April 2017 – BCSC Truth Movement

FOUR BCSC STAFF MEMBERS FIRED OR QUIT THAT HAD CONDUCT ON OUR MATTER!

On May 11, 2016, we sent a letter to BCSC Chair BRENDA LEONG and requested she provide (to us) any correspondence between her Staff Litigators (C. Paige Leggat and Olubode Fagbamiye) and the Executive Director ( Paul Bourque ) regarding the Settlement Offer we were trying to bring forward that would possibly have brought funds back to the former investors in FCC and DCF.

As you see in this letter FOI Request #1617-0005 – Reply from BCSC – June 16, 2016.pub , Ms. Leong indicates there are no records matching my request. We don’t even want to begin to understand why there would be NO correspondence between lawyers/clients when millions of dollars could have been at stake for the investors – how is this even possible??

Not having internal correspondence between relevant parties (considering what was at stake for the former investors) reeks of unprofessionalism by Staff and certainly does not give any confidence they truly had the best interest of the investors during all relevant times.

That being said, Leong is either lying or (for whatever reason) there truly are NO records of correspondence between her star lawyers and their higher ups. Either way, this translates into a huge problem for the BCSC. Here’s why….

Assuming she is not lying, as per the Code of Ethic’s on the Law Society of British Columbia’s website , a lawyer must present ANY settlement offer it is presented to their client to avoid hearing. Staff DID NOT do this as they have admitted this in letters to the Respondents. In a file of this magnitude, and with the numerous attempts by us to settle – there is not one internal document related to the settlement offer that was presented? We truly find this hard to believe but if true – these are the people that are “protecting the capital markets in BC”??? Time for a WAKE UP CALL BRITISH COLUMBIA!!

And if she is lying then this becomes a bigger problem as she has been appointed to that position by elected government officials – more than likely Finance Minister Michael De jong or Premier Christy Clark.

In the first scenario above, we have the facts:

The Respondents submitted a Settlement Offer to the Commission on November 7, 2013 – Staff did not respond until December 30, 2013.
When Staff did reply, they stated they had NOT taken the Settlement Offer to the Executive Director and would only do so IF we plead guilty to ALL allegations AND paid approximately $5.8 million in fines and disgorgement.
As of June 16, 2016, we now have it in writing that there in NO communications whatsoever between Staff and the Executive Director with respect to any discussion regarding the Settlement Offer.

As we were preparing this latest blog post – something remarkable just became VERY apparent….what is happening down at the BCSC???

Paige Leggat (Source: mypersonaltrainervancouver.com)

C.Paige Leggat – Staff Litigator RESIGNED OR TERMINATED IN 2014

teresa-mitchell-banks (Source: mingpaocanada.com)

Teresa Mitchell-Banks – Director of Enforcement RESIGNED OR TERMINATED IN 2015

paul-bourque (Source: cbc.ca)

Paul C. Bourque – Executive Director RESIGNED IN 2016

These are the 3 major parties that would have been responsible for negotiating, accepting or denying the settlement agreement WITH the investor in mind.

And lets not forget the flunky investigator Elizabeth “Liz” Chan – she was either terminated or quit in April 2014 – the same month she admitted to assuming during her cross examination.

Elizabeth Chan – Lead Investigator

PLEASE….FORMER INVESTORS IN FCC AND DCF – HELP US GET TO THE BOTTOM OF THIS. AGAIN, THIS SETTLEMENT OFFER WAS NOT EVEN PRESENTED TO THE ONLY PERSON THAT COULD HAVE ACCEPTED IT ON YOUR BEHALF!

******CONTACT THE BCSC AND FIND OUT WHY!******

604-899-5600 or email them at: inquiries@bcsc.bc.ca

IF THEY DON’T ANSWER YOU, GO ABOVE THEIR HEADS AND CONTACT YOUR LOCAL MLA OR OTHER GOVERNMENT OFFICIAL! ITS VITAL!

DOES BCSC’S C. PAIGE LEGGAT THINK SHE’S THE BOSS DURING SETTLEMENT NEGOTIATIONS?

