| edgeworth properties |
| fraud |
| 29th of Jul, 2011 by sharp |
www.edgeworthproperties.com is the website
the CEO is Donald G hurst. The CFO is C. Vaughan Minor and Exec of Operation is April Hurst, daughter of Don Hurst.
they promised us a GUARANTEED return on our investment in due time ( plus profit of 60, 80 or 100% depending on the project)
the company came up with lots of reasons why they cannot give us our land titles.later we found out the reason behind the delay in land titles wasn't the info they have been feeding us on, but because the land were heavily mortgaged. ( as it is, the land sold to us is heavily marked up to cover cost of construction).
9 out of 12 projects, the investors do not have their land titles yet and the 3 that do, are in danger, because the company only needed 51 % of the veto and they can mortgage the land, without having to tell the other 49% ( may sound silly, why they will agree. but those who invested a small amount here and a bigger amount in other project that has no land title yet, might feel it is ok to help out the company and hope for the best)
sometime in April or May, the company issued an exit letter for investors who joined earlier in the project. ( (exit letter- we will get our money back plus whatever they have promised us) Knowing full well the company is in trouble. this exit letter made some of us buy more.
the return from Half Moon Lake ( their first project), was supposed to be given to investors in July.( this is the one where we are all given the exit letter for) but July has come and gone. We haven't seen a cent. meanwhile because of the exit letter, the agents were motivated to sell more .
now, their latest project ( manning drive) has not finished selling but because the exit time has come, the company decided to 'open up' and said they have no money to give to investors, let alone profit sharing.
i believe if the time is not 'up' the company would have kept us in the dark and continue selling until manning drive is fully sold out. So far millions have been collected.
The country manager, Mr Lee Kim Haw,also did not protect the investors' money by not asking why the land titles are not issued, when confronted. all he said is that, Edgeworth Sdn Bhd is only a sale representative office.and that he need to listen to orders form HQ on sending money to Canada.
There was no insurance and trust fund in pace. but we investors were led to believe there were.
the agents, while maybe in total ignorance ( hence they continue to sell & Some of the agents are also investors themselves and they did not get their unit out. some bought the whole acre themselves!), I don't understand why they did not ask the country manager nor tell their client that 9 out of 12 projects do not have land titles? that should have been a big big sign that all is not well. especially when some of the project started 3 years ago and still receive no title! while it was stated clearly in the sales and purchase agreement,that we are to receive our land title ONE YEAR after the last unit sold.
in essence therefore, the agents, while maybe ignorance, i feel, also do not care much as long as they got their fat commission from every unis sold. esp those 'older' agents. they have gotten what they have invested in edgeworth from the commission they earned and more. New agents are not so lucky. some I knew have not recovered their own investment from the commission they earned.
STAY CLEAR FROM THIS COMPANY! |
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| Crooks .. All investors need to get together to get our money back! |
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