Alvin Donovan and Equity Partners Fund Alvin Donovan and Equity Partners Fund Fraudulent Scheme and Scam? - Being investigated and Sued? Internet, Internet

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JACQUES BLANDIN, chief executive of Perth IT company Firmware Technologies Inc, was introduced to Alvin Donovan in July 2010. Blandin and a legal counsel flew to the Gold Coast to meet Donovan to discuss a special private placement of 25 million, a non-bank transaction that involved allotting shares to Donovan's company.

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Paid $15,000, got nothing

March 5, 2012

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THE TECH COMPANY

JACQUES BLANDIN, chief executive of Perth IT company Firmware Technologies Inc, was introduced to Alvin Donovan in July 2010. Blandin and a legal counsel flew to the Gold Coast to meet Donovan to discuss a special private placement of 25 million, a non-bank transaction that involved allotting shares to Donovan's company.

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''Donovan claimed EPF [Equity Partners Fund] had $US3 billion in his company to invest,'' Blandin says. ''He was happy
to extend to us an equity line over a three-year period.'' Funds would be available if Blandin signed over shares of Firmware for each drawdown. Blandin says he paid Donovan $US15,000 for a ''document preparation fee'' to start the ball rolling. He never saw a cent of the drawdown when he needed it.

''Effectively, EPF sells your own stock and gives you your own money back,'' Blandin says. ''If you ask for financials to
EPF, there won't be any.''

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