In Edgeworth Properties took millions in investments from people in Malaysia, Singapore and the Phillipines.
These investments were in so called undivided interests in land in Canada or called Land Banking. We were promised returns of 60,80 or 100 per cent, depending on if the Area Structure Plans on these lands were approved during 2,3 or 4 years. We were also promised to be furnished with land titles and a residual value insurance.
We never received the land titles and was told later by their Country Manager of Malaysia, that the insurance was worthless. Along the years Edgeworth wrote many letters explaining their predicament in not being able to issue the land titles, such as they had to "split the land into parcels of 80 acres and less", and in february again explained that " subject to Foreign Ownership of Land Regulations, to issue land titles, they have to submit a plan for residential development for approval first", and then another letter by C Vaughn Minor (President) in 2010 promising 80 per cent returns payout on our investments in June therefore they would not be issuing the land titles as "title separation work and relevant processess, involving th Alberta Land Tiltles Office, is both time-consuming and ultimately redundant".
We have never received land tiltes, we are issued with a worthless insurance, and now Edgeworth, through Donald Hurst, has written to us saying they cannot pay us the money due to hostile takeovers, some regulatory problems in Canada and slow sales, and threatening if the investors dont agree to new terms, Edgeworth will go bankrupt and the investors will lose.
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