Fears for investors as suspected pyramid scheme wound up

Thousands of Irish investors have been left counting the cost after the company behind Banners Broker, a suspected online pyramid scheme, was wound up owing millions.

Liquidators were appointed to Banners Broker yesterday following a hearing in the Isle of Man. The scheme had attracted investment from more than 12,000 Irish people and thousands more internationally. The court agreed with an uncontested application that Banners Broker International Ltd (BBIL) should be shut down. It came five months after BBIL withdrew support for its Irish office, redirected service calls to Belize and put heavy restrictions on the withdrawals people could make from their accounts.

The court in Douglas heard the company had $6m (€4.4m) in assets but it had nobody from its Canadian operators present.