For comment on the legality of using a company's logo in a blog see Blogcoach and Intellectual Property
About two and a half years ago, an investment opportunity was brought under our attention via the Internet. The company that advertises the investment opportunity, EDWAFIN, has a classy image, great prospects, and lofty plans for the future. They provided extensive, glossy reading material and generally impressed my wife and myself with their reports of success. Viewers can go and look at their main site at www.edwafin.com where a number of links to subsidiary companies can also be found. More important for us as prospective investors was that they offered a whopping 15% interest per year - obviously a very attractive proposition.
The investment takes the form of debentures that runs for just over 5 years (63 months), after which the invested funds would then be returned. Investors have the choice of receiving the interest earned on the capital amount, at the end of every month or to receive the whole lot at the end of the investment period, thus receiving about double their invested capital after five odd years. Furthermore, to make their offer more attractive the representatives who visited my wife and me were very likable persons, made an excellent impression and contributed to the increase in our overall confidence we had in the company. The deal breaker was that we were offered an additional 3% interest per year: that is a total of 18% interest per year. There was even a further caveat to the offer: although one could not recall your money before the end of the 63 months, there is a clause in the prospectus (there are about 10 or more currently published) that states that if EDWAFIN defaulted on their interest payment, and did not pay such interests before or on the 15th of the following month, the full invested capital is refundable after 30 days. Enticing isn't it? My wife and I thought so, and promptly invested an amount of money with EDWAFIN, and a few months later we invested a second, equal amount of money.
For two and half years we received our monthly interest payments always on time and mostly a good week or more before the end of the month. That impressed us no end, and eradicated the slight fear that some commentators tried to instill in investors about the unrealistically high interest rates.
Then November 2008 came.
This is where the story really begins and during the following days I shall tell the tale as it were in short but intriguing snatches.
The investment takes the form of debentures that runs for just over 5 years (63 months), after which the invested funds would then be returned. Investors have the choice of receiving the interest earned on the capital amount, at the end of every month or to receive the whole lot at the end of the investment period, thus receiving about double their invested capital after five odd years. Furthermore, to make their offer more attractive the representatives who visited my wife and me were very likable persons, made an excellent impression and contributed to the increase in our overall confidence we had in the company. The deal breaker was that we were offered an additional 3% interest per year: that is a total of 18% interest per year. There was even a further caveat to the offer: although one could not recall your money before the end of the 63 months, there is a clause in the prospectus (there are about 10 or more currently published) that states that if EDWAFIN defaulted on their interest payment, and did not pay such interests before or on the 15th of the following month, the full invested capital is refundable after 30 days. Enticing isn't it? My wife and I thought so, and promptly invested an amount of money with EDWAFIN, and a few months later we invested a second, equal amount of money.
For two and half years we received our monthly interest payments always on time and mostly a good week or more before the end of the month. That impressed us no end, and eradicated the slight fear that some commentators tried to instill in investors about the unrealistically high interest rates.
Then November 2008 came.
This is where the story really begins and during the following days I shall tell the tale as it were in short but intriguing snatches.
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1 comment:
I was affiliated to Edwafin as an advisor and can say with confidence that their 'financial model; was always flawed. Patrick insisted on placing ALL his family in various managerial positions but they had little or no managerial experience, thereby putting the organisation at huge financial risk.
Their Financial accounts were always massaged into looking impressive, which in my opinion, should not have been signed off by Peat marwick & Co.
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