HOW IS BCSC CHAIR BRENDA LEONG IN TOP 3 COMPENSATED EXECUTIVES IN BC?

Recently, a message come across our desk showing the 2015-2016 Compensation Disclosure for the top 60 executives in the Province of British Columbia.   Shocked, we discovered the BCSC Chair Brenda Leong now ranks 3rd in the Province with compensation of a whooping $499,251, behind only the former President and CEO of the University of British Columbia ($576,054) and the astonishing salary of the CEO of BC Investment Management ($2,506,056).

As you have read previously in this blog, the BCSC have issued over $340,000,000 in fines and have only recouped (since 2013) a incredibly small $156,061.34 from Respondents found to have been in breach of securities laws in the province. This is not even .0004590 cents on the dollar!  Tell us again how this government organization is protecting the people of this wonderful province of British Columbia?   These are your government officials that have put these people in charge – if you or I had this little success doing our jobs we would be terminated instantly!

Now we question – HOW DOES BRENDA LEONG COMMAND A SALARY OF $500,000 PER YEAR WHEN FAILING MISERABLY IN DIFFERENT ASPECTS OF HER JOB?    When looking at the list, we can see several Executives in charge of BC’s universities that are making far less than 1/2 of what Leong brings into her home.  How is this possible?   And who has made this decision to pay her this enormous salary?   WAKE UP CHRISTY CLARK!

And to give you an idea of how much she is overpaid – ONLY 0.7% of BC’s WORKFORCE MADE MORE THAN $250,000 IN 2015-2016.   She is making double that!

As mentioned, it is time for change with these failing regulators and certainly time to look at the grossly over payment to a woman that is NOT doing her job – including standing up for her Staff and answering damn emails questioning her Staff’s actions.

This is very unfortunate!

bc-salaries-final

Source:  Integrity BC Facebook Page (as at October 14, 2016)

CHRISTY CLARK (AND FELLOW BC LIBERALS) IN TIGHT WITH ALLEGED FRAUDSTER?

Talk about egg on your face……

On September 26, 2016, the British Columbia Securities Commission brought allegations of fraud against a prominent Vancouver business man, Paul Oei.  The Vancouver media went immediately to press with the story and displayed a picture of Mr. Oei and his wife they found on the internet.  We assume that the writer of the article (Sam Cooper) went to the internet and googled Mr. Oei’s name extensively.

When we googled Mr. Oei’s name; one of the first pictures we came across was shocking to say the least.  In the photo of Mr. Oei,  we find local BC Liberal Party MLA John Yap, and none other than “Crooked” Christy Clark with her arm around him….presenting Mr. Oei with some sort of an award at a high-end gala.

Why would Cooper not print this picture of Oei with the Premier Clark and Yap if he really wanted an audience for his story?  The Premier and an MLA in a photo op with an alleged fraudster and this would not be news worthy?

 

christy-and-paul

Source: RHF YouTube page

It is alleged Mr. Oei, via one of his corporations, defrauded investors of $6.9 million dollars.  The BCSC is going to set dates for a hearing at a later time.   In a Richmond Hospital Foundation YouTube video (that was deleted today from YouTube) it shows Mr. Oei donating $50,000 to the foundation in 2012.

The fact that the Richmond Hospital Foundation has scrubbed the YouTube video only hours after the BCSC went public with their allegations would suggest they are not willing, ready, or able to stand by this man whether the allegations are accurate or not….and shows they are immediately distancing themselves from him during what will undoubtedly be a very difficult time in his life.

We can only assume that the allegations against Mr. Oei (the specific number of $6.9 million and allegations of money spent on personal items including donations) were investigated much more efficiently (and accurately) by the Commission investigators than in our matter – and we sincerely hope the investigations into Oei was NOT completed by the alleged inept Lead Investigator Liz Chan!!   Otherwise, they are going down a very slippery slope SPECIFICALLY blaming someone for something they may not have done.   Mr. Oei appears to be very well connected in the Vancouver community and will undoubtedly receive support from many – perhaps even Christy Clark and MLA John Yap – as he mounts his defense.

UPDATE: As at 11:00PM 27/09/2016

Surprisingly….Reporter Sam Cooper has NOW made the connection between Oei and Christy Clark and MLA John Yap with a very damning update to his original story.   Judging from the picture in his update, it would appear Premier Christy Clark very much appreciated Mr. Oei’s generous donations….just look at that million dollar smile!

This story is about to explode on the BC Liberals!  Just think of how ironic this is –  BC Leader Christy Clark appoints personnel at the BCSC who in turn appoint Staff to investigate alleged fraudsters who in turn show up at her fundraisers to give her money?   Truly mind-blowing!

STORY HERE

paul-oei3

Source:  MLA John Yap Twitter account/Vancouver Sun

 

STILL NO REPLY FROM “CROOKED CHRISTY CLARK”

For what ever reason, BC Premier Christy Clark continues to keep her head in the sand and refuses to respond to our numerous emails.   We sent another Email to Christy Clark – August 2, 2016 and she will not respond.   What is she hiding?

Christy Clark Meme

We do have a significant meeting this week with someone who indicates they will listen.   We will keep you posted!

Thanks to all that have sent messages of support!

WHAT THE HELL IS HAPPENING IN THE PROVINCE OF BC?

Christy

As time goes by we are learning so much about the regime in this Province.   No reply from Christie Clark’s office, no reply from the FIPPA office with respect to our questions regarding the tardiness of the reply from the BCSC.    We did get your typical “there is nothing we can do” letter from Finance Minister Michael De jong’s office which is exactly what we expected!  No one is accountable in this Province.   We hope people remember this at the time of the next election.

On June 14, 2016, we sent the following letter to the Intake Office (Ms Alison LeDuc) at the FIPPA Office in Victoria, BC.   18 days later, we still have no answers to our questions – let alone even a reply telling us to take a hike!   As you can see, our letter is non-aggressive in nature and we have tried to be very polite.

Letter to FOI Office – June 14, 2016

Why are they refusing to reply?    Are they protecting fellow government workers at the BCSC?    We will keep writing them letters until we have answers!   We will go above their heads and get someone who will answer the questions.  We will find the truth!  We are NOT going away!

IT’S ABOUT TIME YOU PEOPLE WAKE UP AND START DOING THE JOBS YOU WERE ELECTED TO DO!!

 

FOI REQUEST PROVES OUR BIGGEST FEAR

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???

Paige Leggat  (Source: mypersonaltrainervancouver.com)

C.Paige Leggat – Staff Litigator                                                                              RESIGNED OR TERMINATED IN 2014

teresa-mitchell-banks    (Source: mingpaocanada.com)

Teresa Mitchell-Banks  – Director of Enforcement                                          RESIGNED OR TERMINATED IN 2015

paul-bourque         (Source: cbc.ca)

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.

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: inquiries@bcsc.bc.ca 

IF THEY DON’T ANSWER YOU, GO ABOVE THEIR HEADS AND CONTACT YOUR LOCAL MLA OR OTHER GOVERNMENT OFFICIAL!  ITS VITAL!