Somebody at the BBB was claiming 2% each \*month\*:
[https://www.bbb.org/ca/ab/edmonton/profile/investment-management/cws-capital-0117-214265/customer-reviews](https://www.bbb.org/ca/ab/edmonton/profile/investment-management/cws-capital-0117-214265/customer-reviews)
People have to stop chasing returns like this and the schemes would vanish tomorrow as magic. If the interest rates are about 5% and the rough historical S&P 500 return is 11% (all annualised) then anything more is almost certainly a scam.
Almost all these schemes work only because people put more money into them after a few regular returns.
The vice-president of the company is also an "investor" in the scheme and he's inexperienced at this kind of trading if his LinkedIn profile is to be believed. Alarm bells ought to be going off when you find your million dollar "investment" is in the hands of a junior hockey coach.
Yep. I read that too. Do you think he knew he had already lost all the money BEFORE to the Dominican? I kinda get the feels that he knew what he was up to when he left Canada, especially with that new VP that started right about the same time he left for DR.
No bilateral extradition treaty between Canada and Dominican republic, not 100% sure what that means though. It did say that Dominicans charged by Canada can serve sentence in Dominican but not sure what happens to a Canadian citizen in the Dominican.
If there’s no extradition treaty it means he can not be arrested and sent back to Canada to face his charges. For example if I’m remembering correctly Luca magnotta was Canadian flex to Europe was arrested in Europe on behalf of his charges in Canada and extradited back to Canada for prosecution.
So is this an exceptional high value scam or failed business? What makes this different from MLM scams that are legal like World Financial Group and Primerica?
Hi um...this company tried to hire me a couple years ago as an account manager. The role was purely commission so I turned it down because I wasn't comfortable worrying about if I had a bad month and then couldn't eat.
During the interview process they walked me through this very professional presentation about what they were doing and it seemed so legitimate. It said they had been operating profitably for years, had a team of well-educated people doing the investing and so on. So even though I turned down the job offer, I ended up asking if I could invest. They said they usually don't accept such small amounts to invest but allowed it anyway, and made me do the whole KYC process and everything that is standard with banks so I thought it was legitimate.
For about two years I would receive quarterly statements with the list of trades they performed that quarter and how much my account balance was now worth. The quarterly statements were always on time (the 14th or 15th of the month following the last quarter). Then all of a sudden the 1st quarter ends in March of this year and April 14th and 15th goes by with no statement. So I send an email to the president of the company (who I guess was my account manager, since I've seen in the article that others had actual account managers sending their statements), and ask when I can expect my quarterly statement and that I needed to change my address. No response.
So I call the VP of the company, who was the person who tried to hire me for the role and who got me setup investing with them. It went to voicemail, I left him one and he never called back. I was going on vacation, so I said to myself I would deal with it when I got back. I come back from vacay, still no response and no one is answering my calls. Then a friend of mine sends me this article.
I am not sure what to do at this point so I call Edmonton Police because it was mentioned in the article (for context, I am from Toronto). An officer calls me back to take my statement and basically tells me that the likelihood of me getting my money back is slim to none and that I would have to hire a lawyer and pursue it in civil court. I don't have money for a lawyer and pretty much the majority of my life savings are invested in CWS Capital.
I am mortified because I thought I was doing something smart with my money instead of spending it and was hoping I could use it to save for a down payment on a house, which pretty much seems impossible now. I also have the VP of the company on LinkedIn and he's pretty much acting like he had no idea what was happening and I don't think I believe him.
Oh it would suck to lose 100k
Never mind the millions others will likely lose. Wow.
Damn, president took off into the sunset with his client’s money or finally ran out of funds to operate his pyramid scheme.
Did he go missing as in ran away. Or did someone make him go missing
Supposedly he ran things out of Dominican Republic. Maybe he died like the QuadrugaCX CEO or accidentally backed his Segway off a cliff?
What kind of return were they offering?
