Finally some great news from the BCSC!
Recently, the Vancouver Sun reported that “B.C.’s top officer in charge of financial crimes says the RCMP will work more closely with the B.C. Securities Commission – and provide assistance where possible to local detachments – to help catch investment fraudsters.”
Sounds fantastic doesn’t it? But in the article we can also see very easily one of the fundamental issues at the BCSC. Top fraud cop Supt. Henry Tso, who commands the financial integrity and Federal Serious and Organized Crime units in B.C. and arrived here from Ontario in summer 2017, said “There is work to be done” and could not explain how a $30 million Ponzi Scheme involving B.C.’s Virginia Tan would not garner an investigation by the local R.C.M.P. detachment. Tan was ordered to pay (as part of a bullshit settlement agreement with the BCSC) a fine of $3 million – while raising over $30,000,000.
Again (according to the Sun), one of Tan’s investors complained to the North Vancouver R.C.M.P. – and just this last February he was told that his complaint would go unanswered by the RCMP because “the BCSC had already dealt with the matter.” On what planet is this OK?
But here is the part of the article that really shows where Tso’s head is at and should worry the people of British Columbia. With respect to the Tan file, he states, “I don’t know why they don’t take it, because it’s a good criminal case”. Kinda says it all doesn’t it? We don’t really blame him though – it appears MANY people in this Province have their head in the sand when it comes to the BCSC and their decisions to not to pursue matters in a criminal setting.
THE REAL ANSWER IS OBVIOUS
As we have said many times in the past, the BCSC is a ‘racket’ and that ‘racket’ would disappear IF these cases went the criminal route. In a criminal matter the BCSC would NOT be able to bring allegations of fraud with sub-par investigative work, they would not be able to argue cases in a real court room, and finally they would NOT be able to bring multi-million dollars fines and disgorgement orders. Taking this money out of their coffers would not allow them to keep their status as “self contained” and their ‘racket’ would end!
The BCSC’s lawyers are flunkies that probably couldn’t find work at a real law firm – and as we know from our own dealings at the BCSC, their level of work is pathetic! A real judge would laugh them out of a courtroom if they tried to manipulate evidence and bring bogus allegations into a real courtroom!
The Sun article goes on to state the following:
“Tso said technically a scheme such as the Tan Ponzi one wouldn’t fall into the scope of the financial crime unit, a federal group that reports to Ottawa, and which is meant to take on only the most high-level cases that must meet a set of criteria, including whether the alleged crime is international in scope and undermines the economic integrity of Canada.
However, Tso said under his command that he will be willing to offer the unit’s financial-crimes expertise to RCMP detachments and municipal police forces where he can.
The two units Tso commands in B.C. comprise 200 personnel, including investigators, forensic accountants, analysts and support staff. The units’ responsibilities include capital market fraud, anti-money laundering, proceeds of crime, counterfeit currency, frauds against the government, large-scale frauds, mass marketing fraud, cybercrime and bankruptcy fraud.
As an example of assistance the RCMP federal, financial-crime unit can offer, Tso pointed to a case in which the Mission RCMP arrested four people two weeks ago for their involvement in a gifting circle, a pyramid scheme in which the buy-in was $ 5,000. Said Tso: “If we can help someone or some police department to actually get charges and arrest people, I am there.”
Tso said he has been meeting with senior securities commission officials on a biweekly basis to share information to see where the federal financial-crime unit and the BCSC can work together on a criminal investigation, something which hadn’t been done much until now.
I don’t know why before we weren’t working together — it puzzles me,” said Tso.”
THINK RACKET MR TSO….THINK RACKET!!
“Tso said he would like to see something similar established eventually in B.C., but said he wasn’t sure if the securities commission had enough resources and manpower to make it work.”
The BCSC has all the manpower that they can possibly ask for – this is a cop out and is why the BCSC continues to rank up there with ICBC as the most comical crown corporation in BC.! Pardon the pun!
With these people at the helm – this Province (and their perceived fraud issue) will NEVER get better! Sad times!
