the 15th of August 2018, to date I have not heard anything at all despite numerous calls and e-mails. I have been informed that after maturity date it takes 15 days for funds to be transferred. 7 weeks down the line nothing to report.


    • Angie
      October 3, 2018 @ 7:17 pm

      I am afraid this is an all too familiar story. Dolphin seem to have run out of cash and many investors (in reality, lenders) are being fobbed off with excuses. In fact, many victims are being conned into trading their loan notes for worthless shares in Vordere.


  7. Wendy Stevenson
    October 12, 2018 @ 12:39 am

    I thought I could rely on my Financial Advisor who lives in a large house in Holywood, Northern Ireland and he also used a prime fancy office in Belfast town Centre. Prior to giving him my money to invest he assured me and showed me papers that he was a regulated Financial Advisor. He also assured me the companies he was putting my money into were regulated and protected. He invested my funds in Dolphin Capital and Colonial Capital. Colonial Capital was an elaborate scam, I lost my £11,000 investment. Now I am stressed to the max regarding my three Dolphin Investments. One was paid out last year, this week I am due £20,000 having read the above information and knowing about the scam of Colonial Capital it is no wonder I feel stressed worrying about what I am due this month and next. Once I learned that Colonial Capital was a scam I tried to get my money out of Dolphin Capital they refused to pay out. The Financial Advisor I had trusted failed to inform me he was struck off. Every fibre in my body hates that man for the stress he has put my family and I through. Check and double check credentials of any Advisors and Companies you invest in.


    • Angie
      October 12, 2018 @ 4:15 pm

      Let me have the details of your financial adviser and I will put a warning out about him to make sure no other members of the public get scammed by him in the future.


      • J Marais
        February 21, 2019 @ 4:41 pm

        Angie, My money was due 17/11/18, how do I go about to get my money back from Dolphin Trust? No joy with agent or any response from Dolphin trust.


    • Liam
      May 21, 2019 @ 2:09 pm

      Hi, I believe you had your full investment returned maybe the problem was communication but this investment was returned + interest.


      • Karen Brown
        May 24, 2019 @ 2:17 pm

        Sorry to bother you, I wonder if you can help.

        I also invested 10 thousand with Dolphin which should have paid out 18/10/2018, after constant chasing I was told yesterday I will have to wait another 12 months, i don’t know who to turn to for help, have you had any success many thanks Karen


        • Liam
          June 3, 2019 @ 4:10 pm

          Hi Karen,

          In my experience i guess you would always speak to your pension company regarding that.


  8. Keith Eaton
    October 12, 2018 @ 3:58 pm

    Good news for me! Dolphin Trust paid up in full today. Last week I spoke with an administration manager for Dolphin who explained when the payment would be made. It doubled my original investment so with hindsight it was worth the anxiety!


    • Angie
      October 12, 2018 @ 4:13 pm

      I heard of another investor who got his due interest payment, although not his principal amount. But well done you if you’ve got the whole lot back. You must be tremendously relieved.


      • Penny Dreadful
        October 28, 2018 @ 4:13 pm

        All my interest payments have been in full and on time too.

        Wonder if this “Angie” character is just a bitter old harridan with a bee in her bonnet….

        …or possibly worse (gulp!!):



  9. Ian Michael
    November 12, 2018 @ 8:20 pm

    What a load of sensationalist tripe!
    Dolphin trust have never failed to pay out in full. Introducers do not get anywhere near 25% commission (max 10%). The share scheme is not worthless in fact quite the opposite and gives bond holders greater liquidity.
    This is a genuine, honourable company and idiots like the write should do a bit more research before spouting such nonsense


    • Angie
      November 12, 2018 @ 8:28 pm

      I wonder what you do – let me guess: Dolphin Trust introducer? You might want to ask some of the Trafalgar Multi-Asset Fund victims about “great liquidity”. If Dolphin Trust is genuine and honourable, I am sure it will repay all the distressed scam victims. Aren’t you?


  10. Peter S
    November 25, 2018 @ 1:05 pm

    Interesting that I’ve stumbled on this site.

