ASC Issues Warning About Mexican Real...

ASC Issues Warning About Mexican Real Estate Seminars

There are 387 comments on the Canada NewsWire story from Dec 21, 2007, titled ASC Issues Warning About Mexican Real Estate Seminars. In it, Canada NewsWire reports that:

“Investors have to protect themselves and do their homework”

The Alberta Securities Commission is warning investors to be wary of promoters using seminars, e-mails and cold calls to sell unregistered securities in a company developing real estate in Mexico. via Canada NewsWire

Join the discussion below, or Read more at Canada NewsWire.

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carlos velada

Cancún, Mexico

#1 Dec 21, 2007

Facts about Landbankers International S.A. de C.V.are

The manager a guy called Allan is a former time share sales man, with cero experience in the stock market(same for the rest of the sales group, most of them worked for mayan palace time share resorts before).

They promised investors to go public in 2008

I contacted the mexican Exchange comission, they do not know them.
Funny, because I.P.O.´s in mexico take up to 3 years and they have not applied yet.
They also would never be accepted, as there is no return on the investment.

The company actually holding the land is a different one (Sierra Holdings) and has no legal liability to the shareholders of Landbankers International.

So, my best guess is, all 1400 investors most likely lost there funds totally.

I hope somebody puts an end to this soon, because december till april is high season in Puerto Vallarta and they just pull tourists off the street to get there money, same structure than time share!!!

Kind regards
Jose

Los Mochis, Mexico

#2 Dec 28, 2007
Any comments from some one familiar with Mexican Securities?
Raul from Guadalajara

Puerto Vallarta, Mexico

#3 Jan 18, 2008
The Bolsa only needs 2 years of Financial History - 3 years in some cases. This does not mean that it takes 3 years to go public. If a company has been around for 2-3 years they can go public in a matter of weeks however it usually takes 2-3 months from the start of the paperwork.
In case anyone is curious I invested in LandBankers International a few years ago (yes they do really own the property - just drive down to it and look at the signs.... pretty obvious- lol) however, I just received a letter and a check returning my investment.
Landbankers International states that they have been requested by Canadian Securities agencies to return investors money! Not sure why I got a refund, I'm Mexican, but based on the PR nightmare for Landbankers I'm glad I got my money back!
Mike

Broad Brook, CT

#4 Jan 18, 2008
I got a refund check today also but I'm from the US. LandBankers International gives a refund to me because some stupid Canadian government bonehead asks for one? I put my money offshore for a reason - so I didn't have to deal with the US government morons - now I have to deal with the Canadians? Since when did Mexico because a Provence?
Morry

Tlalnepantla, Mexico

#5 Jan 31, 2008
I also invested in Landbankers International last year. Yesterday they contacted me and offered me a full refund plus 20% APR or become a limited partner with the new company. I invested off shore for a reason and I don't want the US or Canada telling me how I spend my money. I have applied for and hope I will become a partner with the new firm.
F Lacey Weatherford TX

Fort Worth, TX

#6 Feb 3, 2008
I too have invested in LBI. There has been several changes of direction in the plan in the last few years. I am wondering if this latest ploy was initiated from LBI them selves to give the loyal investors back the money we gave them for start up. Now they are ging to reap the benefits of not having to pay out what they have been promising. I say we all get together as a uniform front and seek legal advice.Us as investors got this whole thing started and we should be rewarded.
John

Culiacán, Mexico

#7 Feb 6, 2008
Does anyone have back ground on the founders of Landbankers? I have heard some impressive, but unverified comments.
Andrew Robertson

Lázaro Cárdenas, Mexico

#8 Feb 26, 2008
carlos velada wrote:
Facts about Landbankers International S.A. de C.V.are
The manager a guy called Allan is a former time share sales man, with cero experience in the stock market(same for the rest of the sales group, most of them worked for mayan palace time share resorts before).
They promised investors to go public in 2008
I contacted the mexican Exchange comission, they do not know them.
Funny, because I.P.O.´s in mexico take up to 3 years and they have not applied yet.
They also would never be accepted, as there is no return on the investment.
The company actually holding the land is a different one (Sierra Holdings) and has no legal liability to the shareholders of Landbankers International.
So, my best guess is, all 1400 investors most likely lost there funds totally.
I hope somebody puts an end to this soon, because december till april is high season in Puerto Vallarta and they just pull tourists off the street to get there money, same structure than time share!!!
Kind regards
Hi, I would be interested in getting all information you have about Landbankers and your conversation with the Mexican SEC....andrewrobertson3@hotmai l.com...I have a client that invested and wants his money back...thanks so much
Andrew Robertson

Lázaro Cárdenas, Mexico

#9 Feb 26, 2008
Hi, I live in puerto vallarta and have a client that would like to get his money back...no luck yet...could you email me at andrewrobertson3@hotmail.com and tell me who you spoke to at the Mexican SEC? thanks so much
bzrealm

