People saw the apparent potential in buying up repossessed properties across various US locations, having them renovated and then letting and selling them on.
InvestUS brochure literature indicated that investors saving for their pension (usually through a SIPP – Self Invested Personal Pension) could look forwards to 15% returns in just 3 years – more when the money was re-invested into further properties, from Detroit through Florida and Chicago.
Many investors reported that payments of returns had stopped – something appeared to be going wrong with InvestUS…
The property firm carrying out the developments were not completing the work they said they were, leading to a, indefinite delay in profits for investors…
Timeline of events: InvestUS & Real Estate USA
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2013 - Company Formation
Real Estate Investments USA PLC formed in April 2013 with Steven Wright as Director.
Money is invested through cash investors in the UK, as well as through SIPP pensions.
2016 - Lawsuit
Investors began to report missing payments, and Wright found that the company paid to carry out the house refurbishments had not completed the work it said it had.
InvestUS won the law suit against Right Buy Properties, who were ordered to pay InvestUS in the form of 79 properties.
Despite this, the delays in payments to investors continued.
2016 - Cherish Wealth Management
Meanwhile in 2016, Cherish Wealth Management, and financial adviser related to the InvestUS SIPP saga went into liquidation.
Steven Wright was also a former director of Cherish, but denied a conflict of interest.