As with the $45,000 that was returned to the FCC bank account, the Respondents also returned $20,000 to the DCF account on August 5, 2011.
When cross-examined during the hearing, Staff’s Lead Investigator, Elizabeth Chan (“Chan”) indicated she knew about this repayment but DID NOT include it in any of her summary work she completed but that she “might have seen this bank draft previously when I was reviewing the bank records” and that, “…I don’t know what this draft is for…” (Source: Hearing Transcript, April 14, 2014, page 61/62)
Chan’s credentials include having a Bachelor of Commerce degree from the University of British Columbia and a Chartered Accountant designation from the Institute of Charter Accountants. Understanding she is highly trained, one would think she would understand that summary evidence (when the Executive Director had the onus of proving the exact allegations outlined in the Notice of Hearing) simply would not meet any sort of test needed.
And the fact that she admits to knowing about this cheque, and the others (the $45,000 to FCC), one needs to question the motives behind the Executive Director and his Staff…and are they promoting a “fair, efficient, and innovation in the Canadian capital markets” as their website boasts? Our feeling is that Staff, when alleging a huge multi-million dollar fraud with the consequences so strong for the Respondents and their INVESTORS, they need to come to a hearing with accurate numbers – not just throw a bunch of stats at the wall and hope they all stick.
A copy of the cheque showing the repayment of the funds yet NOT included by Staff: 