An investment in overseas property firm InvestUS (Or Real Estate Investments USA Plc) seemed like a dream pension opportunity for many UK investors.
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…
Many people were mis-sold their InvestUS and Exit Strategy investments through SIPP pensions, and while many of those people have gone on to make successful mis-sold pension claims, others are yet to make their move.Get Started
Several financial advisers and the FSCS have been paying out compensation for the mis-selling of InvestUS investments via SIPPs and SSASs for a few years, with Get Claims Advice often leading the claim.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
In May 2017, ITV Tonight aired their investigation into pension mis-selling, focusing on financial advice firm Cherish Wealth Management, and the SIPP advice they gave to many of their clients to place their money with InvestUS/Exit Strategy.
The program also showed how Steven Wright was originally a director at Cherish Wealth Management, and later (after resignation at Cherish) a director at InvestUS (Or Real Estate Investments USA Ltd).
Wright has always denied a conflict of interest.
Despite this, InvestUS and Exit Strategy were always high-risk investments, and if you were advised to invest as part of a pension, you may be able to make a mis-sold pension claim.
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.
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.
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.
Click to check out a winning Get Claims Advice claim over a InvestUS SIPPSee example claim