- Frequently Asked Questions
Frequently Asked Questions
Comprehensive answers to all questions about investment fraud, mass claims, our working method, and the Goodwood/Floresteca/ATF case. Click on the relevant topics below to go directly to the appropriate frequently asked questions.
Everything about investment fraud
Investment fraud is a collective term for any form of deception where someone is induced to invest money based on incorrect, incomplete, or misleading information. The fraudster presents an investment that in reality does not exist, is not profitable, or the proceeds of which are not paid out to the investor. The goal is simple: to take your money under the guise of an “investment.” This can range from entirely fabricated projects to existing projects where the returns are heavily exaggerated.
There are clear warning signs. Be extra alert if you are promised unrealistically high returns (20%, 30% or more per year) that are also “guaranteed” — no serious investment offers guaranteed high returns. Also pay attention if you are approached unsolicited by telephone with an investment offer, if pressure is applied to invest quickly (“the opportunity is almost gone”), if the project is located in a distant foreign country where you cannot check anything, if there is no license from the AFM, if the information provided is unclear or contradictory, and if payouts are repeatedly postponed with changing explanations.
In a Ponzi scheme, most investors do not know that their return comes from the deposits of new participants — they truly believe they are investing in a project that yields a return. In a pyramid scheme, participants are actively and consciously asked to recruit new members, and the revenue model is explicitly based on that recruitment. In practice, both models often overlap, and hybrid forms exist.
Boiler room fraud is a specific form of investment fraud where victims are put under high pressure via aggressive telephone sales (cold calling) to invest in worthless or non-existent products. The term refers to the small, busy offices from which the sellers operated. Many well-known Dutch investment fraud cases, including the Goodwood case, used this type of sales practice.
With investments abroad, you as an investor have no control over the project. You cannot visit, check, or verify the plantation, the mine, or the real estate project. The AFM has no jurisdiction outside the Netherlands and cannot enforce rules. The money leaves the Netherlands and is therefore harder to trace. And the legal system in the country of the project differs from the Dutch one, making legal steps more difficult. Fraudsters deliberately choose foreign structures for exactly these reasons.
The Authority for the Financial Markets (AFM) can issue warnings, take enforcement action, and impose fines on companies that break the rules. But the AFM cannot arrange damage compensation for you. The regulator protects the financial market as a whole, but does not help individual investors get their money back. That requires a civil-law procedure, such as a mass claim via Foundation BFRG. Moreover, the AFM has no jurisdiction over foreign projects, meaning many fraudulent investment structures effectively fall outside any supervision.
Yes, investment fraud is a criminal offense in the Netherlands. It falls under several penal provisions, including fraud/scamming (Article 326 of the Penal Code), embezzlement, and forgery. You can file a report with the police. However, keep in mind that a criminal conviction does not automatically lead to compensation for you as a victim. That requires a separate civil-law procedure.
About Foundation BFRG
Foundation Bureau Fraude Recht en Geldzaken (BFRG) is a Dutch foundation established specifically to represent the interests of defrauded investors through mass claims. The foundation was formally established on July 24, 2018, by Bureau Fraude Recht & Geldzaken B.V. and aims to claim and settle damages for investors who have lost money to fraudulent investment companies.
The Foundation Bureau Fraude Recht en Geldzaken is the legal entity that conducts the mass claim on behalf of all participants — it acts as the claimant in court. Bureau Fraude Recht & Geldzaken B.V. is the investigation organization that conducts the forensic investigation, gathers evidence, and prepares the legal strategy. Both work closely together: the foundation is the legal vehicle for the claim, and the bureau provides the substantive substantiation and the research.
We work with a dedicated team of specialized lawyers, both in the Netherlands and internationally. Our Dutch lawyers are experts in the field of mass claims, directors’ liability, and financial law. In addition, we collaborate with American fraud lawyers who belong to the absolute global elite in the field of forensic financial flow investigations and proving fraudulent acts.
BFRG is processing more than 1,700 individual files of defrauded investors, mainly in the Goodwood, ATF, and Floresteca case. This makes BFRG one of the largest prosecuting parties in this case. The total invested capital lost by our clients amounts to hundreds of millions of euros.
Yes, Foundation BFRG works exclusively in the interest of defrauded investors. We are not affiliated with, financed by, or dependent on any opposing party. No party — however large or powerful — can influence or intimidate us. We are not deterred by threats or lawsuits from the opposing party.
About mass claims
A mass claim (also called a collective action) is a joint damage claim procedure where multiple victims bundle their individual claims into one procedure against the same opposing party. A foundation acts as the claimant in court on behalf of all participants. This is significantly cheaper and more effective than if every victim were to litigate individually.
The advantages are substantial. First, the costs per participant are much lower, because the litigation costs are shared among all participants. Second, the legal striking power is many times greater — a claim on behalf of thousands of victims carries more weight than an individual case. Third, you benefit from professional guidance by specialized lawyers and forensic experts who are financed collectively. And fourth, you don’t have to do it yourself — we take the entire process out of your hands.