Only a couple of weeks before the extremely expensive hearing began at the BC Securities Commission, we again tried to settle by sending a proposal to their lawyer. Staff Litigator C. Paige Leggat again indicated the ONLY way she would consider taking the Settlement Offer to the Executive Director was IF I agreed to all allegations in the Notice of Hearing and paid a fine and disgorgement of $5.8 million.

Lawyer C. Paige Leggat

This was the final straw and ended up costing the FCC and DCF Investors any participation in the real estate project that was part of the Settlement Offer.

WHY WOULD THE COMMISSION (WHO’S MANDATE IS TO HAVE THE BEST INTEREST OF PARTICIPANTS IN THE BC CAPITAL MARKET) NOT EVEN DISCUSS WITH THE RESPONDENTS THIS OFFER?

Settlement Emails – March 21-24, 2014 – (CLICK HERE)

The wording in these latest emails is comical – Leggat has the gall to imply that “we” had been in settlement negotiations for the last few months. This is absurd – as she blocked EVERY attempt the Respondents made to settle and bring something back to the table for the investors in FCC and DCF.

And from looking at the Code of Ethics for ANY lawyer in the Province of British Columbia – it is clear that they must take any and all offers to settle to their client. In this case – that would be the Executive Director at the BCSC. At the time, this would have been Paul Bourque.

Paul Bourque – former Executive Director of the BCSC

This is YOUR regulator people! Call them and find out why they did not even enter into discussion with the Respondents – Call 604-899-6500 and ask for someone to explain this to you!! Unfortunately you cannot ask for C. Paige Leggat as she miraculously resigned shortly after we accused her of manipulating evidence in the Executive Director’s Written Submissions on Liability! Maybe you could ask for the Director of Enforcement at the time – Ms. Teresa Mitchell-Banks – oh sorry, you can’t – she was terminated in November 2015 under what seems to be mysterious circumstances to say the least.

Teresa Mitchell-Banks

What a complete GONG SHOW this organization appears to be! Who’s in charge? When are they going to wake up?

COMPLAINT FILED WITH BC CONFLICT OF INTEREST COMMISSIONER REGARDING BCSC’S ACTIONS

From the blog of http://bcsecuritiescommissionasham.blogspot.ca/ :

Thursday, 13 April 2017

Complaint Filed With the BC Conflict Of Interest Commissioner Re Corrupted BCSC

To the attention of the Conflict of Interest Commissioner:

To the Attention of:

Conflict of Interest Commissioner

First Floor 421 Menzies Street

Victoria BC V8V 1X4

I would like to launch an official complaint regarding the BC Securities Commission and numerous conflicts of interest that it is entangled in. These issues are serious issues that effect all Canadians and investors globally.

I will start with the primary complaint however there are several levels of conflict of interest that exist at the BC Securities Commission. Taken as a one off they may not be so concerning however when the larger picture emerges it is clear the BC Securities Commission operates in such a conflict of interest that it has compromised both its purpose and its legal integrity.

Conflict of Interest #1 – BC Securities Commission Owns Securities in BC Investment Management Corporation.

The BC Securities Commission cannot properly do its job and ensure a fair marketplace, it cannot hold Tribunals and render any meaningful judgments when it itself may stand to gain financially from deciding one way or another when judging a financial securities case.

Here is the evidence regarding the holdings of the BC Securities Commission in BCIMC.

The source can be seen here at the BCSC website.

http://www.bcsc.bc.ca/uploadedFiles/About_Us/Annual Report 2015-16.pdf

More on the BCSC and its BCIMC Holdings Below.

The BC Investment Management Corporation holds hundreds of financial securities, many companies which may be and/or are in direct competition with other public and private companies operating in BC and Canada owned by Canadians, British Columbians and the rest of the shareholding public around the world. These investors all expect to invest in a sound market where the rule of law is prevalent and the financial securities regulator operate as free from conflict of interest as possible.

The BCSC may claim that it does not directly own any public and/or private equities in the securities markets, it simply owns commercial paper through BCIMC however this is still a clear cut conflict of interest. How can the BCIMC and any of its potential holdings not get preferable treatment from the BCSC when the BCIMC controls the pension funds of the BC Securities Commission?!

