Canawest Financial Services Inc Canawest Capital Investments Inc. ripoff rip off scam con artists Edmonton Alberta

9th of Jun, 2003 by User651443

This company preys on small businesses hoping to expand. They put adds in local papers under the business section (money to lend) typically looking for businesses that are small and don't have a lawyer involved. After initial contact is made from a prospective business they inform them that their minimum deal starts at 5 million. They also say that funding is easily done because they only work directly with the lenders themselves. The first thing they do is send confidentiality agreements and when signed send a useless (term sheet, commitment letter as well as a invoice for $ 35,000 USD before they can proceed further.(non-refundable of course) From our own experience they are pro's, they exist on paper only the term sheet has no value and comes from a loan committee called(Dulce Vida de Vallarta S.A. de C.V.) non existent. Oh to our surprise nearly six months later and nothing, when asked to provide contact information for the lender they came up with the excuse we are working with syndicators and it takes time
to fund a project. When asked for contact information on the lender they flatly refused and ignored our request. They happily sent a letter stating that all monies payed are non-refundable. Gradually since asking for information on both the lender as well as the syndicators they have broken off contact and refuse to answer any calls or emails as of June 2003.After doing due diligence no one knows or has heard of this company in the financial circles or the lenders or syndicators. Business Owners beware this mistake cost us > We are now faced with going to the authorities and losing our business that we worked so hard for in time and effort after 4 years not to say anything about public humiliation. Doug
Calgary, Alberta
Canada

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