One person who invested in Collins & Bone has written:
"Where does the blame lie? False promises and mishandling of funds by the partners certainly has happened but sadly we feel we have to accept some of this situation as our fault. We, like, I am sure, a lot of other people were lured by ‘greed’ and the possibility of 10% interest which was so much better than the banks were offering. Everyone also knows the banks can offer full security for a certain amount of investment not so private investment."
Investors will probably note that this is how CoBo try to explain away their wrongdoing and evade responsibility for the consequences. The person who wrote the quotation has obviously either been completely taken in by CoBo's sales talk and explanations or is in some way connected with them or even related to them.
To say that investors are to blame, even if only partly, for having trusted the mendacious words of these thoroughly dishonest people (Coboco) and to call investors greedy for wanting to surpass the banks' paltry percentages is downright ridiculous.
The property investment ideas that CoBo sold in their slick brochures could well have yielded a high return; the point is that they did not put these ideas into practice. Despite collecting more than a million pounds sterling in 2010, they bought no houses. They did not even pay off their existing mortgages. What did they do with the money??? That is, apart from buying a new BMW, etc., and spending freely.
Investors need not feel guilty or stupid for falling for CoBo's false promises. Note that Anthony Lyons, a noted property magnate and another equally astute businessman were considering investing £20 million in a joint venture with them, on the sole basis of CoBo's confidence in the ideas they had thought up. Unfortunately, CoBo have shown that they are not the least interested in the work involved in realizing such ideas; instead, they have shown that they are only interested in taking people's money.