see http://www.euroasian.com/WesterlyMortgageTrust.htm

Introduction:
Most Ponzi schemes involve potential investors handing over money for investments on sure-fire returns that never eventuate. For a while, the unsuspecting investor gets statements showing their investment growth, some may even be paid apparent dividends to keep their beliefs on a high for a while, and to use as references for new investors. So the money pours in to the fraud company, and trickles out as 'dividends', and so the scheme mushrooms. But there is nothing at all behind the company, and while it fools a lot of people for often a long time, sooner or later it all falls over, and the company owners have disappeared with all the money.

Many advance fee loan companies and scam brokers work on a similar line, except that customers aren't investing, they are wanting to borrow capital for projects. They are enticed into paying huge up-front fees to get the loan process started. So a loan applicatant pays thousands of dollars in fees, and then the snow job starts. No loan ever eventuates, and the loan company or broker company just hang onto the borrowers money while changing the goalposts and seeking further information from the client for as long as possible to stall proceedings. A well rehearsed trail of excuses continues until the client gives up. It is always then too expensive to recover fees legally as most deposits have been made to an overseas 'corporation' which always seem to be registered in the Cayman Islands, Bahrain, Vanuatu, Costa Rica or other such 'tax haven' countries where the pursuit of refunds becomes impossible. A "Nigerian" style Ponzi scheme.

And when a client does jump up and down and demand their so-called "refundable" fees be returned, they inevitably are told that there will be break costs and charges or other fees that will (or have already) been incurred by the lender and therefore cannot be refunded. It is all hidden away in the fine print of the initial application documents.

                                                  There is also a current warning on the USA website "Cyber Crime Ops".
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Update June 30, 2012

Since first publishing this webpage on Wentworth, we have received dozens of complaints and evidence of the scam being perpetrated by this man and his associates listed below. And we have found that Wentworth, when questioned about why our website exists, reverts to attacking us and alleging that we are blackmailing him.

Typical is this email below from wentworth to a potential victim in New Zealand:


There has been no legal action whatsoever. We welcome Wentworth to do exactly that, and if he wishes to contact us we will gladly provide him with details of our law firm to enable him to commence proceedings.

Wentworth's Associates in crime:
  Jeremy Whitley     Michael Briscoe  Vincent Chow
 

                       Check the website. It all looks pretty professional, but that's how these scammers get their money. See sample below: