The High Court has ordered into liquidation a property investment scheme promoted by former Manchester United footballer Lee Sharpe.
Green Planet Investment, which marketed a Brazilian property investment scheme which took £14m from investors, misled investors over the nature of the company and potential returns on offer, according to the Insolvency Service.
The company had used Sharpe to market the scheme to investors, a statement from the Insolvency Service added.
"Company representatives persuaded nearly 300 investors they were dealing with a large UK registered bank," the Insolvency Service said, following an investigation into the business.
"The salesmen used high pressure sales techniques and made exaggerated promises of 20-30% returns on investment to persuade the investors to buy plots of land and off-plan apartments at three sites in Natal, Brazil."
Investors were told that properties would be completed and opened by various dates in 2011, 2012 and 2013, but managing director Brett Jolly admitted to investigators that no building work was ever started.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till