Complaint Review: OurSpace Co Working

I invested in OurSpace in 2016 by purchasing 'virtual workspaces' from them, by the time it does not exist in the real world, and then leased it back to OurSpace in return for a guaranteed rental return of 13.25% and paid monthly. The claim was that the rental payments would be covered by membership fees paid by people who would want to use the workspaces.

OurSpace calims it has capitalisation of $66 million to open at least 50 locations in multiple key international gateway cities over the next 3 – 5 years. 

The workspaces were sold by United Property Group (UPG/UPC/UPI) and other dubious sales companies. The owner of UPG, Jim Moore, was involved with Bar Works and has been charged with fraud in the USA.

OurSpace switched me into a new structure operating out of Malta in 2017, and kept delaying the monthly ROI payment after I signed the new contract with them. I have not been paid the guarenteed monthly return for 8 months, and the reason is cashflow being very hard according to the emails I received from them. 

OurSpace was a clone of Bar Works Inc which has collapsed and been prosecuted in the USA. The court ruled that the investment was actually the sale of unregulated securities and a Ponzi Scheme.

If Bar Works Inc has been judged to be a Ponzi Scheme then that would also make OurSpace a Ponzi Scheme if the rental income is insufficient to cover payments to investors.

People involved with OurSpace include: Kevan Halliwell - Founder;  Malcolm Douglass - Founder;  Edward Rice - Founder;  Honey Meek - Head of Sales and formerly UPG;  Sean Phillips - Business Development.

In the recent email I received from CEO Kevan Halliwell, he claims 'Without a solution to urgently repair the short and medium term cashflow, regrettably, these debentures will be worthless as a result of the current cash position of the company.' I emailed back to them with questions I have, but never got a reply.