Hi there,
First of all before I begin, I just want to say this is just my personal opinion and one should not take this as fact.
I think Darren Weeks is a man of questionable integrity and people who listen to his investment advice often lose money.
I have gone to several of his events purely for networking purposes and I have seen him promote bad investments.
As was mentioned above, WebNet has gone bankrupt and all the investors will likely never see any of their money. If you are interested in the WebNet scam(?) check out this forum where investers in WebNet discuss what happened:
http://www.abovetopsecret.com/forum/thread353929/pg1
Another investment from several years I saw was mPowerTech for point of sale debit machines. One buddy of mine never got a dime from his promised cashflow. I hear this turned out to be a scam with fake certificates of placements and Darren Weeks continued to promote them after the fact based on this report.
http://www.ripoffreport.com/reports/0/349/RipOff0349781.htm
In addition, he continues to promote COIP a tax charity which in my opinion as a professional accountant is another scam. In simple terms, you invest 10,000 and they give you a donation receipt of $30,000 stating you made a FMV donation receipt of 30,000. They offer inflated donation values which the newspaper Toronto Star has investigated and determined to be inflated and false. A former co-worker who now works at CRA tells me that they are planning to perform to full investigate and challenge this charity. CRA`s success rate against charities using inflated values is 100%. I feel bad for all those people who got suckered into making donations as they will most likely be disallowed in the future. Thus they will have lost their initial contribution, lost the tax savings, be charged a penalty of 100% of the tax savings (tax avoidance penalty) and have to pay interest on top of that. Some people might argue that the charity is doing good things and helping people. As a former auditor and in my opinion, the effective charities I have audited use only 10% of their donations on admin and marketing and the rest goes on serving their purpose. The commission individuals marketing the program such as Darren earn over 20%, then there are all the legal and structure costs to prepare to fight the CRA (another 5-10%), setting up the complex transactions (5-10%), and another 10-15% covering the head office. I doubt that this is an worthy charity. In addition, as the charity is kept private, it is hard to say how much good is being done.
In my opinion Darren Weeks is like a used car salesperson. He is only looking to maximize his own profit from unsophisticated investors.
Look behind the curtain. One of my favourite Don Campbell quotes.
Bigbear
