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Report: #1508023

Complaint Review: ActionCoach Canada - Calgary Alberta

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  • Reported By: Santiago — Calgary Alberta Canada
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  • ActionCoach Canada Suite 810 - 519 17th Avenue SW Calgary, Alberta Canada

ActionCoach Canada Dale Monette Conrad Field Rajan Rakheja INVESTMENT SCAM - DON'T GET DUPED Calgary Alberta

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UNSOLICITED EMAILS
It started when I received an unsolicited email from Conrad Field and Dale Monette (of Calgary) soliciting investment in their company.  I did not sign up for their emails and I did not know these guys. Out of curiusity, I followed up with them anyways.  I attended their presentation and exchanged a series of emails with them and many of their business associates. I also performed a background checks and found a questionable history.

SECUIRITIES MISCONDUCT

For clarity, I am not an accredited investor and I am not a close friend, family, or business associate of these guys.  However, that did not seem to deter Conrad and Dale from pursuing me aggressively to make an investment in their compnay.  

As Conrad would make clear to me, they are not registered as a investment dealer and their offering was not being issued pursuant to a prospectus. Conrad told me that since the offering is a private issuance of securities that they were not required to follow normal Canadian securities laws.  I knew this statement to be false; all issuances of securities in Canada a required to adhere to the prospectus requirement unless the issuer is relying on an exemption. 

As I am just a regular guy, it would not seem that raising capital from me would be compliant with provincial securities legislation.  Again, this did not deter them fro pursuing me for an investment.

Their emails and presentation purpoted that they could provide returns to investors in excess of 300%.  I have concerns that they are attempting to raise money from unsophisticated people and overpromising unrealistic returns.  Or, just making any presentation that they believe will attract interest - whether or not those expectations are reasonable. 

When I asked Conrad about these outlandish promises of an investment return, he replied, "we are very confident." 

To be frank, I am of the belief that the Alberta Securities Commission should be looking into these activites.  


DUE DILIGENCE & COMMUNITY REPUTATION

I started into a background check into their documentation and was successful in obtaining further information from a few third party sources.

ActionCoach provided me with their most recent financial statements and securities ledger.  They did not have a shareholders agreement.  I requested copies of their bylaws and financial statements from two years ago, however they did not provide them to me.

I had conversations with some individuals who had previously conducted work for Conrad Field, Dale Monette, and their related companies.  These individuals expressed concern with the ethical conduct of these parties.  They cited issues such as treating their business associates poorly and not paying their team. I found court filings which backed up their claims.  

I exchanged communications with people who had worked with them as tennants in a rent-to-own arrangement.  The tenants had very foul things to say.  The tenants had been assured that they had an agreement to purchase the house that they were living in.  However, when they could not execute they ended up losing their down deposit.  These are people who are struggling to purchase their first home and they had their home deposit stripped of them.

CONCLUSION

When someone, who already has a poor business reputation, is skirting securities regulations to try and further their own business agenda, I believe that investors are best suited to steer clear.   But, in the above commentary, I have tried to stick to the facts - so, I'll let you make your own judgement call.  

This report was posted on Ripoff Report on 05/13/2021 03:26 PM and is a permanent record located here: https://www.ripoffreport.com/report/actioncoach-canada/calgary-alberta-dale-monette-1508023. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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