For over 15 months now I have tried to get answers on behalf of the the former investors in both Falls Capital Corp and Deercrest Construction Fund with respect to my allegations that wanna-be lawyers Olubode Fagbamiye and C. Paige Leggat manipulated the key document relied upon in the hearing that took place in April 2014. Leggat’s personal friend has told me that she left the commission because of my allegation that she manipulated the document – and didn’t want to deal with any possible ramifications. That’s that definition of a coward!
C. Paige Leggat
In addition, I (along with a few of the former investors) have contacted Staff (namely Executive Director – the flip-flopping Peter Brady) in an attempt to find out why the Settlement Agreement sent to Fagbamiye and Leggat was not even put in front of the only person that could have accepted it…instead the scumbag Leggat indicated they only way I could enter into a Settlement Agreement was if I admitted ALL allegations the clowns at the BCSC brought forward during their PATHETIC investigation in 2012 and 2013 – by the elusive Elizabeth “Liz” Chan, which led to allegations being brought forward by the Executive Director Paul Bourque.
In a comedy of errors – Leggat, Chan, and Bourque have all left the BCSC or have been fired!
Elizabeth “Liz” Chan
To all Staff at the BCSC – you are all cowards and it will be my absolute pleasure telling my story over the next few months!!
You have a leader in Chair Brenda Leong that will not even defend her Staff and deny my allegations to be accurate. She is a phony and it is my hope that she is kicked to the curb by the new government in the near future. What is she hiding and why will she not reply to our emails – including those from the former investors – the ones that she is suppose to be protecting.
Staff had the onus to bring valid, compelling evidence before the Panel. Wharram (who has no legal training) had Investigator Elizabeth Chan admit that she assumed vital details that caused the Executive Director to issue portion of the Notice of Hearing against Wharram…
Yet the same Panel ruled the Executive Director proved “on the Balance of Probabilities” that the allegations were accurate. How is the compelling evidence?
The following attachment are part of the written Submissions on Liability the Respondents wrote in defense of this portion of the allegations.
Again we are truly seeing what kind of a person BCSC Chair Brenda Leong truly is – this week she responded to our Freedom of Information request in what can only be described as a continued act of cowardice. She had another opportunity to put much of our discontent to bed and she once again has decided to continue playing the game. That is fine – we are going NOWHERE!
BCSC Chair Brenda Leong
Our latest FOI requests was simple – we wanted to know why she was not responding to our repeated request to answer questions including why her staff (complete and udder failures of lawyers Olubode Fagbamiye and C. Paige Leggat) did not take our Settlement Offer to the Executive Director and whether or not she felt they manipulated key evidence in our hearing.
As you will see below she has decided to hide under her rock….despite her job description literally stating…
This was finally a chance for her to defend the actions of her Staff and to show these same staff that she will defend them against any and all allegations of wrongdoing. Fagbamiye appears to be simply too dense to even understand this woman (his boss) does not have his back.
Leong’s reply is as follows:
Between Leong and Executive Director Peter Brady – it is very clear this organization is failing the people of the Province of British Columbia. Investors have a right to know answers to our questions and they continue to hide from answering these questions….
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???
C.Paige Leggat – Staff Litigator RESIGNED OR TERMINATED IN 2014
Teresa Mitchell-Banks – Director of Enforcement RESIGNED OR TERMINATED IN 2015
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: email@example.com
IF THEY DON’T ANSWER YOU, GO ABOVE THEIR HEADS AND CONTACT YOUR LOCAL MLA OR OTHER GOVERNMENT OFFICIAL! ITS VITAL!
At the conclusion of the hearing, the Panel Chair instructed both parties to complete Written Submission on Liability. These documents argued the points brought up during the hearing and gave the parties the ability to prove (or disprove) the allegations brought forward in the Notice of Hearing.
One of the key documents involved in the hearing was the Offering Memorandum(s) (“OM’s”) used by the Respondents to raise capital. For those that invested with the Respondents, you will remember this document as one you were given at the time you invested. The BCSC (and other securities jurisdictions) allow an OM Exemption when raising capital in the securities market.
On May 16, 2014, the Respondents received the Executive Directors Submissions on Liability and began reviewing the points brought forward by Staff. We read them from cover to cover a couple of different times and soon noticed something very particular….
Unfortunately, at paragraph #10 of their submissions, Staff resorted to physically changing the appearance of the document. We feel they did this to suite their theory (and main allegation) that the Respondents did not forward the MAJORITY of the funds to the Developer. This was the big $5.45 million fraud allegation that was ultimately dismissed by the Panel. Let’s take a look at paragraph #10 as it appears in their submissions….
And now, for those of you that don’t have the FCC or DCF Offering Memorandums in front of you, this is how the document looked – keep in mind this document was relied upon at all times to raise capital for the projects, and Staff were suppose to have the onus of proving the case as alleged in the Notice of Hearing:
If ONLY Olubode Fagbamiye was this quiet in the hearing room…..
