posted on Oct, 23 2008 @ 02:00 AM
First I want to say I feel sorry for everyone who was taken advantage of by several members of webnet.
I had invested with Webnet sometime in 2006. The amount was substantially more than the minimum 10k. I dealt with Bruce Perkins, who told me at the
time to wire the money into Broadband Co-Lo Holdings account, and then two weeks later he would send me the prospectus since it was still being
drafted. I later found out that this is a violation of BCSC regulations. I waited over a year to get this prospectus.
In the meantime, Webnet had hired Bruce's two sons, Jon Perkins, and I can't remember the other son's name. It was at this point when I decided I
needed to retain legal counsel on to get the prospectus since I was getting a run around answer every time I called Bruce or Jon about how they have
to get different lawyers to draft the prospectus.
So I retained a Vancouver securities lawyer who had previously worked at BCSC and understood the regulations. Instantly my lawyer was concerned about
this company. I was advised to arrange a meeting with Bruce to discuss when I can expect a copy of the prospectus, and inform him I had retained
legal counsel and we were prepared to any necessary legal action against Webnet if I did not get my copy of the prospectus immediately.
I arranged to meet Bruce in Calgary at the demonstration of 3dh which was presented by a person who apparently had a PhD in Physics. I'm sorry but I
can't remember his name, however I know that I couldn't find his name associated with any academic articles, nevertheless academic institutions. I
was a bit skeptical of the 3dh presentation, and tried asking specific physics type questions about this technology thinking that a person with his
background should easily be able to answer them. Well, this presenter was seemed irritated by the fact i was asking him these questions in front of
several other potential investors, and he was only able to provide me with vague answers that did not even address the my questions.
Well shortly thereafter the Calgary presentation, I got a copy, and was able to exercise the contractual right to terminate their offer. The end
result was I was able to get the entire investment money back a few months before the demise of Webnet.
I hope any other investors out there who have lost significant amounts of money consider their option to retain legal counsel. Generally speaking in
matters like this, it is first come first serve, so the earlier you file a claim, the better the position you will be in when it comes time to
distribute the remaining assets of the company.
As for the anyone who commented that investors were told of the high risk and therefore were in a better position than employees who weren't aware of
the risk of their job.
Two points. The first is about the law of misrepresentation. To summarize just because you say one thing, but your actions contradict what you say
does not mean you are innocent of misrepresentation. There is a lot of Canadian precedent on this, especially in investment business models. The
second point is that yes it is true that employees were also mislead, but if you are the ones telling people this is a high risk investment, wouldn't
the reasonable person whose job depends on investors eventually realize that their own employment is at risk?
I wish the best for everyone affected by the perpetrators of Webnet.