Here is the link to the list of holding of the BCIMC.

https://www.bcimc.com/publications/pdf/Inventory/Investment Inventory 2016 – Final.pdf

How can the BC Securities Commission make any rulings in the financial sector that are not in some way compromised by the holdings of the BCIMC?

Conflict of Interest #2 – The BC Securities Commission is Self Funded and Compromised Due to Its Inherent Need to Fund Itself.

The BC Securities Commission exists as a corporation that is self funded. It is the financial regulator for the securities markets in BC and must maintain the integrity of the markets and assure a fair and dynamic marketplace. It cannot do so when it exists by creating rules and regulations which must be broken in order for it to create revenue for itself.

See below on how the BCSC is funded.

Source –

http://www.bcsc.bc.ca/About_Us/Who_We_Are/

Since the BCSC is self funded would it be more inclined to skip due process and adherence to the rule of law when making a case?

We certainly think so given this email below.

Source –

http://bcsecuritiescommissionasham.blogspot.ca/2016/01/this-is-not-about-securities-its-about.html

Keep in mind although the BCSC claims the right to operate as it sees fit it must still adhere to the rule of law and the fundamentals of justice. There is no protection under Section 170 or any other part of the Securities Act that allows the BCSC remedy for its actions.

This has been demonstrated here.

http://bcsecuritiescommissionasham.blogspot.ca/2016/01/no-protection-under-section-170-of.html

How can the BC Securities Commission be trusted to act in a fair and unbiased manner when making any legal rulings if its very financial well-being may depend on it ruling in a manner that favours itself over justice?
These are just a couple examples of the BC Securities Commission and its complete disregard for the rule of law and justice, I will not at this time cover the full extent of the crimes of the BCSC.

The purpose of this complaint is to outline the conflicts of interest at the BCSC that encourages and perpetuates the ongoing criminal activities of the BC Securities Commission.

Conflict of Interest #3 – The BC Securities Commission is supposedly a Self Regulating Organization (SRO)

Again this is unbelievable. How this is not a considered a conflict of interest is very puzzling and concerning.

Hold on for this one..

So a financial regulator (the BCSC) that is actually a corporation that owns ‘securities’ in another corporation (the BCIMC) that owns investments inside the jurisdiction that the financial regulator is tasked with regulating. This financial regulator also happens to have to fund itself and police itself while supposedly maintaining a fair marketplace. When one has a complaint about the actions of the BCSC staff which is often criminal that complaint is submitted to the BCSC who somehow always find that no wrong has been done despite all evidence to the contrary. Did the mob think this racket up?

How Conflicts of Interest Compromise the Mandate of the BC Securities Commission.

The supposed mandate of the BCSC and the reality of how it actually operates are two complete different things. The previously mentioned conflicts of interest are not the only ones at the BCSC, the issues facing our thoroughly corrupted financial regulators are vast and complex. Many of the underlying issues however stem from the fact that these conflicts of interest exist, the BCSC operates in the manner of an extortion racket. It uses its supposed powers and the fact that it is an SRO that is also self funded to extort the people of BC with its often compromised judgments in its sham of a Tribunal process. These conflicts of interest have encouraged the BCSC to completely throw out the rule of law.

The following are a couple of links containing evidence that furthers these claims.
Would conflicts of interest encourage BCSC employees to lie in order to make a case?

http://bcsecuritiescommissionasham.blogspot.ca/2016/01/bc-security-commission-perjury-files.html

Why would the BCSC refuse a Settlement offer that could have protected shareholders of a BC company from losing their investments?

http://www.bcsctruthmovement.com/bcscs-c-paige-leggat-and-olubode-fagbamiye-wont-accept-settlement-offer/

Why would the BCSC try to hide this case from the public?

http://bcsecuritiescommissionasham.blogspot.ca/2017/03/case-43449-bc-court-of-appeal-missing.html

The BCSC is deceptive and operates in a criminal manner, the conflicts of interest that surround it play a large part in this racket.