It looks like the definition of a CHICKEN SHIT COWARD continues to be the BCSC’s junior litigator Olubode Fagbamiye! In repeated request for Fagbamiye to answer our questions, he continues to cower and hide from answering any of them (or even denying our allegations). As you are aware, we sent him a formal letter on December 7, 2016 after our phone call to his office. During the phone call on December 5, 2016 he specifically says to write the questions down and communicate via written correspondence. Was he just saying that to get off the phone? It now appears so!
According to our friends at http://bcsccriminalcharges.blogspot.ca , this would put Fagbamiye in breach of a “Statutory Requirement for a government department to reply to all written correspondence within 14 days…”. If true, how does this continue to happen at the British Columbia Securities Commission? How are they above the law?
Mr. Fagbamiye – how does it feel to look in the mirror and know that you are part of the issues that continue to haunt the BCSC? How does it feel to be such a coward and fail miserably at your job?
Can someone working at the BCSC go down the hall way and make sure he is awake? Perhaps he naps throughout his days and has issues with getting his job done? Who knows?
This continues to get more and more ridiculous! Wake up Fagbamiye!!
What a last couple of weeks it has been for Walton International – the Alberta Securities Commission suspended Walton’s registration which prohibits them from selling any more of their investments. And then they hired Ernst & Young to take them through the CCAA process in an attempt to re-organize their debt. This sounds almost identical as the League Assets story we discussed last summer in this blog post. One can conclude the Walton matter will have the same ending! How can a company make hundreds of millions of dollars selling land be broke after 25+ years of being in business? Rumor on the street is the company is being gutted and those (at the top) have already cashed out their millions…
WAS THIS ALL PREDICTABLE?
Back a few years ago I came across a Sales Representative that worked at Walton International at a Calgary Flames hockey game. After chatting for a few minutes he suggested I look at his investment opportunity – it was a parcel of land down by Spruce Meadows (in the southern tip of Calgary). Although I was not interested in the investment, I agreed to meet with him at his office a short while later.
I remember their office being really nice and it seemed like they had a ton of staff. After receiving a brief sales pitch I was sent on my way with an envelope full of paperwork. Some time later, I opened the envelope and (as part of the package) discovered a letter from a lawyer named Donald Boykiw from the fancy Bennett Jones LLP law firm.
The letter is short and cuts to the point – it indicates that Boykiw is writing to inform Walton that the Alberta Securities Commission had reviewed Walton’s business practice of selling undivided interest in land to purchasers and that this review had been done as a result of sanctions against Walton’s prime competition in Alberta land banking. Boykiw goes on to state, “I would also advise that the Commission staff member who was involved in this matter has further advised that the ASC’s enforcement counsel would not be recommending any changes to the current forms of referral arrangements for both the mortgage referrals from Westmount Mortgage Corporation and the land referrals from Cordex Realty. We have also received a follow-up call from the registration counsel at the Alberta Securities Commission indicating that they ave also completed their review of such referral agreements and were not proposing any changes.” A copy of the letter:
The significance of this letter is simple – Walton International’s business model sees them allegedly buying farm land for as little as $400 per acre and turn around only days later and sell it for up to 7000% increases to investors from all over the World – and the gang down at the ASC gave them a clean bill of health while sanctioning others in the same line of work. And don’t forget – this happened during Ralph Klein’s duration as Premier of Alberta who’s daughter physically worked at Walton’s head office.
For those people that do not know who Walton International are (or were) – they purported to be the largest land banker (and then later land developer) in the nation. They had many projects throughout Canada and the United States. They had come under fire in some circles for paying huge upfront commission to their sales people and for having lavish spending sprees on chartered boats and trips for Staff. In one instance, it was reported they had chartered a large ship and had the expensive Self-Help Guru Anthony Robbinsas a guest to get their staff motivated to sell their product.
Facts are – may people have been reporting on Walton’s demise for years. A simple google search has found us endless reports from press from all over the World suggesting Walton’s business plan had some distinct cracks and was leaking severally. An article in the Ottawa Citizen from March 2013 suggests the land banking project in Ottawa was in trouble.
What happened in Singapore when they had several complaints about many Land Banking firms – even Walton International? Out comes the huge Public Relations wheel and they brought an entire news crew to see their operations in Canada….
This video is so biased towards Walton but comes across as some bi-partial news telecast – We wonder how much more they raised after this video made the rounds…
Would this all have been avoided IF the ASC had not given them that clean bill of health back in 2002 – that they used as a sales aid for their sales people??? Shame on the ASC! This story is going to be huge when the cards ALL come falling down – and this letter is going to be used in any case against the ASC! How are they going to be able to protect the Walton Investors when they are complicit in allowing Walton to exist – even going as far as giving legal advice that their sales people used to close the unexpected investors?