Portion of Ruge’s income pitch was that traders would get cost-free food and accommodation at the Castle di Tornano in the vicinity of Siena, Italy, the place he held court docket, However they would have to hurry as the rooms were being going quick.
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In reality, his prior securities practical experience consisted of endorsing money-shedding businesses over the Canadian Working Network and the OTC Bulletin Board inside the U.S. Ruge’s business card featured a picture of Chivas, his golden retriever, and folded out to expose images of Albert Einstein and Winston Churchill, and also inspirational sayings, including Gandhi’s, “Be the alter you wish to see on earth.”
"We wished a palms off investment knowing that anything was becoming looked after. We were being so happy with the 1st home that We have now subsequently bought a 2nd." Stephen BucknallShrewsbury, British isles "What I favored about The complete experience was that it was all finished with these kinds of simplicity without any surprises." Cathy LoftusPaisley, UK "I like The point that all the staff members reply in a short time and there happen to be no tenant or property difficulties for me to worry about.
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That, much too, was a lie. KPMG despatched Ruge a brusque letter reminding him that KPMG has “never ever been engaged given that the auditor of Chivas Progress Fund, nor Michael Ruge Real Estate Developer will we accept this kind of an appointment.”
"We needed a fingers off financial investment knowing that everything was becoming looked after. We had been so satisfied with the 1st property that we have subsequently procured a 2nd." Stephen BucknallShrewsbury, United kingdom "What I favored about the whole experience was that it had been all accomplished with these types of ease without surprises." Cathy LoftusPaisley, British isles "I like the fact that all of the team react in a short time and there happen to be no tenant or residence issues for me to worry about.
Ruge began raising dollars for his Chivas Progress Fund in 2001, promising investors he would position The cash with hedge-fund traders who were being “at the top in their career.”
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The Chivas Site referred to as Ruge an “achieved entrepreneur and professional investor” and claimed his company pursuits were “Pretty much unerringly rewarding.”
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