No, absolutely not. Foundation Bureau Fraude Recht en Geldzaken exclusively handles joint mass claims. We do not accept individual cases. The strength of our approach lies precisely in bundling a large number of claims into one powerful joint procedure. If you wish to litigate individually, we advise you to hire your own lawyer who specializes in investment fraud.
That depends on your specific situation and the agreements you have made with your own lawyer. In some cases, it is possible to participate in the mass claim alongside your own procedure. In other cases, it may be wiser to choose one route. Contact us to discuss your situation — we will give you honest advice.
The turnaround time varies per case and depends on several factors: the complexity of the case, the number of parties involved, whether an appeal is lodged, and the speed of the court. Complex international cases like the Goodwood/Floresteca case can take several years. We will keep you informed throughout the entire process.
The costs for a joint claim are very reasonable. Because the litigation costs are shared among all participants, you pay a fraction of what your own lawyer would cost. A personal fraud lawyer easily costs €200-400 per hour — in a complex case, this runs into tens of thousands of euros. With the mass claim, these costs are borne collectively. The exact costs and conditions are discussed fully and transparently during the intake interview. There are no hidden costs.
A legal procedure never offers a guarantee of success. We are transparent about the chances and the risks. Our lawyers consider the chance of success in the Goodwood/Floresteca/ATF case to be good, but a favorable ruling cannot be guaranteed. During the intake interview, we will realistically discuss what you can expect.
About the Goodwood, Floresteca and ATF case
Starting in the 1990s, Goodwood Investments B.V. sold teak plots and guarantee plans to approximately 14,000 Dutch investors via telephone acquisition. The total amount invested is over €225-300 million. The company had no license from the AFM, was forced to stop selling, and ultimately went bankrupt. The promised returns were never achieved.
Floresteca S.A. is the Brazilian parent company that manages the teak plantations. Floresteca B.V. Netherlands is the Dutch sales branch that sold bonds and certificates. After the ban on Goodwood, the sales representatives were transferred to Floresteca to approach the same investors again. Floresteca B.V. has applied for a suspension of payment and is struggling with more than €18 million in payment arrears.
ATF is the foundation that took over the management of the participations after the bankruptcy of Goodwood. ATF is managed by the same person who also led Goodwood, raising questions about conflicts of interest. ATF attempted to transfer the rights of investors to a Luxembourg fund with no voting rights — a proposal that BFRG rejected.
Foundation Administratie- en Trustkantoor Tectona (SATT) is responsible for the payout of harvesting proceeds to investors. The calling of funds from Floresteca S.A. has been suspended for some time due to insufficient liquidity at Floresteca. There is no end date for the resumption of payouts.
In total, approximately 14,000 Dutch private individuals have been affected by the Goodwood/Floresteca/ATF case. The jointly invested amount is over €300 million. The expected returns — estimated by independent appraisers at €2.4 billion and by Floresteca itself at €4 to €5 billion — have never been (fully) paid out.
The foundation was established in 2018 and the mass claim is being prepared. In 2015, summary proceedings were conducted. BFRG has appealed against the suspension of payment agreement of Floresteca B.V. The forensic investigation that provides the legal substantiation has been completed. The legal procedure for damages against the directors will start shortly.
Yes. In the early years, Bureau Fraude Recht & Geldzaken already recovered approximately 800,000 euros for its first fourteen clients as a direct result of decisive action. The summary proceedings in 2015 at the Amsterdam court demanded access to the plantations, an audit, and answers to questions. The years of forensic investigation have built the burden of proof that makes the mass claim legally possible.
Yes, you can still register. But do not wait too long: once the claim is filed with the court, you can no longer join. This is a strict deadline to which no exception is possible. We strongly advise you to register as soon as possible if you wish to recover your investment loss.
About registration and participation
Registration is simple. Fill out the registration form on our website with your personal details and information about your investment: which company you invested in, what amount, and what participations you own. After receiving it, we will contact you by telephone for a no-obligation intake interview.
Yes, completely. After your registration, we will contact you to discuss all the ins and outs without any obligation. You are not committed to anything. Only after the intake interview — in which we fully inform you about the procedure, costs, and expectations — do you decide for yourself whether you wish to participate.
For the Goodwood/ATF/Floresteca case we ask for: your name and contact details, which entity you invested in (Goodwood, ATF, or Floresteca), the invested amount in euros and/or guilders, and the number of hectares or participations you own. For other cases we ask for: the name of the company, the type of investment, your invested amount, and a brief explanation of the situation.
Keep everything related to your investment: the original contract or investment agreement, payment receipts and bank statements, received brochures and information material, all correspondence with the company (letters, emails, text messages), certificates or proofs of participation, and any notes from telephone conversations. The more complete your file, the stronger your position.
Do not worry if you don’t have everything anymore. We will help you gather and supplement the necessary documentation. You can often still request bank statements from your bank, and we ourselves also have information from our investigation that can supplement your file.
Without registration, you cannot participate in the joint damage claim procedure and you have no right to compensation via this procedure. Once the claim has been filed with the court, the deadline has definitively passed. You can then only litigate at your own expense and risk with your own lawyer — a route that is financially unfeasible for most individual investors.
