By the way, what happened to…
“We will look into whether any of these companies is operating in breach of New Zealand law”.
Regards
Hayden Best
Lawyer
Securities Commission
Direct Dial: 04 495 1681 "
posted end of July…
Obviously Edgar did not breach any New Zealand law. They did not receive any payments from the investors. Payments are made to 3rd party companies bank account like Legion Trade Limited or (formerly) other bank accounts in HK and also bank accounts in Malaysia.
Edgar International may be a dormant company registered in NZ, but trading is done in Sabah under a different company name Eastern Rich Enterprise, while payments are made to 3rd parties company in different countries such as:
Legion Trade (NZ bank account)
Zook Vision (CIMB)
TSL Marketing (CIMB)
Maya Rossa Marketing (MAYBANK)
AZURO Marketing (MAYBANK)
Edgar International is purportedly an “international brand” but a non-operating company set-up to convince investors to bank in money to those following accounts. Why do I say it’s non-operating? Because they do not have any documents to record revenue, i.e money bank-in to their account under their name.
Those statements that investors received are computer generated which anyone can create with Microsoft Word. You never receive a mail by post from New Zealand do you? So there is nothing for SC to investigate, because from the “surface” it looks absolutely legal. The company is dormant and rented a virtual office and did not breach any law under their name.
So dear investors. Are you comfortable with a company which operate in such a complicated way under all kinds of different names in different countries? Other than scam, I can’t think of any other words to describe it.
interresting topic…anyway check it out.
do not fall into big scam.
Dear All Investor
I strongly believe that [B]Edgar is not Scam company[/B] because of the following reasons :-
-
All scam companies were scammed money at their best times. (their profit maximum point.) They will not wait until a lot of people withdrawing money.
-
People received withdraw Money despite over a month delaying.
All investor should understand that now satituation, delaying withdraw.At the monent, so many people are withdrawing,
So Edgar also not holding Cash. All money are pass through from Bank.
(including trading money). So U all don’t expect that Banks can process
however amount they request TT to clients.
All withdraw money are TT from Legion Trade Limited NZ.
So People need to patient when withdraw their money at the monent -
Even people don’t know Edgar company Newzeland office, all people know
very well Edgar Agent. People are joining because of they trust broker
agent. -
Time can prove that Edgar is more than 2 years already.
My friends joined to Edgar one year ago.
They got a lot of money profit from Edgar already. -
If Edgar is scam company, they will show u all, increasing Trade every
month.
They will not show u only 3 times in Aug and only 2 times trade in
November.
I can understand all investors feeling, because i also one of investor.
Don’t worry so much and i inform you all that i also already recieved withdraw money
Hopefully They can solve sooner to be faster withdrawing process
Be patient all investors
Wish Edgar International Successful Forever
Thanks and Best Regards
Sg Investor
Having mentioned numerous dodgy modus operandi of the company, you still strongly believe Edgar is not a scam merely based on “withdrawal theory”?
Well as the Chinese saying goes, “small money doesn’t go out, big money won’t come in”. If they did not let your friends withdraw one year ago, you think Edgar will get your business today, SG Investor? To ensure more people join or more money coming in, they have to let the investors (especially the small ones) taste some profit because a satisfied USD1000 investor can spread the good news to 5 friends or more and the multiplication continues. They will not tell you when is their so-called “profit maximum point” but you will know it one day and trust me by then you would wished you have withdrawn it earlier.
People join because they know Edgar agent very well who might also be their friends? What if your friends are also victims? It’s like one blind-man trusting another blind-man to cross the road. Has your agent travelled to NZ to meet the CEO before?
Saying Edgar is not a scam just because you managed to withdraw, is really like saying a piece of paper is black colour just because you saw a black dot on the paper. If you look at the BIG PICTURE, the whole structure has got problem and they kept changing bank accounts using different companies’ names. I’m sure you all work for a company or has your own company. How often does your company open new bank accounts and terminate few months later and open another one in different cities if not different countries?
So do you still want to put your money into such scam “investment”?
A Ponzi scheme is a scam investment designed to separate investors from their money. It is named after Charles Ponzi, who constructed one such scheme at the beginning of the 20th century, though the concept was well known prior to Ponzi.
The scheme is designed to convince the public to place their money into a fradulent investment. Once the scam artist feels that enough money has been collected, he disappears - taking all the money with him.
[B][/B]
Five Key Elements of a Ponzi Scheme
- [B]The Benefit:[/B] A promise that the investment will achieve an above normal rate of return. The rate of return is often specified. The promised rate of return has to be high enough to be worthwhile to the investor but not so high as to be unbelievable.
2.[B]The Setup:[/B] A relatively plausible explanation of how the investment can achieve these above normal rates of return. One often-used explanation is that the investor is skilled and/or has some inside information. Another possible explanation is that the investor has access to an investment opportunity not otherwise available to the general public.
-
[B]Initial Credibility:[/B] The person running the scheme needs to be believable enough to convince the initial investors to leave their money with him.
