Complaint Review: Richard Burley Steve Chapman Intelechi - Calgary Alberta

In 2006 at the suggestion of a friend in Calgary who knew Steve Chapman & Rick Burley personally, I inversted $18,000 US in this supposed investment that Edgeworth Properties had in an proposed apartment in Fort McMurray via this IPO.

The funds were wired to Steve from my US bank account.

 I never received any sort of validation of ownership of stock or anything official from Steve or Edgeworth. Steve's emails were full of promises but the goods never delivered.

In April 2007, I flew from California to Calgary and my friend drove me to the Edgeworth office on Jasper Ave in Edmonton,  Once there, a respresentative of Edgeworth convinced me that the paperwork was forthcoming.

It never came. I called Alberta Securities, but the $18,000 was not high enough of an investment to meet their threshold for investigation.  What they did tell me, however, was that Steve Chapman and Rick Burley would need a special license to sell securities to a resident of the US. They had no busines accepting US funds or "selling" securities or investments to a US resident.

My guess was that Rick and Steve had this rigged from the beginning and put any validation of ownership of securities etc.was put in their own name; there was never anything official given to me to show any investement in an IPO or anything else once the funds were sent.

I was fortunate to get my initial investment back from them after threatening Steve Chapman with legal action.

My friend in Calgary was out over $100,000. It has devastated her.

I have also had dealings with Mr Chapman and Rick Burley. All they ever did was tried to get money from me and other people as well. When they knew there was no way they were getting any money all their empty promises went south. All they ever did was promise and promise but they were never ever able to deliver. Luckily I never invested with them but I do know of others that did and I can tell you that none of them are happy in any way. When I did get a chance to talk to Steve all he ever said was he was never aware of anything that was said and chalked it up tp Rick talking and making promises which he had no right to do. Very smooth characters they are. Anyways if you hear their names anywhere near what your looking at RUN fast very fast and HOLD on to your WALLET tightly.
Bigwopper122

This update serves to let it be known that regarding the dispute between myself and Rick Burley/Steve Chapman is in the process of being resolved.  

In regards to the rebuttal made by Steve Chapman on Monday August 10^th, it was made clear after speaking with Steve that he had not been aware of the arrangement that had been made or the promise made to buy back my Edgeworth shares. Since he was not aware this resulted in the lack of communication that I prematurely took as evidence of reneging on promises that were made to me.

Even though the original offer was made to repurchase the shares at a profit, since the offer was made before the current world financial crisis occured it is unreasonable now to expect them to be able to fulfill on that offer.

Now that communication between both parties has been cleared up steps are being taken to create a mutually adequate resolution.

There have been many misunderstandings and I want to retract any statements made alleging that they are involved in any type underhanded business tactics, particularly anything that was said could be construed to refer to Venutrion.ca.  Although I am not involved in the Venturion project, as an investor or otherwise, it is a project with a lot of potential to help many worthwhile charitable causes.

I appreciate the understanding and humility shown by Steve Chapman once the situation was made clear and I regret the harsh words I used when describing the frustration Ive felt in this situation.  In helping to resolve this issue Steve and Rick have shown that they do in fact respect their clients.

I look forward to the quick resolution to this issue so that we may part as friends.

Patrick

Toronto, Canada

In this report Patrick Ogunnaike is talking about an investment he made in Edgeworth Properties, a company selling real estate opportunities in Alberta. Rick Burley and I invested in this company's IPO because we thought it was a good offer. Patrick heard of the investment through a friend of his. By coming in with us he was able to save 20% on the IPO price and he invested $9000 US. Like hundreds, if not thousands, of other companies Edgeworth was affected by the market turndown in the fall of 2008. They reasonably delayed their IPO opening on the London Stock Exchange until conditions improved so their investors would get a better return. All investors including us, and Patrick, are now waiting for that to happen. The company posts updates regularly on its website. Patrick is obviously frustrated by the delay in the company going to the market and looking for a scapegoat. Like any other investor he will get his money and any profits (or losses) that result once the company actually goes public and starts trading. Since the head office of Edgeworth is in Toronto, where Patrick lives, we have suggested he go visit them. He has been told repeatedly that we have no more information about the situation than he can get directly from the Edgeworth website. To my knowledge all contacts Patrick has made to us have resulted in the same response. Call Edgeworth directly if he has questions. Patrick is suggesting that we not only guarantee his investment but guarantee him a 100% profit even though the stock is not trading. Obviously that would not be reasonable or prudent on our part since we have nothing to do with the management or operation of Edgeworth Properties and never have. This is not our company. Patrick's statement that we somehow "owe" him $20,500 for his $9,000 investment which was given to Edgeworth for stock shows either massive misunderstanding or delusion on his part. No one would do that. It is not reasonable. On occasion in the past we have helped people find other buyers to take their position. Some have profited. Some have broken even. It is not however our responsibility or obligation to do so. We made a similar offer to Patrick in 2007 to protect his original purchase (as we believe the stock to be worth what he paid) but his expectation of a massive profit has been unreasonable, especially in this market. The fact that it took him until March 2009 to even take us up on our time limited offer shows his continued faith in the company and its expected profitability. To date no one has lost money from the Edgeworth investment although no one has made money either. Any other investment Rick and I have been involved in has been very successful especially Venturion which is an art least company helping raise money for charity. Since Venturion has nothing to do with Patrick Ogunnaike or with Edgeworth I suspect Patrick will be facing legal action for his false dispersions against us. Steve Chapman Calgary Alberta