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May 1st, 2009 at 12:00 am
Read this and explain how they didn’t know what they were doing was illegal. Sorry to all of you that invested…I really do hope you get your hard earned money back, or at least some of it.
http://www.albertasecurities.com/Enforcement/Enforcement%20Orders/Concrete%20Equities%20Executive%20Club%20Inc%20SAU%202008%2012%2022%203046572%20v1.pdf
May 1st, 2009 at 12:00 am
Back in November Varun and Vinnie refused to throw this same Dave Humeniuk under the bus while the SNC LPs were in a meeting…, Dave H. was “supposedly in Mexico”… Dave Jones then…, and only Dave Jones prior to this week has said anything negative about Dave H…., and even then Dave Jones has been on a leash…
Only Dave Jones… until this week said anything about Dave H…., as Concrete got further backed up in a corner… now don’t get me wrong Dave Jones is no saint apparently…, but now he has to pick his poison…
Dave Jones is the one getting squeezed here…, talk about being naive…, we only have part of the story and some people still can’t see what is plain as day..
Riaz is calling the shots – and “what credibilty”are you referring to…?
May 1st, 2009 at 12:00 am
…..
May 1st, 2009 at 12:00 am
I agree… HONESTLY…
May 1st, 2009 at 12:00 am
The fraud appeared in December and it was then, the new team stepped in.
I want to make my investments safe as well. Court and media is now involved, hence, nothing is at risk of further fraud.
Venting out is just going to make the grey situation look worser. Its time to trust our country’s legal system.
May 1st, 2009 at 12:00 am
100% wrong
This “new team” is the very team that shared the same office space and is none other than……… CE
Dave H. was screwing around like everyone else in that office…, the bank won’t deal with you and the LPs voted you out of three buildings… Concede…
This last post is “From the Pit”…
May 1st, 2009 at 12:00 am
…
May 1st, 2009 at 12:00 am
Seriously dude… you don’t sound too concerned that Grandpas and Grandmas who have to go back to work because of this fraud…, Crimes that in your op are no greater than spilled milk…
And if you fail to respond I won’t lose any sleep
May 1st, 2009 at 12:00 am
Any media person could have listened to their ads and asked “Hmm – this sounds too good to be true. Is there a potential story?” The warning signs were all there, but the liberal media seems to think its role is to act as a mouthpiece for its advertisers.
I posted my email address hoping some people in the liberal media would want further details. No such luck. Its sad how these people have lost any ability to do investigative journalism.
Look at this article, a week after Concrete was sanctioned by the securities commission: http://www2.canada.com/calgaryherald/news/city/story.html?id=a00351da-63ff-4dba-b05b-38b94e2a40a3
I contacted Charles Frank from the Herald to complain, and provide further details should they want to do an investigative piece. No response.
I also contacted one of the managers at QR77, who did not respond.
A sales rep from Shine FM responded, telling me that Dave Jones, who was their finance expert, was no longer involved with Concrete.
Shame!
May 1st, 2009 at 12:00 am
It is difficult to resist being smug when reading through this thread. I have been working in the commercial real estate industry for 15 years and have found the last 3 years to be the most frustrating time of my career. As I watched deal after deal being completed by Concrete, Platinum, Strategic, etc. I shook my head in wonderment at the incredible prices being paid and unbelievably low yields that investors seemed willing to accept for the risk profile that commercial property ownership presents. Many, many times I found myself wondering if I was missing the boat and in fact all of these invesors knew something that I did not.
Unfortunately for the many investors in CE and countless other commercial property and land syndications, I was not missing anything. The risk profile of these investments is high and the prices being pad by these investors were not sustainable. The reason most people have not traditionally invested in commercial real estate is because it is an expensive and risky venture – especially for those with little or no experience. Safeguarding an investment in commercial property requires years of experience and expertise. A team of professionals is required to ensure the property is properly maintained, managed and, most importantly, is kept fully leased. Large amounts of capital are required to upgrade air handling systems, fire supressions sytems, roof membrane and structural components of the building. A high level of expertise is necessary to properly structure leases and to ensure there is adequete security behind those leases. Simply put, commercial property investment is not meant for the inexperienced or undercapitalized investor.
Ideally, this debacle will result in better protection for investors and a broader awareness of the risks involved in commercial property investment. There are many excellent property owners in Canada and anyone looking to invest part of their portfolio in this sector would be well advised to discuss these companys with a professional investment advisor (a little plug for Honestly). However, unless you know everyone involved and are confident of their abilities and track record, you should not consider investing in an asset as risky and complex as an office building.