Investicare Seniors Housing Corporation

WARNING!!! As a shareholder, I would suggest you steer clear of this so called investment that in my experience is really more like a Ponzi scheme than a legitimate investment. First of all they did not follow the requirements of the Offering memorandum, interest owing ceased to be paid not long after buying into this scheme, and Investicare has not produced an audited financial statement since March 2011. As it stands today the shareholders were informed that we can expect to lose 50% of our principle on the sale of one of the properties within the Investicare portfolio and not to expect more than approximately a quarter of the original buy-in when the shares mature in September 2014. There seems to be serious management issues, cash payouts pending to directors and officers for "consulting fees" along with other excessive costs for several staff and office space that are negatively affecting the amount of value remaining and further eroding the amount of cash to be returned to the investors. I have also discovered that "Investicare contravened Saskatchewan and Alberta securities laws when it paid commissions to non-registered dealers" who were illegally selling in both provinces. Furthermore, how a seniors housing offering can fail in this country, given the perceived demand by maturing baby boomers, speaks volumes about this corporation's inability to deliver on their promises. Clearly this is a corporation that operates on the borderline of legality, ethical conduct and The Alberta Securities regulations and should be avoided at all cost.