REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 07-23-2014, 05:28 PM   #1
Cant Stop Modding Fat Cars w/ Cheap Pasts!
 
StylinRed's Avatar
 
Join Date: Oct 2002
Location: CELICAland
Posts: 23,045
Thanked 9,234 Times in 3,293 Posts
$100 million fraud (local)

Just saw this on CBC

The securities commission found Rashida Samji, a notary republic, committed fraud of 100 million dollars

$100-million Ponzi scheme snared 200 victims, many in Surrey - Surrey Leader (this article gets into a little more detail than the following one)

British Columbia Securities Commission | BCSC panel finds that former notary public committed $100 million fraud

Quote:
BCSC panel finds that former notary public committed $100 million fraud
VANCOUVER, July 22, 2014 /CNW/ - A British Columbia Securities Commission panel has found that a Vancouver woman and two companies she controlled committed a $100 million fraud.

The panel found that between approximately 2003 and January 2012, Rashida Samji, a former notary public, perpetrated a fraud when she traded securities to 200 or more investors for proceeds of at least $100 million.

The panel found that Samji ran a Ponzi scheme. She told investors that she would hold their money in trust and that it would be used only to secure letters of comfort for the financing of a British Columbia winery. Investors were to earn fees for securing the letters of credit.

Instead, the panel found, the so-called investment was "one big lie" and "a monumental deceit". There was no winery involved, no letters of comfort, nor any fees. Samji did not hold investors' money in trust, but used it to pay returns to other investors, and for her own use.

The panel dismissed fraud allegations relating to falsified mortgages.

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

You may view the findings decision on our website BC Securities Commission - Home by typing Rashida Samji, Rashida Samji Notary Corporation, Samji & Assoc. Holdings Inc., or 2014 BCSECCOM 286 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Advertisement
StylinRed is offline   Reply With Quote
Old 07-23-2014, 05:37 PM   #2
The Brown Reason
 
BrRsn's Avatar
 
Join Date: Jan 2007
Location: Whalley
Posts: 4,594
Thanked 5,847 Times in 1,521 Posts


never trust a woman that looks like an evil villain
__________________
Quote:
Originally Posted by bcrdukes
fuck this shit, i'm out
BrRsn is offline   Reply With Quote
This post thanked by:
Old 07-23-2014, 06:03 PM   #3
Wanna have a threesome?
 
MindBomber's Avatar
 
Join Date: Oct 2010
Location: Squamish
Posts: 4,886
Thanked 5,052 Times in 1,656 Posts
quite a bit of information in this article, too.

Surrey investors protest credit union over Ponzi losses - Surrey Leader

Quote:
Dozens of people protested in front of a Coast Capital Savings branch in Surrey on Saturday, blaming the credit union for an alleged Ponzi scheme that threatens to cost some their life's savings.

They carried signs outside the Newton office reading, "Coast return our money" and "Coast gave us bad financial advice."

The dispute, which is the subject of lawsuits before the courts, involves Arvindbhai (Arvin) Patel, a former investment advisor at Coast Capital, who has already been banned from trading securities.

He admitted to the B.C. Securities Commission (BCSC) in April that he encouraged his Coast Capital clients, as well as friends and family, to invest in what he called a secure investment guaranteed to pay them 12 per cent a year.

The money went to Vancouver notary public Rashida Samji, who was to keep it in a trust account that would act as borrowing security to the Mark Anthony wine group to expand their winery operations internationally.

The claims were untrue – the Mark Anthony group was never involved – and the now-suspended Samji is accused by BCSC regulators of defrauding investors of $83 million after using money from new investors to pay earlier ones between 2003 and January 2012.

Nearly $29 million was invested in the Samji-led investment by the mainly Surrey residents Patel referred since 2006, according to a BCSC ruling.

Coast Capital claims Patel – who was only authorized to deal in mutual funds – was essentially a rogue employee, acting outside his scope of employment.

"We were actually the ones who uncovered Ms. Samji's scheme and reported it to the B.C. Securities Commission," said Karen McDonald, senior manager of corporate communications at Coast Capital Savings.

She said Patel was relieved of his duties within days of a client complaint that uncovered his activities.

McDonald said Coast Capital is cooperating fully in an ongoing investigation by securities regulators and the RCMP.

Customers who invested through Patel hold the credit union responsible.

Scott Nicholl, a Surrey lawyer representing 90 affected clients, says some invested more than $1 million and have lost much of their net worth.

Some borrowed money through Coast Capital to invest via Patel and may be forced to sell their homes to pay back credit lines.

Nicholl alleges the credit union and its affiliated mutual fund arm failed in their duty to properly supervise Patel when he was providing financial advice.

"There are retired couples who Arvin Patel recommended refinance their clear title houses to invest in this thing," Nicholl said.

He said those affected have asked the credit union for interest relief on the outstanding loans.

"So far Coast Capital has done nothing," he said. "We were hoping they would do the right thing."

McDonald said the credit union is working to respond to the claims against it and recognizes the situation is causing hardship to members.

"We have reached out to each of them and offered them short-term financial aid," McDonald said, adding she could not go into specific details.