-
[B]Initial Investors Paid Off:[/B] For at least a few periods the investors need to make at least the promised rate of return - if not better.
-
[B]Communicated Successes:[/B] Other investors need to hear about the payoffs, such that their numbers grow exponentially. At the very least more money needs to be coming in than is being paid back to investors.
[B]Steps in the Ponzi Scheme[/B]
Ponzi Schemes are quite basic but can be extraordinarily powerful. The steps are as follows:
-
Convince a few investors to place money into the investment.
-
After the specified time return the investment money to the investors plus the specified interest rate or return.
-
Pointing to the historical success of the investment, convince more investors to place their money into the system. Typically the vast majority of the earlier investors will return. Why would they not? The system has been providing them with great benefits.
-
Repeat steps 1 through 3 a number of times. During step 2 at one of the cycles, break the pattern. Instead of returning the investment money and paying the promised return, escape with the money and start a new life.
I think i have explained to those who are still in a dark of explaining edgar is not a scam…
Dear All:
Thanks for all your sharing. My Wife and I had invested about USD40K 3 mths ago and only last week we realized something going wrong and decided to withdraw money from Edgar. Although I really hope that Edgar is not scam but they already act like scam. If Edgar sincere enough, the CEO should stand up and explain to all the investors their problem, maybe we not really need an explanation but at least we got the right to know what had happen and what are the contingency plans to resolve the problem. Since they fail to do so, I strongly sense that Edgar is not responsible to their investor and no keen to gain back our confidence and no keen to do business anymore as they don care.
However, as an “investor” like me who does not have any or strong financial knowledge, what can we do? It’s sound good if the investor can get back their capital plus profit and just let the balance roll? As many of my friends they already fully withdraw their capital plus some profit, at the time Edgar is scam or not scam does not matter to them already. If they can continue to withdraw money fr Edgar, why not?
Again, from bottom of my heart, I really thanks for your sharing and advices.
Hi andy ,
glad to hear that your friends make a wise choice by withdrawing their capital and profit and let the balance roll… wait till 5 years for it to roll, if edgar is proven not a scam… your friends might plan to retire already as 5year base on 30% interest returned, it might be reaching 7 billion base on USD 1000… too good to be true right??
hi! pay and pay:
Yup, is too good to be true. If i manage to withdraw my capital now (since i got no way to turn back already) , i will also let my balance roll, but withdraw periodically. For those who is greedy will wait until it become million which is hard to believe. I already wake up from dream. But it is no harm to let the balance roll right?
of course, definately no “top up” anymore
HI andy,
you can choose to top up , edgar is happy that you will top up once u received your withdrawal save and sound , cuz this is the only way to convince you to top up in order to use your fund to withdraw to other investor so that the investor can convince other investor to join in the fun…
Dear Pay & Pay:
I not really understand you, i am sincerely feel thankful to all the “against” parties in this thread as your really contribute a lots in term of analysis, advices etc. But your reply seem like i look so stupid, i already mentioned that i wake up fr the dream and no more top up and also no harm to let the balance roll right? you sound so “sour”. U want all the Edgar investor kow tou and said I AM WRONG, I BEING CHEATED?
Hi Andy Tan
I believe what pay and pay meant was “if you (or anyone) chose to top up, Edgar will be very happy because…”
It should be a general statement reminding everyone of how the ponzi scheme works. This thread serves the purpose to remind existing and potential investors of Edgar, to be careful with what they are investing and to take out their money as soon as possible as Edgar is very likely a scam running some ponzi scheme. It is not meant to ridicule anyone who fell into the scheme.
What, now we’re talking about “top-ups”?
It totally sounds like a ponzi.
the ponzi game not finish yet… thats why its not the time for them to end this investment game. again and again and again, WHY would you want to put your money where there are not security features??? Understood the risk… but its not a REASONABLE risk. Come on people… you want to put your money where the company is not even monitored by any financial bodies??? what more huge amount of investment… long term investment??? forget it… Yeah like ponzis doesn’t gave any withdrawal to their investors… any one remember SWISSCASH??? and how long have they been operated with millions of millions involved… everyone just can’t accept that it was a ponzi. everyone really thought it was a legit investment. and more worse, know the story of Madof? you want to be a victim… up to you. just don’t say you never get this warnings. to those of you don’t agree with me, its up to you… but at least do take into consideration before you dump your money in. even a penny is a hard earn money also. think about it… good luck.
I can’t believe someone would invest 40k into these guys.
What’s even more surprising is the fact they were lucky enough to withdraw that 40k.
I think that Edgar is not a scam because “The promised rate of return … so high as to be unbelievable”.
It seems that all the greedier people are enjoying more success than the less greedy ones! Anyone care to share their profits?
How can I join Edgar???
You’re already a member of Edgar, so why would you like to join again…
Thanks mark1970
Why are we discussing a ponzi scheme on a forex forum?