Unregulated investment schemes are uniquely bad, and you should be wary of them.  The big recent example of course is the Dolphin Trust. But last year it was the forestry scheme, in which investors received a small fraction of the returns they were promised. And earlier this year, I wrote about one in which the Diocese of Killaloe lost its money on an unregulated scheme put together by Davy and Goldman Sachs.  Unregulated investments are usually in smaller, more speculative projects — like forestry schemes, wines or German properties. These are projects you might expect to carry more risk, and offer more reward…

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