Manhattan Beach, CA

#10 Mar 25, 2008
Mike wrote:
I got a refund check today also but I'm from the US. LandBankers International gives a refund to me because some stupid Canadian government bonehead asks for one? I put my money offshore for a reason - so I didn't have to deal with the US government morons - now I have to deal with the Canadians? Since when did Mexico because a Provence?
If your interested in investing there is land for sale i have 180 acres in compo acosta penitas beach it is in between tne new air port being constructed and landbankers property you can purchase one single lot 15m x 25m and up to acre or more all beach front property or around the lagon for more info and pricing cantact me at bzrealm@yahoo.com
bzrealm

Manhattan Beach, CA

#11 Mar 25, 2008
If your interested in investing there is land for sale i have 180 acres in compo acosta penitas beach it is in between tne new air port being constructed and landbankers property you can purchase one single lot 15m x 25m and up to acre or more all beach front property or around the lagon for more info and pricing cantact me at bzrealm@yahoo.com
sparklemom

Red Deer, Canada

#12 May 25, 2008
We invested in LBI and were part of the Securities Commission come down..I have been in contact with LBI for a refund ...they are very friendly but I still don.t have my money. I have seen pictures...talked to business friends who have been there..who have been with the principals...but still no refund...can any one trust Mexico?
Karen

Surrey, Canada

#13 Jun 29, 2008
I had an original "shares" investment with Landbankers International and then was given the option to "reinvest" in "units" through Sierra Madre Holdings, which I did over three months ago. However, I have yet to receive my signed legal contracts from Sierra Madre Holdings, despite repeated follow up -- I just keep getting the "runaround". If anyone out there has "reinvested" in "units", have you received your documents yet? You'd think that Sierra Madre would be doing everything they could to restore and maintain investors' confidence after the recent negative publicity about the Canadian Securities Commission, etc. Please email me at mexicosun@hotmail.com
Michelle

Calgary, Canada

#14 Jul 2, 2008
I too have invested in the same way as Karen. I have not recieved any documents. I have tried cell phone numbers and left email messages. I think that this investment could go well if they can work through the red tape.
Stephen Warren

Bowmanville, Canada

#15 Aug 3, 2008
I invested in LBI in Jan. 2008 and upon hearing of the situation , I asked for a refund. I faxed the refund request and then courierd a copy of the refund request. I cannot track down anyone to talk to, I cannot get through to the office and the original people, Friesen and Sonja have disappeared. I have left messages for jason Rodgers but no reply. it is August 3, 2008 and not a sign of any refund. Does anyone out there know what I should do and who to contact or is this a pure and simple scam and my money is long gone ? Sounds like a scam to me.

Oshawa, Ontario
carlos velada

Mexico

#16 Aug 4, 2008
try:
http://pvruelas.com/PV_Ruelas_Property_Manage...

Alan Hemingway is working out of that office now, together with former sales people from Landbankers
lost trust

Mexico

#17 Aug 17, 2008
I too have a lot of money invested, as well as children. They have not received any papers for a refund, and were told when they asked, they would have to wait until land had been sold. I rolled over to general partnership, and after a lot of calls finally received my papers. They didn't go by the rules of the contract and have decided not to develop the property, but only sell it off. The contract rules stated that all partners would have a vote on any changes. This company is not to be trusted, but at least they do have the land, and the Mexican gov't can force a sale if needed. As for Alan Hemingway he is at Ruelas Property, he fronted the money, and Sabrina Ruelas was an employee at Landbankers, but didn't sell well, she was for Mexican sales only. Alan is apparently no longer with Landbankers nor are the other sales people as they were not receiving their commissions on sales. Good luck to us all getting our money back. The owner Brian Wulff (Wolfe) has never been upfront and honest since the beginning.
lost trust

Mexico

#18 Aug 17, 2008
to all Canadians....my post shows that I am in Mexico, only because I am visiting. Kelly Friesen and Sonya McAdams apparently are also here. They sold shares in Canada and are subject to Canadian taxes, but say they only paid Mexican tax because the money went to them here. Canadian law says that if they acquired the funds because of being and working in Canada they must pay Canadian taxes. They owe a lot of money to Canada. Call Revenue Canada and report them, let them get some tax dollars back.
trust

Los Mochis, Mexico

#19 Aug 18, 2008
This has turned out to be a sad story. A few good people were deputized by investing there own money. They in turn sold the story, they may not have understood the story, but believed in it. Now there are more than a 1000 people who have lost their money. The question is did they lose the money because of trust or greed? Life is full of lessons, some are free some are expensive.
shocked

Colima, Mexico

#20 Aug 20, 2008
Just to inform people living in PV. I have been approached by Alan Hemingway when he sold for landbankers, now recently he approached me stating he no longer was with them, but he was doing his own project. I wasn't totally convinced, but said I would think about it. He is once again looking for "investors", with a "guaranteed" return, very similar to Landbankers. Learn the lesson fast. If it is too good to be true, it usually is.

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