    My experience of Dolphin since 2012 has been broadly positive though half-yearly interest has been increasingly slow to come through. Recently they’ve blamed AML admin delays etc. That may be plausible – I’ve friends overseas who find normal bank transfers can take weeks now, but I’d expect transfers within the EU should be timely.

    Dolphin’s communication with lenders seems dire. Likewise Vordere’s communication with shareholders – see how few RNS’s they’ve issued. Dolphin never offered me the option to swap for VOR shares in 2017. My ‘introducer’ mentioned it, giving a brief summary of +’s and -‘s. Actually he thought a reason for the offer was that Dolphin had previously relied on a large proportion of SIPP money being recycled into new loans on maturity, but this refinancing stream had dried up when most SIPP administrators started refusing to accept new 3rd party loans from 2015-ish. Again that sounds plausible and could certainly explain redemption delays. However, it’s naive in the extreme to expect to be able to redeem a substantial volume of loan notes before maturity – the world just doesn’t work that way. Either the lenders would have to be offered a substantial haircut, or the equity swap (which may be a haircut in disguise).

    I don’t know what to make of the recent tie-in with Red Rock Group. What is Dolphin/Vordere’s link to this? I assume it’s a move to broaden the lender base in some way.


    • Angie
      December 2, 2018 @ 6:20 pm

      Red Rock Group used to be called Bit By Bit. I guess that describes pretty accurately how they scam thousands of victims out of their savings: bit by bit.


  11. Tony
    November 28, 2018 @ 9:47 am

    I would gladly hear how to get Dolphin to respond as I have been waiting for payment since the beginning of October. My recent emails to Germany and a UK customer relations manager get no response which does create concern.
    Any advice appreciated


    • Angie
      December 2, 2018 @ 6:16 pm

      How much did you lend to Dolphin and why? I can’t see why anyone would lend money to a property developer with no audited accounts. Also, did you have an adviser who conned you into lending money to Dolphin? And, if so, how much commission was he paid?


  12. Samantha Hields
    January 25, 2019 @ 2:06 pm

    Can anyone on here give me a name and number or email to contact at Dolphin? I am owed over £30k and worries this is a scam


    • Liam
      June 3, 2019 @ 4:33 pm


      Have you been paid yet?


  13. Ken Steele
    February 7, 2019 @ 11:00 pm

    I am now becoming very concerned. I have a large amount of money now 8 months overdue


    • dolphin investor
      February 13, 2019 @ 1:42 am

      Hi Ken,

      Here in Asia , we are already seeing 13 months over due from them.


      • Chandra Nugraha
        March 5, 2019 @ 3:56 pm

        Asian investor here. I just went to their Singapore office. It seems the projects that have been paid in full were the ones that were supposedly exiting in December 2017. Mine was on January 2018. i hope we can get paid soon. At least they were actually open enough to explain…


        • M Singapore
          March 24, 2019 @ 6:54 am

          Hi Chandra, I am interested to see what can be done to recover the money and if we can have other investors in the same situation. Let me know.


    • J Marais
      February 21, 2019 @ 4:46 pm

      Ken, have you had any joy recovering your money?


  14. J Marais
    February 21, 2019 @ 5:26 pm

    Ken, have you had any joy recovering your money?


  15. M Singapore
    March 24, 2019 @ 6:49 am

    Hi, Singapore investor here as well. There are large investments in SG not being paid by Dolphin for more than 10-12 months. My due date was June 2018 still to date no payments. The promises we got were Dec 2018 but immediately during Dec the deadline was updated with strong promises as due dates Feb 2019. Now we are in March and still nothing or any new communications with the new dates. Is there anyone interested here to start legal actions to recover our investments?


    • Tze
      April 2, 2019 @ 10:48 pm

      If they are facing cashflow problems and or registry problems, sueing them may not help to get any dollar back, only pushing them to run away… Best is to visit them to talk… i think.


    • Tze
      April 10, 2019 @ 2:11 pm

      M Singapore,

      May I ask have you receive back your investment?
      Have you contacted them, any repayment updates after Feb 2019.? I was thinking taking legal action may force them further away…. any thoughts.?


