Mistake, the number is 403-355-4476.
RE the post about the ASC approving Edgeworth. That poster is correct, you likely received the OM before they did, actually you would have. The rules state all distributions must be filed within ten days and that is when the OM would have been filed at the ASC. I too received the same answer you did and I too received the same letters, stating at first buying my shares back would be a violation, then secondly stating they were wrong and used the Business Corporations Act to suspend redemptions. I spent about 20 minutes or more on the phone with the public information office and they were quite helpful and pointed me to the relevant sections of the Business Corporations Act which I wrote down. It is available on line. It was explained to me by the person at the ASC that things like AGMs, lack of financial disclosure to investors after the company is running, and other things fall under the Business Corporations Act and not the securities act. He also pointed out a few key sections of that act where you can file a complaint with the court of queens bench who oversees this act and can file what he called an "oppressive relief application" where you can file a direct complaint and list the relevant sections of the Business act you feel the company has used in a mannner that is oppressive and does not regard your rights as a shareholder in the corporation. He also explained to me that if they do not honour the contract they signed when you gave them funds that can fall under contract law or the partnership act but could not provide more detail because they do not oversee those acts. He also told me to give his name and number to other investors I knew if they had questions and he would do his best to provide as much info as he can or to point you to resources. His name is Don Rogers and his number in Calgary is 403-255-4151 or 1-877-355-4488. It was his info at first that made me go back to Edgeworth and tell them they were full of shite about not being able to redeem my shares. Anyone live in London?
Vaughan Minor CEO and President of Edgeworth Properties lives in a Penthouse overlooking London, Ontario, Canada. He drives a new Lexus Ontario Plates CVM FCA, is a member of a private golf club Sunningdale Golf Club that he has to pay dues for and is also CEO and CFO of a number of new companies.
Even though he is an accountant, he cannot be found in the telephone directory or 411. His office is 19 King Street, #903. Telephone number 226-268-3553.
He works for companies like Aboutown Transporation, Gammage Flowers both in London, Ontario and a new finger print electronic device company with no address or telephone numbers.
Vaughn Minor claimed bankruptcy while running for public office in being mayor of London. He was thrown out and spent the most money for his campaign.
Investors should try and get their money back from this person. Apparently there is over $20 Million dollars that haven't been found yet. Bet the CFO and former President of Edgeworth Properties knows where the money is. Will he share? Ask him.
Actually, the ASC did not approve Edgeworth. These securities are exempt from prospectus requirements so chances are you received the offering memorandum before the ASC did. That is the way this market works. I can't speak about the ASC not revisiting the cease trade, not quite sure what you mean there, can you explain that. Because not long after the cease trade order the company filed for protection in the province of Ontario which is where it is based. I contacted the ASC public information office about this matter because I was asking for the company to hnour my redemption and the company told me they could not honour it because they were under a cease trade order. So feeling I was getting the run around I called the public information office again and was told that no, they could redeem my shares because the order was in place stopping them from selling securities but not buying them. So I took that information back to the company and shortly after they informed me that yes, if the company redeemed my shares that would not be a violation of the cease trader order because a cease trade order is defined as a sell, and they would be buying. So they sent another letter out to all shareholders explaining this and you know what they did? They used a clause in the Business Corporations Act of Alberta, and I forget it at this moment but it basically meant the company directors could suspend redemptions if it put the company in a default position with other creditors meaning the banks who held the mortgages. So the little investor got screwed and likely the banks did as well because I googled searched the company and found they were under creditor protection in the court of Ontario, not Alberta.
I have personally seen the effects of mismanaged funds and it is disheartening. I have seen shady promoters and executives dine lavishly in hotels across from disheartened investors after being told their company is in trouble. While I understand that several ways to protect oneself is through diversification, regardless of investment performance (i.e. always remain diversified regardless of performance), the reality is that the ASC regulations are based on the honor system, whereby disclosure needs to be made to them. What are the penalties for non-disclosure? What are the penalties for not filing reports? Are they far reaching enough to curb promoters activities when they are not within the reasonable hand of the law? I can say without a stronger framework and greater education, the entry point for exempt dealers will be fraught with disgruntled investors and scam victims, when it should be a great entry point for launching legitimate ventures. Investors need better education. I am an entrepreneur and support an entry point for upstarts to financing without tons of red tape, but also agree that a stronger framework and education system needs to exist to teach Albertan's about the case studies of numerous mismanaged and scams that have come to pass. Those charged acting in bad faith (lack of fidicuary and lack of disclosure of financial and personal conflicts of interest) should face stronger personal penalties to balance their risk reward and oftentimes, brazen greed for money. Suicides, divorces, heart attacks, stress/anxiety, and more have been the stories I have witnessed, which are also contrasted against incredible venture success, stronger and more educated investors and business people, financial reward, innovation, and industrious undertakings. A public debate on the framework should be considered, starting with investor education and a reconsideration of the personal penalties of those acting in bad faith and dishonesty towards those who trust them.
"There might be an action if we could prove that the ASC had some kind of knowledge before hand……….and did not take steps to protect Alberta investors".
As far as I can figure here is a quick summary of events;
-ASC Approves Edgeworth Properties
-Edgeworth raises money indicating that investors receive their distributions by adding value to land through development processes; investors are also told this is a safer type investment because you hold title to the land
-ASC puts Edgeworth MIC on cease trade but lets them continue raising capital for three other projects
-ASC never revisits the cease trade or follows up
Investors money is lost due to three larger companies coming in and taking first position on the land; investors never had title and their monies never properly recorded or used.
- No mention of this is anywhere on the ASC website and no other cease trades for the other projects have been made. Edgeworth is defunct and no longer exists the land has moved to three companies and no concession has been made by the court or regulatory body regarding investors monies.