Draining away: Thousands of people are thought to have lost more than £1billion in unlawful property schemes in recent years
When Graham Firth saw an advert for an 8 per cent return on an investment instudent digs, he thought he had found a great deal.
More people were going to university than ever before and he was told the Paramount development in Liverpool was not only finished, but occupied.
However, after the 54-year-old finance director invested £58,500, it emerged that the building was far from complete — and his money vanished.
Graham is one of thousands of people thought to have lost more than £1billion in unlawful property schemes in recent years, according to legal experts at UCIS Advice Point.
The typical £50,000 to £60,000 loss has wiped out the life savings of many, leaving their retirement plans in ruins.
Devastated investors are desperately trying to recoup their cash by hiring lawyers to sue for compensation.