      • M Singapore
        April 21, 2019 @ 3:36 am


        No, I did not receive any money back.
        I also tried to contact them via multiple way like emails, phone calls etc and no feedback as well.

        Legal actions will force them to get their assets blocked and can be sold at a price just to recover our investments. Rest it is their problem like profits or to recover their costs.


      • M Singapore
        April 21, 2019 @ 3:57 am

        Tze, you look very active on this forum ….

        I contacted them, no response no explanations. There are no payments for projects due in Jan 2018 and not Feb 2019. those who got the latest cents in Jan 2019 were those with deadline in Dec 2017.

        Yes, taking legal actions work – the assets will be blocked and forced to be sold in their existing stage and we recover the money. EU does not joke with these time of situations. Recovering my money is a priority and rest is not part of my responsibilities like how they will recover their costs and their obligations. I deliver on my contractual obligations, I waited for additional fake deadlines and now I am ready to take actions to get money back and let this behind.

        I would like to get some other people so we action together and recover our money together.


  16. Leo Hayes-Allen
    March 29, 2019 @ 3:40 pm

    My loan note matured 28th August 2018 and still nothing . Just talked to whites who are acting for dolphin and been told they have run out of cash but not to worry as my investment is safe ? How can it be safe if you’ve run out of cash ?
    I’m getting very concerned now.


    • Tze
      April 2, 2019 @ 10:44 pm

      What I kniw was projects due/expires in june 2018 and sept 2018 have been fully paid off in feb 2019.
      But there are still projects due in early 2018 which are not paid till today..

      They delayed repayment… but at least still paying… till now. Running out of cash may also mean having cashflow problems, which need time to resolve..

      Was told they have sold some properties but facing Germany registry issues and thats why the delay.. but not sure if its true or not.

      We are also very worried about our repayment.


    • M Singapore
      April 21, 2019 @ 3:49 am

      Tze, I can confirm that none of the projects due June 2018 has been paid. People with due dates in Feb 2018 also did not get their money back. How I know this? I have some contacts I keep on asking what is the status on their side and this is what I am told and I got these contact during last year meeting in June in Singapore with Charles Smethurst.

      So, there is more than 1 year delay and no money back, no communications no nothing. I tried all channels and nothing.

      “Projects due/expires in june 2018 and sept 2018 have been fully paid off in feb 2019” – this is not true. I did not get my money back and my due contractual date is June 2018.

      How this company can threat their clients, investors with respect and transparency? I believed that being a German company this is all about trust, transparency, delivery on time.


  17. Grey Ng
    April 4, 2019 @ 8:01 am

    I’m from Singapore. My project matured in May 2018 and yet to receive my payout. Now they have resort to getting someone to call us and read from a prepared script that there will be further delay but no further details offered. This is not good.


    • dolphin investor
      April 4, 2019 @ 11:03 pm


      Please join this for Sg investors


      • M Singapore
        April 21, 2019 @ 4:02 am

        Dolphin investor,

        is there anyone else in this chat group. why is it called Dakota Project?


  18. Tze
    April 4, 2019 @ 5:33 pm

    Hi Grey,

    I am glad others like you also can hear they reading from a script… and yes, the so call “clients relations experts” know nothing. Its just drama and buying time..


  19. J H
    April 16, 2019 @ 8:55 pm

    My brother and I were due a yield payment of 10% in Oct 2018 this was not paid and all investors were eventually assured that payments would be paid by March 2019 at the very latest, needless to say that deadline was not met and furthermore there is a total lack of communication from Dolphin. We are due another payment at the end of April but I find it increasingly unlikely that we will get that either. I’ve talked to Best International, the financial advice firm who introduced this “product”,they say they are pressing Dolphin for answers but I’m very concerned that we’ve lost out initial investment to say nothing of the dividend payments.