Every person who has invested individually must register separately. If, for example, you and your partner have both invested — whether or not via the same agreement — both persons must fill out their own registration form. If in doubt, please contact us.
About compensation
In the event of a favorable ruling, you may be eligible for a refund of your initial investment (the investment loss), statutory interest on this amount during the period you lost your money, and any additional compensations awarded by the judge. For investments made ten or twenty years ago, the statutory interest can represent a substantial amount.
The claim is not only directed at the companies — which are often bankrupt or empty — but precisely at the founders and directors who are personally responsible for the unlawful actions. Via directors’ liability, these individuals can be held accountable with their private assets. This is a fundamentally different route than waiting for a payout from the receiver in a bankruptcy.
The bankruptcy of the investment company is not the end of the road. The directors responsible for the unlawful acts can be held personally liable, separate from the company. This is exactly the route BFRG is taking. It does not matter that Goodwood Investments is bankrupt — the people who made the money disappear can still be held accountable.
The suspension of payment agreement of Floresteca B.V. Netherlands offers creditors only a limited percentage of their original claim. BFRG has appealed against this agreement. But apart from the suspension of payment route, there is the route via directors’ liability — a separate legal procedure that targets the responsible persons personally. These two routes are not mutually exclusive.
The exact turnaround time depends on the course of the procedure. After filing the claim with the court, hearings, written rounds, and ultimately a verdict will follow. In the event of an appeal, the process can take longer. We will provide you with honest updates on the expected schedule during the process, but cannot guarantee an exact date.
About legal aspects
An unlawful act (tort, Article 6:162 of the Dutch Civil Code) is the legal basis for most damage claims in investment fraud. In short, it means someone does something wrong (deception, fraud, breach of duty of care) causing someone else to suffer damages. If you can prove that an unlawful act took place, that it is attributable to the perpetrator, that you suffered damages, and that there is a causal link, you are entitled to compensation.
Directors’ liability means that directors of a company are held personally liable — with their private assets — for damages they caused by their actions or omissions. This is crucial in investment fraud because the company itself often no longer has any recoverable assets. The individuals behind the fraud can be held accountable via this route.
Yes, damage claims can expire due to the statute of limitations. The standard limitation period is five years, but the starting point can be complex — it only starts running from the moment you are (or should have been) aware of the damage and the liable person. Therefore, do not wait too long before taking action. By registering with BFRG, you secure your rights.
A criminal procedure is conducted by the Public Prosecution Service and can lead to punishment for the perpetrator (fine, imprisonment). A civil-law procedure is conducted by you as the victim (or by a foundation on your behalf) and is aimed at compensation — getting your money back. Both procedures can run concurrently. BFRG conducts civil-law procedures.
About investigation and asset seizure
A forensic financial flow investigation is the systematic analysis of financial transactions, bank accounts, and corporate structures to find out where money went and whether fraud occurred. It is high-level financial detective work. In investment fraud, this is indispensable because financial flows are deliberately made complex and opaque.
Yes. Foundation BFRG is deployable both nationally and internationally and can execute asset seizures in multiple countries, including Brazil and Luxembourg. This is crucial in investment fraud because fraudsters often intentionally move their assets across borders. We work with local lawyers in the relevant jurisdictions.
A pre-judgment attachment (conservatory attachment) is a precautionary measure where assets (bank accounts, real estate, vehicles) are seized prior to the judge’s ruling. The goal is to prevent the opposing party from hiding their assets before the verdict is reached. BFRG can use this instrument when there is a real risk that assets will disappear.
About other cases
Yes. Although our main case involves Goodwood, ATF, and Floresteca, we are open to new cases. If you and several other people have been defrauded by another investment company — whether it involves plantations, real estate, mines, shares, or other investment products — you can contact us. We will then assess whether there are enough victims and legal grounds for a new mass claim.
There is no fixed minimum number, but in practice, a mass claim is only effective and financially feasible if there is a substantial number of victims — preferably dozens or more. The more victims, the lower the costs per person and the greater the legal striking power. Contact us to discuss the possibilities for your specific case.
BFRG exclusively handles joint mass claims. If you are the only victim, or if there are insufficient victims for a collective procedure, we advise you to hire your own lawyer who specializes in investment fraud. You can of course always contact us to discuss your situation.
Practical questions
You can reach us by phone (Foundation: 036-5254468, Bureau: 036-5405648), via the contact form on our website, or by mail (Stichting BFRG, Afd. Schadeclaims, MAC 3 Park, Bolderweg 1, 1332 AX Almere). We will respond to your message as soon as possible.
Participants in the mass claim receive periodic newsletters by email (and by mail if necessary) with updates on the progress of the procedure, results of investigations, and planned actions. Additionally, you can always contact us by telephone for a personal update on your file.
Yes. We process your personal data in accordance with the General Data Protection Regulation (GDPR). Your data is used exclusively for the handling of your case and is not shared with third parties for commercial purposes. Only our lawyers and directly involved employees have access to your file.
Is your question not listed?
Feel free to contact us via the contact form or call us at 036-5254468. We answer all your questions without obligation and with complete openness. No question is too crazy — we understand that investment fraud is a complex and emotional matter.
