Complaint Review: OurSpace Co Working - Dubai United Arab Emirates
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- Author Confirmed
- OurSpace Co Working Sheikh Zayed road, exit 41 Dubai, United Arab Emirates United Arab Emirates
- Phone: +971 800 68777223
- Web: https://www.ourspace.work/
- Category: ponzi scam , Investment Fraud
OurSpace Co Working OurSpace.Work #Fraud Investment #Ponzi Scam Dubai United Arab Emirates
*General Comment: Victims unite
*Author of original report: OurSpace Class Legal Action
*General Comment: The scam is confirmed
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I invested in OurSpace in 2016 by purchasing 'virtual workspaces' from them, by the time it does not exist in the real world, and then leased it back to OurSpace in return for a guaranteed rental return of 13.25% and paid monthly. The claim was that the rental payments would be covered by membership fees paid by people who would want to use the workspaces.
OurSpace calims it has capitalisation of $66 million to open at least 50 locations in multiple key international gateway cities over the next 3 – 5 years.
The workspaces were sold by United Property Group (UPG/UPC/UPI) and other dubious sales companies. The owner of UPG, Jim Moore, was involved with Bar Works and has been charged with fraud in the USA.
OurSpace switched me into a new structure operating out of Malta in 2017, and kept delaying the monthly ROI payment after I signed the new contract with them. I have not been paid the guarenteed monthly return for 8 months, and the reason is cashflow being very hard according to the emails I received from them.
OurSpace was a clone of Bar Works Inc which has collapsed and been prosecuted in the USA. The court ruled that the investment was actually the sale of unregulated securities and a Ponzi Scheme.
If Bar Works Inc has been judged to be a Ponzi Scheme then that would also make OurSpace a Ponzi Scheme if the rental income is insufficient to cover payments to investors.
People involved with OurSpace include: Kevan Halliwell - Founder; Malcolm Douglass - Founder; Edward Rice - Founder; Honey Meek - Head of Sales and formerly UPG; Sean Phillips - Business Development.
In the recent email I received from CEO Kevan Halliwell, he claims 'Without a solution to urgently repair the short and medium term cashflow, regrettably, these debentures will be worthless as a result of the current cash position of the company.' I emailed back to them with questions I have, but never got a reply.
This report was posted on Ripoff Report on 09/21/2018 07:02 PM and is a permanent record located here: https://www.ripoffreport.com/reports/ourspace-co-working/dubai-united-arab-emirates/ourspace-co-working-ourspacework-fraud-investment-ponzi-scam-dubai-united-arab-emirate-1461939. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 General Comment
Victims unite
AUTHOR: Yeer31 - (Singapore)
SUBMITTED: Thursday, September 27, 2018
Hi Emma, thanks for taking time to file this report. I am one of a group of investors who have been ripped off as well by OurSpace and this scam needs to be broadcasted. Why? This has happened before, Google "Beer Works" in Wikipedia
Anyhow, like you, I emailed the email in the message left in your report and got no reply. I have taken it upon myself to create a support group to gather as many contacts to begin with becasue in he case of Beer Works, it took a group of investors who had invested (collectively) $3m to collectively sue the company:
https://financefeeds.com/ny-court-orders-ponzi-scammer-renwick-haddow-company-bar-works-pay-7-3m/
If we are to have any chance, we need to pool resources as I can not imagine that this will be easy to pull off, if at all possible.
With that in mind, I am setting up a Google Group to contact other victims. I am not asking for personal details or requesting any payments. My sole purpose is to gather as many investors together to discuss an approach to possibly recovering our investments.
https://groups.google.com/forum/#!forum/ourspace-support-group
Anyone else reading this, please join if you are interested
#2 General Comment
The scam is confirmed
AUTHOR: Justice - (United Arab Emirates)
SUBMITTED: Sunday, September 23, 2018
I'm an investor and would encourage all the investors to email
justice_space@outlook.com to start a group class legal action against Kevan and ourspace so we can get our money back. So if you are an investors please email immeiately and let's bring justice to the table.
#1 Author of original report
OurSpace Class Legal Action
AUTHOR: Emma - (other)
SUBMITTED: Friday, September 21, 2018
I emailed to justice_space@outlook.com yesterday, no reply so far.
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