Westerly Mortgage Trust is a Scam

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".

The Westerly Mortgage Trust
Lender	A substantial Hong Kong based lending and investment Trust that has been established for many years. Dean Wentworth is one of the Trustees.
Project Type	Designed for construction projects.
Security	First charge over the Project plus an equity share (see below).
Guarantee Sum	10% of the loan sum must be deposited with the Lender for the term of the loan, repayable upon repayment of the loan. This can be in the form of cash or a bankable asset. Euroasian is sometimes able to assist a Borrower to raise the Guarantee Sum.
Currency	USD or EUR
Term	Up to 15 years.
Rate	Zero interest as the Lender will hold equity in the Applicant�s project.
Loan to Value Ratio	Up to 100% of cost.
Equity Requirement	29% but lower in the event the Applicant has existing equity in their Project.
Minimum Loan Sum	USD 100 million or if a Euro loan is preferred, EUR 100 million. Smaller loans will be considered on a case by case basis.
Documentation	The Applicant is required to lodge a current Business Plan and to pass Compliance. Euroasian makes no due diligence, meeting or travel related charges but 3% of the loan sum is paid to Euroasian at closing, deducted from the loan funds.
Client Meetings	Client meetings are held in Euroasian's San Jose office.