QUESTION:
WILL THE FORMER INVESTORS IN FCC OR DCF EVER SEE ANY OF THEIR ORIGINAL INVESTMENT EVER AGAIN?
ANSWER:
We are not sure – the BCSC has pretty much made it impossible for the Respondent to obtain work in the province of British Columbia. The Manitoba Securities Commission has already held a hearing and issued an order very similar to what the BCSC did. The Alberta Securities Commission (and other jurisdictions across Canada) will more than likely duplicate the orders as well. We are fine with not raising capital in the securities market as it does not have the best interest of the people.
Facts are the Commission was premature in branding the Respondents a multi-million dollar fraudster and by indicating we lied to them under oath during questioning. When potential employers look at this they are not exactly going to be lining up to offer employment. With no employment, we will not be able to pay money towards the disgorgement order. And bear in mind the absolute pathetic policy by the BCSC that even if I happen to pay funds towards the disgorgement, investors will have to wait 3 years to apply to get their money back – Yes, you need to apply to them to get your money back. Again their policy is found on their website at:
http://www.bcsc.bc.ca/Enforcement/Returning_Funds_to_Investors/
We argued as part of our Submissions on Sanction that we did not want this to take 3 years for the investors – in fact, we argued that if we ever come across substantial monies, we would like the ability to pay the investors back WITHOUT the involvement of the BCSC:
2015 BCSECCOM 422 – Repayment to Investors
When and if we are able to, we intend to pay each and every one of the former investors back their investment into my companies BEFORE we pay a dollar towards the $500,000 fine implemented by the BCSC. Whether this happens or not depends on where (and if) we land back on our feet. It is one thing to have the Respondents out of the securities market, but when they make it physically impossible for a person to obtain work we start to question what their motives behind their actions really take into account.
As of today, we have yet to find employment despite applying for several jobs in the area. As we pointed out in our Submissions on Sanction, we did obtain a tremendous job offer on February 10, 2015 paying over $130,000 per year – the Panel issued their Findings document document on February 11, 2015 and the job offer was rescinded approximately 1 week later.
This is just anther reason why we feel it was so unfortunate that the optimistic Settlement Offer (presented to the BCSC) should have, at the least, been explored by Staff at the BCSC. The property in now doing very well as the real estate market has exploded in the last few months in Chilliwack. This was by far, the best opportunity for investors to re-coup monies lost in the FCC and DCF offerings. It is time to find out WHY Staff at the BCSC did not even enter into negotiations with the Respondents when so much was at stake for the former investors.
I encourage ALL former investors in FCC and DCF to call the BCSC at 604-899-6500 and ask them. They are PUBLIC SERVANTS and represent your rights in the securities market and as such, they must answer you!