It would now appear that clients who purchased into this scheme, which has already resulted in many cases being taken to court, are being contacted by the very people who sold it to them in the first place.
As we know Ali Farhoud and his brother Mike Farhoud were actively selling this scheme, which involves clients paying thousands of euros, in some case upwards of 150,000€, for so-called “participations” (shares) in apartments which are registered as SL companies, along with promises of rental income and eventual sale with a return on the “investment”. (see link below)
Clients of CLA have informed them they have been contacted by the Farhoud brothers with the express offer that they will relinquish their contracts, obviously for a hefty fee. This will result in all these clients losing out on their “investments”, leaving them out of pocket by thousands of Euros. The sole purpose is once the contracts are terminated, Silverpoint is then free of the threat of being taken to court by the clients.
Now the question is, how are they getting the clients information to contact them?
The answer is very simple, as we stated, if these contracts are terminated, the client then has no recourse to take the case to litigation, so what has Silverpoint to lose by supplying the client information, absolutely nothing, but all to gain, free of the threat of legal action and at the same time making more money through the termination.
At present, there are many cases already at court waiting for trial dates, with many more at CLA lawyers undergoing case preparation. The first case to reach a conclusion, which we reported on these pages in November 2018, Silverpoint and their lawyers admitted to the court that the “Company Participations” were indeed timeshare. Obviously, the whole scheme was to dupe the consumer and circumvent the strict timeshare laws. (see link below)
According to Canarian Legal Alliance they have only just scraped the tip of the proverbial iceberg, there are still man many clients from all over Europe who have been drawn into this scheme. Most don’t even realise that they have purchased nothing but promises and fresh air.
CLA are once again leading the way, Anja has been researching this scheme for almost 2 years, she is their leading expert of this “product”, if you have purchased into the “Company Participations Scheme”, then for more information contact her on the following number or email address:
+34 616 243 309