• Report: #60280

Complaint Review: Canawest Financial Services Inc.

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  • Submitted: Tue, June 10, 2003
  • Updated: Sun, June 29, 2003

  • Reported By:Calgary Alberta
Canawest Financial Services Inc.
10251 - 117 St. Edmonton, Alberta Canada

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

*UPDATE EX-employee responds: doug...please send me an email...i might be able to find john for you

*Author of original report: Silence is Guilt

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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 <<< $17,743.32 in US Currency >>>

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

This report was posted on Ripoff Report on 06/10/2003 06:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/Canawest-Financial-Services-Inc/Edmonton-Alberta-T5K1X7/Canawest-Financial-Services-Inc-Canawest-Capital-Investments-Inc-ripoff-rip-off-scam-con-60280. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE EX-employee responds

doug...please send me an email...i might be able to find john for you

AUTHOR: gaylene - ()

hi doug, i live near edmonton, and my husband did some work for him in january of this year..and he owes at least 3 guys that we know of...one of which is owed 9000...and he was at Johns house and there was nothing there but a phone and fax...i think we could set this guy up...like an interview for a job etc... my email address is gaylenebaerg@hotmail.com hope to hear from you very soon
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#2 Author of original report

Silence is Guilt

AUTHOR: Doug - (Canada)

Canawest financial was sent a letter of demand that expried on June 28, 2003. They have refused to respond and as of June 30, 2003 we are taking this matter to the Police for Fraud investigation. There phones are still hooked up at this point as well as their fax lines. We hired an investigator to sit on this individual and there has been no one around for the last two weeks.

As sad as it is our money is obvously gone buy a con-artist. His description is as follows, 5'8" or 5'9" grey hair with a receding hair line slightly overweight around 180 - 200 Lbs. He is in his 50's and has a beer gut.He was last seen in Edmonton in mid June and goes by the name John aka Jack Fielding. He is likely to be in Florida as this is where he supposedly does business (Ft. Lauderdale) He has a partner named Jerry who apparently does motovational speaking and covers the initial contact.

Anyone with information and a positive I.D. on John/Jack Fielding and his where abouts is asked to send us information as a reward of $5,000 is being offered.
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