The securities commission said in an April ruling that Patel – who put $600,000 of his own money in the scheme – should have known Samji's claims were false and that high returns with no risk are impossible.

Other warning signs included the fact the investment wasn't approved by the credit union, had no disclosure documentation, and was described as an "exclusive" opportunity not available to the general public.

Most of Patel's assets have been seized and Samji's accounts are frozen but it's not clear how much investors may recoup.

The BCSC said a multi-million-dollar fine against the now-unemployed Patel would be appropriate, but pointless, as there is no reasonable prospect of it being paid.

A separate class action lawsuit has been filed against Samji, Patel and Coast Capital, with Delta couple Lawrence and June Jer and Surrey resident Janette Scott acting as lead plaintiffs.

According to the filing, the Jers invested $350,000 in the scheme and received $156,000 in interest payments over four years, paid out in bank drafts that hid the identity of the remitting account.

The cases are not expected to go to trial until early 2014.
MindBomber is offline   Reply With Quote
This post thanked by:
Old 07-23-2014, 06:06 PM   #4
MiX iT Up!
 
tiger_handheld's Avatar
 
Join Date: May 2006
Location: vancouver
Posts: 7,692
Thanked 1,908 Times in 771 Posts
I have no sympathy for investors who lost money. If you are stupid enough to not google the winery or ask your grandson to google the winery...then I have no words.

I'm sorry but everyone selling an investment has an agenda and if you are not smart enough to figure it out, you are better off putting your money under a mattress.

This is no different than investing in KungShoes.com..
__________________

Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.


Make the effort and take the risk..

"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
tiger_handheld is offline   Reply With Quote
Old 07-23-2014, 06:10 PM   #5
14 dolla balla aint got nothing on me!
 
Join Date: Mar 2012
Posts: 600
Thanked 353 Times in 166 Posts
Quote:
Originally Posted by tiger_handheld View Post
I have no sympathy for investors who lost money. If you are stupid enough to not google the winery or ask your grandson to google the winery...then I have no words.

I'm sorry but everyone selling an investment has an agenda and if you are not smart enough to figure it out, you are better off putting your money under a mattress.

This is no different than investing in KungShoes.com..
Its sad that the typical ma and pops lose their money for not doing their due diligence but fraud is not considered a legal agenda
GGnoRE is online now   Reply With Quote
This post thanked by:
Old 07-23-2014, 06:22 PM   #6
I don't get it
 
Join Date: Nov 2012
Location: YVR
Posts: 429
Thanked 238 Times in 134 Posts
I wonder why it's so easy to dupe someone. But then greed tends to overcome logic. I would've ran away as soon as I heard GUARANTEED return.
noclue is offline   Reply With Quote
Old 07-23-2014, 07:40 PM   #7
RS has made me the bitter person i am today!
 
meme405's Avatar
 
Join Date: Feb 2013
Location: Vancouver
Posts: 4,624
Thanked 7,175 Times in 2,176 Posts
Wtf. 100 million over 200 people is an average of 500k each.

Where the fuck are these naive people willing to fork up $500k to some clown with a "Guaranteed" investment?

I feel bad for them, but damn you gotta be pretty stupid to not do some research. No different than giving a few thousand bucks to that noob John Chow.
__________________

Barney Fucking Purple FX35
Brianna - 2008 FX35 - Build Thread
meme405 is offline   Reply With Quote
This post thanked by:
Old 07-23-2014, 09:14 PM   #8
Revscene.net has a homepage?!
 
Teriyaki's Avatar
 
Join Date: Apr 2004
Location: Vancouver
Posts: 1,261
Thanked 510 Times in 187 Posts
If it sounds too good to be true...

Seriously, when will people learn.
__________________
I like to sit in chairs that fly through the sky
Teriyaki is offline   Reply With Quote
This post thanked by:
Old 07-23-2014, 10:47 PM   #9
I *heart* Revscene.net very Muchie
 
Join Date: Jul 2007
Location: BC
Posts: 3,559
Thanked 3,813 Times in 957 Posts
Humans are by nature greedy. That, combined with lack of education and ability to make a sound decision will get you in deep shit.
flagella is offline   Reply With Quote
Old 07-23-2014, 11:01 PM   #10
Cant Stop Modding Fat Cars w/ Cheap Pasts!
 
StylinRed's Avatar
 
Join Date: Oct 2002
Location: CELICAland
Posts: 23,045
Thanked 9,234 Times in 3,293 Posts
whoops my bad thought i put this in off topic :/

yeah it boggles the mind that so many people were willing to fork over so much money
to a notary at that
StylinRed is offline   Reply With Quote
Old 07-23-2014, 11:10 PM   #11
...in the world.
 
Ronin's Avatar
 
Join Date: Oct 2001
Location: Richmond
Posts: 28,460
Thanked 7,646 Times in 2,324 Posts
Quote:
Originally Posted by dhillon09 View Post


never trust a woman that looks like an evil villain
__________________
- edeats.com <-- my food blog
- edlau|photo <-- photos
- Instagram <-- moar photos
Ronin is offline   Reply With Quote
Old 07-24-2014, 01:43 AM   #12
boot boot car
 
PiuYi's Avatar
 
Join Date: May 2007
Location: San Diego
Posts: 3,054
Thanked 1,284 Times in 536 Posts
Quote:
Originally Posted by tiger_handheld View Post
I have no sympathy for investors who lost money. If you are stupid enough to not google the winery or ask your grandson to google the winery...then I have no words.