  20. Dolphin investor
    April 22, 2019 @ 3:02 pm


    The chatgroup was originally created for north dakota investors…this one has gone south for more the 2 years now….since then dolphin and ritz G5 investors have joined in this chat group


  21. M Singapore
    April 22, 2019 @ 4:04 pm

    Just found these details and thought to share it:

    Charles Smethurst, former CEO of Dolphin Trust ….Dolphin Trust’s company filings indicate he stepped down as CEO in September 2018, replaced by Helmut Freitag

    Dolphin Trust was renamed German Property Group GmbH in March 2019.

    What do you think about these developments?



  22. Tze
    April 24, 2019 @ 6:18 pm

    M Singapore, may i know yours was in bonds/notes or in property development.? All Those I had mentioned were told to me by the agent, unless he was told to lie, and likewise all agents… However, from what I heard and gather, the repayment is not entirely based on due dates, the specific projects also matters…


  23. Tze
    April 25, 2019 @ 11:16 am

    M Singapore,

    I wonder about the rational behind those few top guys in Dolphin doing up the different companies, Grounds Investment Plc owned by small listed company, Grounds Real Estate Development Ag, which is 70% owned by Charles who step down as Dolphin’s CEO and Dolphin Trust renamed to Dolphin Property Group now headed by Helmit Freitage… do they do this so to raise funds by “whatever” means in order to cover different holes and to repay investors or really to continue their real estate development business or simply to their “whatever doings”


  24. Unsophisticated
    April 25, 2019 @ 2:12 pm


    If this link is allowed, please check it out.

    Use Google translate to help, but mostly it’s self-explanatory.


  25. Dolphin Trust Action Group
    April 25, 2019 @ 9:11 pm

    Dolphin Trust Investors,

    Please contact me by email at Dolphin-Trust-Action-Group[at]yandex.ru and provide the following:

    1-Name or nickname if you prefer
    2-Product Invested In (e.g. 5 year growth loan note)
    3-Amount Invested
    4-Maturity Date
    5-Name of the SPV on your loan note instrument or certificate (e.g. Dolphin Capital 120. Projekt GmbH & Co. KG)
    6-Mobile number (optional)

    Thank you,

    Dolphin Trust Action Group


  26. CB
    May 2, 2019 @ 3:22 pm

    Hi I have also lost a large sum of money that should have been paid out Nov 2018. Can anyone advise what can be done the financial advisors who recommended Dolphin originally have been wound up by HMRC. I can’t get any answers from anyone and my SIP providers are threatening legal action for their final administration fee.


  27. Singapore Dolphin Investor
    May 9, 2019 @ 4:17 am

    I also have a considerable amount outstanding. Outstanding Payment since August 2018. Also communication has stopped since December 2018. We have to take initiative and make a list of creditors, report it and take join legal action.


    • In the dark
      May 15, 2019 @ 5:30 am

      We also have 3 loan notes with Dolphin – the first was due to mature last month and were advised of the Land Registry issues . The others are not due for another 2 years. So concerned now on reading all of these comments online. Just at a loss as to where to go next….


  28. John Cooper
    May 18, 2019 @ 3:46 pm

    I am £620,000. out which was largely due November 2018. on 5 year Loan Notes and accrued interest.

    Solicitors recorded delivery letters just ignored £300,000 promised for last Nov without fail, never materialised. It now transpires that Charles Smethurst CEO resigned. his position last SEPT, although his colleagues have been telling me , he is the only person that can solve this matter.

    WE need the name of whoever is responsible, how we can contact them. and a commitment to transparency, so that we can start examining the security available to us, and how it can be realised.

    I am 74 years old and this has totally devastated my and my families life.

    I am happy to cooperate with any legitimate solution.

    We paid Bottermann Solicitors our money, not Dolphin, on the basis that they would hold the deeds, in our names, until PAID IN FULL. Without this release, how can the apartment holders receive the deeds for their investments? Answer………..Legitimatley they can’t.


  29. Karen Brown
    May 24, 2019 @ 2:26 pm

    Hello, can anyone give me advise.
    Dolphin have now told me my investment that should have been paid out 1810/2018 could now take another 12 months, I am devastated, just been made redundant, single parent with a mortgage, many thanks Karen


  30. k steel
    May 26, 2019 @ 3:02 am

    Anyone listened to the BBC radio 4 you and yours programme on this?


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