Edgeworth Properties Investment Fraud Burlington, Ontario

David McClure, one of the key players in the Edgeworth Properties Land Development scam is still in operation!  There are RCMP and Alberta Securities Commission open investigations on him but people need to be warned as this psychopath will do anything to get his hands on other peoples' money.  He needs to be stopped!!

Donald G Hurst is also the CEO of Edgeworth Ventures and April Hurst, Director.

Donald G Hurst is also the CEO of Edgeworth Ventures and April Hurst, Director.

On their glossy brochures. it was stated that all land purchases are insured for the original purchase price. If an investor, after five years of owning a parcel of land, wishes to relinquish ownership, the insurance company will pay an amount equal to the original purchase price to the holder of the policy. The insurance company was stated as  IMG International Ltd,. Group of Companies, Bermuda.

However, Lee Kim Haw, country Manager of Malaysia, has dismissed this insurance as 'worthless'.

As late as 31st March, 2001, C Vaughann Minor, who is Chief Financial Officer, has written to all investors, informing 80% per cent returns on their investment in Half Moon Lake, however, Donald G Hurst, aparently only took a look at his accounts on 27th June, and realised the money was gone. Never mind that Edgeworth had collected 70 million Canadian Dollars from investors in Malaysia. And it was a fact that Edgeworth Properties were still collecting money right until May, 2011.

From an impressive Board of Directors lined up in the begining, Edgeworth Properties is now runned by Donald G Hurst, Chairman of the Board, C Vaughann Minor, President and Chief Financial Officer, and daughter of Donald Hurst, April Hurst, Executive of Operations.

We are reliably informed there was never any hostile takeover, as alleged by Donald Hurst, just some disgrunteld shareholders.

I can call Donald Hurst a lot of names here, but I will not. We now learn Donald Hurst does not dare show his face in Malaysia, and is cancelling his visit to Malaysia. 

There is a mirror web site, called scaminformer, read the answers that Donald Hurst, told investors in Singapore what he did with their money.

I call on all the investors write to all the relevant authorities and not allow these people to get away.

I'm a former Edgeworth employee and shareholder here in Canada.

Many of the shareholders here are concerned about our money. Edgeworth
also operates a mortgage fund (MIC), and has sold land banking and
titled lot products here in Canada.

Frankly, I think the MIC shareholders have the least to worry about,
because shareholders hold a secured creditor and mortgage position on
the land holdings and would be first in line to collect monies if the
Properties division went bankrupt.

In Canada, they have had cease trade orders against 3 of their offerings
(Edgeworth MIC, Ellerslie Ridge Estates and Biggs Avenue MIC) in both
British Columbia and Alberta. In addition, according to research online
the Town of Hinton (Alberta) has actually seized a 10 acre portion of
Edgeworth's land holdings due to non-payment of property taxes. The
cease trades were issued because Edgeworth did not file up-to-date
offering memorandums with both securities commissions (this costs
money), and it's evident they do not have the capital required to meet
their financial and regulatory obligations.

There has been an insane amount of staff turnover at the company since
inception - especially at the middle executive level. One of the
regional VPs had a client who pulled title on Edgeworth's land in
Camrose, Alberta, he discovered 4 mortgages on the property. When the VP
questioned it, he was fired the next week.

Also one of the former VPs re-signed after he was asked by his seniors
to sign off on mortgage deals that he didn't agree with. Rumour has it,
the MIC has been lending on grossly inflated loan to value ratios, and
in mortgage positions less favourable than were promised in the Offering
Memorandum.

Canadian investors should consider collecting as much information as
possible. Pull titles on Edgeworth's land holdings in Alberta. Have a
lawyer review titles, and offering memorandums promptly, and look for
any misrepresentations. There may be some recourse in the form of a
redemption of shares or even a lawsuit (whether this will stand if the
company is in fact facing bankruptcy remains to be seen), but it's worth
a try.

Also report them to the provincial securities commissions of whatever province you reside in.

I'm not sure what recourse the Asian investors have, but it's obviously
in the best interests of all investors if the company avoids bankruptcy.

If a hostile takeover is possible, as Donald Hurst suggests in that
letter, then this is probably the best outcome for everyone. Even though
Edgeworth has failed as business model, their saving grace is they do
have some pretty good land holdings, and assets under management. It
would be best for everyone if a reputable development or investment firm
purchased the entire pool of assets, and bought out the investors
stakes in project. Hopefully this would at least allow the investors to
recover their principle investment, at least. Much more than they would
ever receive in a bankruptcy.