To much of the public the mandate of the financial regulator for the province of BC is seemingly straight forward and understandable, at least according to its website.

See below exerts from the BCSC itself.

The BCSC cannot properly fulfill this mandate to ensure a fair marketplace while these conflicts of interest exist. Nor can the BCSC adhere to the Taxpayer Accountability Principles it claims that it cares about.

Its time for a full scale investigation into every aspect of the BCSC and how it conducts its ‘business’.Thank you very much for your time on this matter, you may contact me with any questions or for more info.

Regards

Christopher Burke

UPDATE: CBC DOES HUGE STORY ON THE ADVISOR/ADVISER FIASCO THE REGULATORS IGNORE!

Searching through the web and even YouTube, it doesn’t take long for some very powerful videos to surface – none more compelling than the work of a gentleman named Larry Elford, who lives in Alberta. His videos seem well researched and spot on for many of the difficulties the BCSC (and the other 12 provincial regulators) seem to be dealing with on a regular basis.

Government Regulators Help “Launder” Your Money…Gone!

Securities Commission Distraction

The “Douche-iary” Investment Advisor

Trust Me I am an Advisor…(And I…AM Lying…Twice)

We think you get the idea…

The System is broken and needs an overhaul. We used several sales agents that told us they were financial planners, brokers, and/or advisors/advisers. In our dealings with them (from 2007-2010), it was very apparent that many of them only cared about the commission being offered and not about the best interest of their clients – some of which were even family members.

We thought we would take a moment to see the current status of most of financial experts who raised capital for either (or both) of the FCC or DCF offerings. Bear in mind, the Respondents only met approximately 12-15 (out of 250) of the investors in FCC and DCF.

You can verify the information below by visiting the Canadian Securities Administrator (“CSA”) website. Here we go…

DUKE, James (Jim) – NOT REGISTERED WITH THE CSA (Owner of Duke Wellington)

RICK UNRAU – NOT REGISTERED WITH THE CSA

ROD BURYLO – NOT REGISTERED WITH THE CSA

LANG, David K – NOT REGISTERED WITH THE CSA

WING, Fredric – NOT REGISTERED WITH THE CSA (Former Partner/Founder at Strategic Brokerage Services West LP (“SBS West”), instrumental in bringing the Falls project onto the shelf at SBS in 2009 as well as an avid golfer)

CHAN, Alex – NOT REGISTERED WITH THE CSA (Former Partner/Founder at SBS West, has CHS – Certified Health Insurance Specialist; CFP – Certified Financial Planner; CPCA – Certified Professional Consultant on Aging; EPC – Elder Planning Councilor; CFSB – Certified Financial Services Broker).

HEINRICH, Adam S – REGISTERED WITH THE CSA (Sent a very long list of questions during his due-diligence of the Falls project – very professional and detail orientated)

ANDREWS, Miriam – REGISTERED WITH THE CSA – (Introduced by SBS West Staff. Came to Falls property and completed her own due diligence before placing funds into project. Very Professional)

MACKAY, Robin – NOT REGISTERED WITH THE CSA – (Introduced by SBS Staff. Owner of Drake Wellington in 2010).

McARTHUR, Ian (Peter) – REGISTERED WITH THE CSA – (Introduced by SBS Staff. Asked several questions in his review of the project – very professional.)

LAI, Loretta – REGISTERED WITH THE CSA

TOEWS, Jeff – REGISTERED WITH THE CSA (Registered under Raintree Financial and currently calls himself the CEO and Strategic Wealth Planner at Drake Wellington.)

PAQUETTE, Susan – NOT REGISTERED WITH THE CSA

Just looking at this very simple list – it appears (in our experience) the sales people that have been registered with the CSA were far more diligent in their preparation of putting clients money into the Respondents projects – with exceptions of course.

It would be interesting to see how they currently spell ADVISOR/ADVISER…

…something to think about!!

UPDATE: April 11, 2017 – We have come across this story from CBC today! Kinda tells it all does it not? (Click on the link)

http://www.cbc.ca/player/play/909827651762

WHY ARE STAFF AT THE BC SECURITIES COMMISSION QUITTING OR BEING FIRED?