Month: January 2019

After reading a scathing article written by Mr. Larry Elford, we can’t help but agree with Mr. Elford in questioning whether or not Canada’s 13 provincial securities regulators are in fact running a side business.

As you will see in his article below – he reviews and then questions just how the regulators in this country can “look the other way” when it appears securities violations are blatant. His theory is candid and to the point – the over-paid executives running each of the 13 provincial regulators are paid their excessive salaries by fees and other monies that come into their offices by many of these ‘offside’ companies. Take them out and their slush funds would possibly disappear into the night.

Our immediate reaction and beliefs are more direct and to the point…these scumbags appear to ALL be in bed together and the common folk in Canada better wake up before this country sinks further into the hole it appears to be headed.

Mr. Elford’s article is as follows:

Author’s Note:

Todays Globe and Mail Nov 17, 2018, pointed out that senior executives at Bombardier who wished to sell their shares…secretly, without notifying the public as the law requires, were granted yet another exemption to our laws, which I feel the public should know of.

Most people feel we are protected by securities regulators in Canada and I would like to put forth the view that perhaps this is upside down, not true.

The $8 Billion in investment market value decline in BBD shares in the last month or so is roughly equal to about 1.5 million street crimes, at an average cost of $5000 per street crime.  Most Canadians would be horrified to discover that 13 Canadian Provincial and Territorial Securities Commissions sell passes to “exempt” the laws, as easily as a high school kid sells fake concert tickets downtown.  Most Canadians think securites commissions are protecting the playing field, not rigging the playing field.  Most are wrong.

When exemptions were sold by Ontario Securitites Commission staffers to allow sale of unrated, illegal, Sub Prime Mortgage backed “investments”, the harm to Canada was roughly equivalent to the cost/harm done by about six million street crimes (and Canada does not even HAVE six million street crimes….those are USA sized figures for street crime) The exemptions to securities laws allowed roughly $32 Billion of unlawful securities (Asset Backed Commercial Paper) to be dumped upon unsuspecting Canadians by dealers who wished not to be “stuck” holding the junk themselves.  

When Valeant Pharma was given exemptions to Canada’s laws, the end effect was 90 Billion in market cap removed from the value of this company and this was roughly equal to more street crime than one can even imagine. These organized schemes are done without public notice, without public input, and in near total secrecy.  Not even the purchasers of law-exempted investment products have a right to be told.  This is not regulation by any standard, but systemic financial abuse by financial professionals.

I would just like Canadians to be informed that orgainzed white collar crime is harming the land by more than all the crimes in the land….and that this is done by organized professionals, acting in secret.

Bombardier has lost $8 bil in public investment market capitalization (todays Globe) in the last month. Why? Because 12 executives needed to dump millions of shares? Why because they knew the company was failing and they wanted a chance to sell their shares before the public found out. How did they (company insiders) dump their shares in secret? They applied to the provincial securities commission (your government regulator in each province) for an “Exemption” to the laws on public disclosure. Why would the regulators sell permission to skirt the laws? Because the financial industry pays the total salaries of the regulator…even the gov regulator is industry funded. So for salaries in the $400k to 700k range (top four executives at the BC Securities Commission share roughly $2 mil for example) the financial industry gets hand-picked, handmaids, who will sell out the public interest repeatedly….Why would they do that? Because that is how self-regulated (lawless) capitalism works. Regulators do what they are told, by the industry who pays them, or they lose their six figure job. A breach of the public trust, yes, but who is going to ever know that they do this sometimes 500 times per year? $8 billion in lost public investment value is roughly equivalent to the financial cost of 1.5 million street crimes at an average harm per crime of $5000. I forget now, what was the question? 

The Globe and Mail article is here

Recently the British Columbia Securities Commission printed a big fancy press release boasting with regards to money they have recovered in a matter from back in 2014.

While reviewing Receivership Order filed at the Supreme Court of British Columbia we happened upon another “grade 2 mistake” by the good people running our courts and the seemingly 2-cent lawyers that bring matters before the courts in this province.

