Case Studies
Investment losses can involve complicated transactions, multiple companies, underlying assets and substantial documentation.
Our case studies demonstrate the types of situations that a specialist recovery team may be asked to investigate.
From fine wine and whisky to property bonds, art and alternative investments, every case requires a careful assessment of the individual circumstances.
Fine WineAn investor placed £185,000 into a managed fine wine portfolio over two years. Communication faltered, documentation was unclear and the company later entered insolvency proceedings.
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Property BondsA private investor committed £250,000 to a property-backed investment. Expected payments were missed and communication with the investment company became increasingly limited.
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Whisky CasksA client invested £96,000 across a portfolio of maturing whisky casks and later became concerned about the status of the casks and the documentation supporting ownership.
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Art & CollectiblesAn investor committed £320,000 to an art investment portfolio and was left unsure which of several individuals and entities were responsible for each part of the arrangement.
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Alternative InvestmentsA client invested £75,000 into a scheme introduced through a professional contact, then experienced difficulties obtaining information and receiving expected payments.
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Alternative InvestmentsA sophisticated investor held £410,000 across several alternative investments involving different companies and asset classes, and needed the position consolidated into one chronology.
Read Case StudyCase studies are presented for demonstration purposes and are illustrative of the types of matters a specialist recovery team may be asked to investigate. Every investment recovery matter is assessed individually. The circumstances of the investment, the available evidence, the parties involved and the applicable recovery process will determine the appropriate course of action.
Public Record
The cases below are drawn from public records. Each is a real, documented matter recorded by the Financial Conduct Authority, the Insolvency Service, the Serious Fraud Office, the courts or Companies House.
Figures, dates and outcomes are stated as they appear in the official source, which is cited in full at the end of every case. Nothing has been added, estimated or embellished.
These are not BJM Recovery Ltd client matters. They are published for information, so that investors can recognise the patterns that recur across cryptocurrency and alternative investment losses.
Documented Case
A UK company that sold cryptocurrency and forex trading packages promising returns of up to 200%. The Insolvency Service reported that approximately £612,425 was received from would-be investors before the company was wound up in the public interest.
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A UK cryptocurrency 'education' company promoted crypto investment schemes, including HyperFund. The Insolvency Service raised concerns about the assurances given to consumers and about the company's accounting records, and it was wound up in the public interest.
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Raymondip Bedi and Patrick Mavanga cold-called investors and sold fake cryptocurrency investments through a professional-looking website. The FCA reported losses of £1,541,799 across at least 65 investors, and both men were convicted and imprisoned.
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A UK-registered company sold cryptocurrency mining services to customers around the world. Customers reported paying for mining services, not receiving what was promised, and then facing further payment demands. The company was wound up in the public interest.
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A purportedly London-based company sold 'all-or-nothing' investment products by cold-calling. The FCA documented approximately £1.2m of losses across around 120 investors, and three individuals were sentenced to a combined 24 and a half years.
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An online cryptocurrency trading platform that attracted clients using fabricated celebrity endorsements. Nearly £1.5m of client funds were lost and the company was wound up in the public interest.
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The first UK conviction for illegally operating a network of crypto ATMs. Olumide Osunkoya processed over £2.5m of cryptoasset transactions through 28 locations after the FCA refused his registration, and was sentenced to four years' imprisonment.
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The FCA brought High Court proceedings over deposits taken from the public for forex and cryptoasset projects without authorisation, securing an interim restitution order of just over £676,000.
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The FCA succeeded in High Court proceedings concerning four unauthorised collective investment schemes, including a Bitcoin-linked scheme, with £16.9m ordered in restitution to investors.
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A UK cryptocurrency exchange, later renamed Dragon Payments Ltd, was placed into compulsory liquidation in January 2020 following a creditor dispute, leaving customer and creditor claims to be dealt with through the insolvency process.
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A City of London fine wine merchant that sold wine and champagne as an investment stopped trading in December 2025. Trading Standards warned customers they may not get their money back, and a compulsory winding-up order followed.
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A UK fine wine investment firm took money from retail investors for wine it did not have. Creditors were owed in excess of £3m and the company was closed by the High Court.
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A whisky cask investment company was wound up by the High Court. The Official Receiver reported that the company was not the proprietor of the whisky held in bonded warehouses and held no interest in it — a finding with significant consequences for customers who believed they owned casks.
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A London art investment firm entered liquidation, after which the joint liquidators brought High Court proceedings against connected individuals and companies to recover assets for creditors.
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A London gallery offering managed contemporary art investment services entered liquidation following a winding-up petition, illustrating the wider growth of 'investment galleries' marketing art as a safe haven asset.
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A Newcastle property developer funded by unregulated investor bonds collapsed into administration in December 2021 with liabilities of around £211m, leaving individual bondholders very substantially out of pocket.
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German Property Group, also known as Dolphin Trust, sold loan notes to UK investors, frequently through pension transfers, to fund the redevelopment of German listed buildings. It failed to repay capital or interest and entered bankruptcy proceedings in Germany in October 2020.
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Forty-two investors paid more than £4m towards a Derby city-centre student accommodation development. The Insolvency Service found investors were misled about the use of their money, no funds were returned, and three directors were disqualified.
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Three former directors of Ethical Forestry Limited pleaded guilty to fraudulent trading following an SFO investigation into a £70m scheme that persuaded around 3,000 UK investors to move pension savings into Costa Rican tree plantations.
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A company sold corporate bonds to 208 investors to fund anaerobic digestion plants, promising 11% per annum over five years. Around £2.5m was raised, most of it lent on to a connected company, and investors were reported as facing a total loss.
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Hotel rooms in England and Wales were sold individually to retail investors, frequently through pensions, on the promise of guaranteed annual returns. Hotels went into administration in 2019 and the Serious Fraud Office opened an investigation in 2021.
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Asset Land sold small plots of agricultural and greenbelt land to investors on the promise of rezoning for development. The courts held that this was an unauthorised collective investment scheme, and £21m was ordered to be paid for the benefit of investors.
Read Full CaseThese case studies summarise matters recorded in public sources including FCA publications, Insolvency Service and Serious Fraud Office material on GOV.UK, court judgments and the Companies House register. They are provided for information only, are not legal advice, and do not describe work carried out by BJM Recovery Ltd for any client. Where an investigation or set of proceedings remains open, the position stated is the position recorded at the date of the cited source.
Investment losses can be complex and every situation is different. If you have lost money through an investment that has failed, become insolvent or stopped communicating, our team can assess the information available and discuss the potential next steps.