I'm sorry but everyone selling an investment has an agenda and if you are not smart enough to figure it out, you are better off putting your money under a mattress.

This is no different than investing in KungShoes.com..
Alot of older people, especially immigrants, in their 50's and 60's have no idea how markets work, how lending works, how returns work... they didn't grow up with the sophisticated lending practices we have today nor was it as big a factor to the general public. Back then only bankers dealt with investments and were under much stricter regulations. Finance really evolved through the 1980's and these guys never really caught on.

Not to mention they were investing through their own bank, not some internet ad or "kungshoes.com". They expected the banks policies would protect them, but clearly for some reason that didn't happen this time.
PiuYi is offline   Reply With Quote
Old 07-24-2014, 02:04 AM   #13
Hacked RS to become a mod
 
SkinnyPupp's Avatar
 
Join Date: Feb 2002
Location: Sunny Hong Kong
Posts: 41,999
Thanked 17,631 Times in 5,339 Posts
Quote:
Originally Posted by tiger_handheld View Post

This is no different than investing in KungShoes.com..
Wait, what? I just sent him $5,000
SkinnyPupp is offline   Reply With Quote
This post thanked by:
Old 07-24-2014, 10:12 AM   #14
My homepage has been set to RS
 
xpl0sive's Avatar
 
Join Date: Nov 2004
Location: Burnaby,BC
Posts: 2,053
Thanked 1,185 Times in 304 Posts
Quote:
The cases are not expected to go to trial until early 2014.
Sounds like this is an old story? Or is that a typo in the article?
__________________
Fast, Reliable, Cheap

A car can be only 2 out of the 3.
xpl0sive is offline   Reply With Quote
Old 07-24-2014, 10:16 AM   #15
I contribute to threads in the offtopic forum
 
radioman's Avatar
 
Join Date: Jun 2012
Location: Vancouver
Posts: 2,567
Thanked 3,032 Times in 799 Posts
I think she was first being investigated in 2012. This has been going on for some time.
radioman is online now   Reply With Quote
Old 07-24-2014, 10:40 AM   #16
My homepage has been set to RS
 
Join Date: Nov 2006
Location: Vancouver
Posts: 2,368
Thanked 833 Times in 391 Posts
As I always tell my parents or relatives, when there is such a GOOD investment out there, how come it's your money that gets first priority to invest? What make your money so special? If it's such a good investment, wouldn't plenty of rich guys out there jump in on it?

Then I see them go............... ..
highfive is online now   Reply With Quote
Old 07-24-2014, 12:22 PM   #17
I contribute to threads in the offtopic forum
 
Gucci Mane's Avatar
 
Join Date: Jun 2013
Location: SRY
Posts: 2,628
Thanked 2,577 Times in 920 Posts
Quote:
Originally Posted by meme405 View Post
Wtf. 100 million over 200 people is an average of 500k each.

Where the fuck are these naive people willing to fork up $500k to some clown with a "Guaranteed" investment?

I feel bad for them, but damn you gotta be pretty stupid to not do some research. No different than giving a few thousand bucks to that noob John Chow.

i have family members that gave another one of their family members a $300k "loan" to help start up a restaurant. they literally gave the guy $300k without any kind of legal paperwork. nothing. just handed the fuck $300k lol. fucking idiots. i think they spent another $100k or so on lawyer fees trying to get it back but no luck. these people live in california and the house they live in isnt even worth as much as the money they still owe.

so fucked up. i dont even hand over $20 to anyone if they ask for it because i know i may not get it back...
Gucci Mane is offline   Reply With Quote
Old 07-24-2014, 12:36 PM   #18
Cant Stop Modding Fat Cars w/ Cheap Pasts!
 
StylinRed's Avatar
 
Join Date: Oct 2002
Location: CELICAland
Posts: 23,045
Thanked 9,234 Times in 3,293 Posts
Quote:
Originally Posted by xpl0sive View Post
Sounds like this is an old story? Or is that a typo in the article?
she was originally brought up on charges a couple years ago but the Securities Commission just issued a ruling

you can read it here http://do.bcsc.bc.ca/comdoc.nsf/0/33...CCOM%20286.pdf

which provides more detail
StylinRed is offline   Reply With Quote
Old 07-24-2014, 12:37 PM   #19
My homepage has been set to RS
 
trancehead's Avatar
 
Join Date: Oct 2007
Location: Vancouver
Posts: 2,362
Thanked 742 Times in 363 Posts
what do you know

another scheme in vancouver
MLM, pyramid, direct sales, ponzi we love you all
__________________
Quote:

[23-07, 02:03] shawn79 i find that at vietnamese place they cut ur hair like they cut grass
[23-07, 02:03] shawn79 do u go to vietnamese places for haircuts
trancehead is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 03:09 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net