By all accounts Lawson Lundell LLP looks like a good law firm and one can easily see that the scumbags at the BCSC lean on Lawson Lundell for many of their cases that the BCSC’s utter failures lawyers (like Olubode Fagbamie) are not able to handle. A closer look and we see that the BCSC “go-to guy” seems to be a William L. Roberts as he has represented them recently in several cases.

Now it looks like working for (and with) the BCSC (and their incompetent staff) has rubbed off on Mr. Roberts and his personal assistant whom we assume wrote the following: (NOTE: We have omitted some pages of the document)

Why would it have a completely different name on the last page of the Receivership Order? This document was filed on December 13, 2018 at the Supreme Court of British Columbia and these clowns cannot even ensure they have the right name on the document? Sounds oddly familiar does it not?

What say you Willy Roberts? In such a race to get your paycheck that you forgot to proof-read your submissions before you signed your name? Sloppy sloppy – no wonder you and the BCSC get along so good! Is your legal assistant related to the BCSC’s Colette Colter by any chance? LOL!!

ORIGINALLY POSTED ON DECEMBER 5, 2016

In a former post in this blog a few weeks ago, we told a story of one of our former investors calling the BCSC to ask questions regarding our matter.  Unfortunately, whomever she spoke to at the Commission hung up on her before she could get ANY answers to the questions she had for them.

Today, we thought we would try to get answers from Staff Litigator Mr. Olubode Fagbamiye (the Staff Litigator that worked directly on my file) from essentially day 1.  He was one of the lawyers (the other being C. Paige Leggat) that was present during the hearing and he was certainly there during the period of time we presented our settlement Offer that would have seen the investors participate in the successful Deercrest property (without involvement from Staff at West Karma Ltd.).

As you will see in the video below, we did not waste Mr. Fagbamiye’s time and asked him 3 very direct questions.     It is almost laughable his replies (or lack there of) to our repeated questions.

IT IS OUR OPINION THIS VIDEO CONFIRMS EVERYTHING WE HAVE BEEN SAYING THE ENTIRE TIME.   AND IT REMAINS OUR OPINION BY FAILING TO RESPOND TO OUR QUESTIONS THE BCSC (AND THEIR STAFF) ARE COMPLETELY INCOMPETENT IN RUNNING THE SECURITIES INDUSTRY IN THIS PROVINCE!  

Shame on them all!   Especially this incompetent spineless amoeba that happened to work on our file (manipulating the evidence and not taking a valid settlement offer to the Executive Director).

For all former investors in both FCC and DCF, we encourage you to watch the video – now more than every you need to contact (phone, mail, email, fax) and get these questions answered.

They cannot ignore all of you!   As you can see, Fagbamiye’s phone number is 604-899-6790 and the main line is 604-899-6500.   Call them today – record the call or have someone witness the call for you.    Email them weekly if you need to!

It is time they are held accountable for THEIR actions in the West Karma matter.

The low-life Scumbags at the British Columbia Securities Commission have got it all figured out in terms of how they are finally going to boost their ability to collect on the half a billion dollars in fines they have issued over the last decade or so.

According to an article in the Vancouver Sun,  they are going to bring in an estimated $7.6 million by increasing their fees!   These are fees that financial advisors pay to be able to apply their trade in the province.    Ultimately, these fees will in turn be paid by the general public or anyone that participates in the securities market in the Province.

     BCSC’s PETER BRADY

The pond scum bringing these increased fees to the forefront are the usual players and they can’t even answer simple questions regarding their plan – BCSC Executive Director Peter Brady indicated to the Sun reporter that he did not have an exact number but a “significant portion” of these new funds will be earmarked to fight white-collar crime.    This sounds about right – raise $7.6 million and have no idea how much is going to used for collection activities?   How can they not tell us what their plan is and specifically how much of these funds are being allocated to the reason they are being raised?   These people are useless!  And it sounds to me like they just want to line their pockets….AGAIN!! Time for more bonuses we wonder?

Just maybe the good people of the Province of British Columbia would not have to pay increased fees if Staff at the BCSC would simply do their jobs and stop raiding the BCSC bank accounts to pay themselves ridiculous bonuses.    Click here to read that story!