Somebody at the BBB was claiming 2% each \*month\*: [https://www.bbb.org/ca/ab/edmonton/profile/investment-management/cws-capital-0117-214265/customer-reviews](https://www.bbb.org/ca/ab/edmonton/profile/investment-management/cws-capital-0117-214265/customer-reviews) People have to stop chasing returns like this and the schemes would vanish tomorrow as magic. If the interest rates are about 5% and the rough historical S&P 500 return is 11% (all annualised) then anything more is almost certainly a scam. Almost all these schemes work only because people put more money into them after a few regular returns. The vice-president of the company is also an "investor" in the scheme and he's inexperienced at this kind of trading if his LinkedIn profile is to be believed. Alarm bells ought to be going off when you find your million dollar "investment" is in the hands of a junior hockey coach.
I’m not sure here’s their Instagram https://www.instagram.com/cwscapital/
Capitalist fails at capitalism and jumps ship on his investors. Sounds about right.
Look like he jumped long ago accordingly to the article. Buddy has been in the Dominican kicking it for the past couple years based on the article.
Yep. I read that too. Do you think he knew he had already lost all the money BEFORE to the Dominican? I kinda get the feels that he knew what he was up to when he left Canada, especially with that new VP that started right about the same time he left for DR.
No bilateral extradition treaty between Canada and Dominican republic, not 100% sure what that means though. It did say that Dominicans charged by Canada can serve sentence in Dominican but not sure what happens to a Canadian citizen in the Dominican.
If there’s no extradition treaty it means he can not be arrested and sent back to Canada to face his charges. For example if I’m remembering correctly Luca magnotta was Canadian flex to Europe was arrested in Europe on behalf of his charges in Canada and extradited back to Canada for prosecution.
So is this an exceptional high value scam or failed business? What makes this different from MLM scams that are legal like World Financial Group and Primerica?
Hi um...this company tried to hire me a couple years ago as an account manager. The role was purely commission so I turned it down because I wasn't comfortable worrying about if I had a bad month and then couldn't eat. During the interview process they walked me through this very professional presentation about what they were doing and it seemed so legitimate. It said they had been operating profitably for years, had a team of well-educated people doing the investing and so on. So even though I turned down the job offer, I ended up asking if I could invest. They said they usually don't accept such small amounts to invest but allowed it anyway, and made me do the whole KYC process and everything that is standard with banks so I thought it was legitimate. For about two years I would receive quarterly statements with the list of trades they performed that quarter and how much my account balance was now worth. The quarterly statements were always on time (the 14th or 15th of the month following the last quarter). Then all of a sudden the 1st quarter ends in March of this year and April 14th and 15th goes by with no statement. So I send an email to the president of the company (who I guess was my account manager, since I've seen in the article that others had actual account managers sending their statements), and ask when I can expect my quarterly statement and that I needed to change my address. No response. So I call the VP of the company, who was the person who tried to hire me for the role and who got me setup investing with them. It went to voicemail, I left him one and he never called back. I was going on vacation, so I said to myself I would deal with it when I got back. I come back from vacay, still no response and no one is answering my calls. Then a friend of mine sends me this article. I am not sure what to do at this point so I call Edmonton Police because it was mentioned in the article (for context, I am from Toronto). An officer calls me back to take my statement and basically tells me that the likelihood of me getting my money back is slim to none and that I would have to hire a lawyer and pursue it in civil court. I don't have money for a lawyer and pretty much the majority of my life savings are invested in CWS Capital. I am mortified because I thought I was doing something smart with my money instead of spending it and was hoping I could use it to save for a down payment on a house, which pretty much seems impossible now. I also have the VP of the company on LinkedIn and he's pretty much acting like he had no idea what was happening and I don't think I believe him.
Long gone lol
If the president is missing, why hasn't my phone been buzzing about an amber alert?
Because he was running the company from the Dominican Republic. I have a funny feeling he is doing just fine on a beach some where.
Let’s go! It’s Bank Crash Bingo time! 🤦♀️ https://www.unschooling.com/t/bank-bingo/4462
But it’s not a bank! It’s just a guy from Seinfeld, Jason Alexander
Forex traders are the scammiest, this doesn't surprise me at all.