Cyprus-Forum.com

[iron56]

I'm a Singaporean and I come to this forum because I am at my wits end dealing with Cyprus-based investment firm called Eaglesummit Corp.

Early this year, some marketing firm called me and said they have found me to be a suitable candidate for a investment firm. They tell me that someone from the investment firm (Eaglesummit) will call you shortly. A few days later, I started getting calls "John Edwards".

When he first called me, it was simply to touch base. Good move to build credibility. He promises that this will be a long term relationship and that the next time I invest, it will be with my profits and not my capital. Sounds too good to be true? He said that he will not call me often, but only when he have great certainty on a deal. And he does what he says.

After a month, they called. They asked me to take a piece of paper and pen and write down everything they say. They asked me to invest money in companies like Dragon Oil claiming that Shell has a interest in buying it over. Since this is a publicly listed company in UK, I idiotically remitted the money to a third party account, which is interesting, because that account belongs to a 'holding company'. A few months later, they got me out of Dragon Oil and say they have a better deal by putting my money in a private firm like Timbia Resources or Luce Energy (someone else from Singapore got a call from Eagle Summit talking about Luce Energy, not me), which also happen to be going to IPO or be bought out. They did not give any documentation to me of the price they sold Dragon Oil for, and what price they bought Timbia for.

After a few weeks, they tell me that if I don't put in more money into Timbia, I will lose my investment because some obscure UAE company is going to make a hostile bid for it and will only buy shares from owners with more than a certain amount of shares which will definitely be more than what I already own. If I do put in the money, they promise that in three weeks, I will be returned with EUR70,000 for the relatively small amount of money I put in.

Now, if you look at the websites of the companies carefully:
eaglesummitcorp.com
timbia.com
luceenergy.com

They all look like they have been made using stock photos, with the same layout and format and by the same web designer. I must say that the information that they present in the sites look very credible - until I found that the text in Timbia.com is a plagiarism of Rio Tinto's website, and Luce Energy has text copied from an American exploration firm called McMoRan. And some text in Eaglesummit is shamelessly lifted from Wikipedia and other dubious looking sites like Navasota Group. To be frank, I think Timbia Resources doesn't exist at all.

Ultimately, it was Eagle Summit Corp's lack of accountability, shoddy paper work, shady looking website, too-perfectly scripted stories, regular insistence that I keep transferring money to them and their inability to allow me to retrieve my money that started me thinking about their trustworthiness.

Since it is impossible for me to go to Cyprus (although I would love to visit), I would like to humbly request the help of the members of this forum to help me verify if this company is really in Cyprus and if it is really doing what it promises, since all of them sound British rather than Cypriot.

Eagle Summit Corporation
4th Floor Elenion Building
5 Themistocles Dervis Street
Nicosia CY 1066
Cyprus
Phone: +357-22007774

I would deeply appreciate if anyone can offer any advice!

[Sotos]

Seems like a scam. You should have made this check before you gave to them any money!

[Maximus]

If their name is not on the list....

http://www.cysec.gov.cy/licence_members_1_en.aspx

sorry bro and don't shoot the messenger as it seems as if you are a victim of a boiler room scam.

Advice : Ask for their license number and the regulatory body they hold it with in order to check if they are legitimate before you hand over your hard earned money.

Ultimately, it was Eagle Summit Corp's lack of accountability, shoddy paper work, shady looking website, too-perfectly scripted stories, regular insistence that I keep transferring money to them and their inability to allow me to retrieve my money that started me thinking about their trustworthiness.

Unfortunately, this is not true, it was your lack of accountability and shoddy inability to do your homework first. I don't mean to be harsh but you are totally responsible for your predicament.

[Get Real!]

Just rung the advertised Nicosia number from Nicosia… 3 beeps and the line always closes.

[CBBB]

Just rung the advertised Nicosia number from Nicosia… 3 beeps and the line always closes.

They probably bugger off early on a Friday.

[bill cobbett]

Yep ... boiler room scam ...

http://en.wikipedia.org/wiki/Boiler_room_(business)

Cold calling 'investors" to buy shares in companies which they can't sell, and where there is next to no market driving up prices. A double whammy cos the scammers will have the tradable shares so they sell them to victims pocketing the artificial increase in prices by creating the demand, as well as keeping the original investment from victims.

Sorry iron56.

[Maximus]

Yep ... boiler room scam ...

http://en.wikipedia.org/wiki/Boiler_room_(business)

Cold calling 'investors" to buy shares in companies which they can't sell, and where there is next to no market driving up prices. A double whammy cos the scammers will have the tradable shares so they sell them to victims pocketing the artificial increase in prices by creating the demand, as well as keeping the original investment from victims.

Sorry iron56.

it could be a bucket shop too.

http://en.wikipedia.org/wiki/Bucket_sho ... _market%29

There will likely be no share certificates! even if there was, who is to say it is an original certificate if the likelihood is that the client hasn't even seen one before!

[Maximus]

Just rung the advertised Nicosia number from Nicosia… 3 beeps and the line always closes.

They probably bugger off early on a Friday.

Dirty b*****ds

[supporttheunderdog]

the firm might even be a brass-plate company.

A few phrases spring to Mind

There's a sucker born every minute

never give a sucker an even break

A fool and his money are soon parted...

[Maximus]

the firm might even be a brass-plate company.

A few phrases spring to Mind

There's a sucker born every minute

never give a sucker an even break

A fool and his money are soon parted...

This is true,

To the original poster, go to your bank and try to recall your money. This is your best hope to reconcile your losses, however, I think you will unlikely be able to do anything at this stage.

Bank the lesson and move on.