incompetent – BCSC Truth Movement

THE BC SECURITIES COMMISSION – THE REGULATOR WHO REGULATES THEIR OWN INVESTMENTS!

-ORIGINALLY POSTED IN MARCH 2017-

As recently reported by http://bcsecuritiescommissionasham.blogspot.ca – it appears that the British Columbia Securities Commission (‘BCSC”) physically regulates corporations that they have physically invested into via their public sector pension and retirement operator (the British Columbia Investment Management Corporation (“BCIMC”).

On the website operated by BCIMC it states, “With a global portfolio of more than $121.9 billion, bcIMC is one of Canada’s largest institutional investors within the capital markets. We invest on behalf of public sector clients in British Columbia. Our activities help finance the retirement benefits of more than 538,000 plan members, as well as the insurance and benefit funds that cover over 2.3 million workers in British Columbia. Based in Victoria, British Columbia and supported by industry-leading expertise, we offer our public sector clients responsible investment options across a range of asset classes: fixed income; mortgages; public and private equity; real estate; infrastructure; and renewable resources. Our investments provide the returns that secure our clients’ future payments and obligations.”

As you can see (below) in a portion of the BCSC’s 2015-2016 Annual Service Plan Report, we see that the BCSC holds just over $20.3 million in bcIMC investments.

In the section below – again taken directly from the BCSC’s 2015-2016 Annual Service Plan Report (and supposedly written by Brenda Leong) the writer outlines the BCSC mandate with respect to their investments. One can immediately notice there is no disclosure that they regulate their own investments. In the wording (underlined in red) we can see they indicate “Our investment policy allows us to buy units of the following bcIMC pooled funds….” but again fail to acknowledge anything that can/and should be considered offside.

And in the underlined section above we see that in “their” opinion, their “investments do not expose the BCSC to significant credit or material market risk because we invest in liquid, high quality money market instruments, government securities, and investment-grade corporate debt securities.”

IS THIS BECAUSE THEY REGULATE THEIR OWN INVESTMENTS AND THAT THEY WOULD NEVER SANCTION COMPANIES IN WHICH THEY HAVE INVESTED?

Turning our attention now back to the bcIMC website, we have found their end of March 2016 Investment Inventory List (Click on link). At a simple glance, we see hundreds and hundreds of names of companies – some are well known and others many have never heard of. There are literally companies from all over the world and some are located right here in British Columbia.

Here is where it gets interesting, there are names on this list that the BCSC has battled (or is currently battling) as it combats securities fraud, mis-representations, excess fee’s violations and other regulatory issues.

But that is all fine – I imagine there will be people that say, “Who cares, I am sure the IF one of these companies committed some sort of a securities crimes or had some sort of regulatory issue – I am sure the BCSC would conduct themselves in a professional manner…”

Ladies and Gentlemen, I present to you the BCSC vs HSBC , known as 2016 BCSECCOM 185 – a matter that presented itself to the BCSC. It seems that a division of HSBC had over-charged their own clients excess fees “Due to inadequate controls and supervision, it did not apply this policy consistently, which resulted in some clients paying extra fees.” For their trouble, the Respondents (who’s head office is the Worlds’ 6th largest bank worth $2.4 TRILLION dollars) had to pay $300,000 CDN and costs of the investigation of $20,000. And they had to pay just under $7.1 million of the fees the OVERCHARGED back to their clients. CASE DISMISSED!!

It is important to look at the timing of this matter – it was during a stretch of time AFTER former Executive Director Paul Bourque was fired or quit and BEFORE present BCSC Executive Director Peter Brady was put into the position. You guessed it – BCSC Chair Brenda Leong approved this Settlement Agreement.

This definitely needs a closer look by a government watchdog organization! Why is there no disclosure in the BCSC financial overview that the public reads that they in fact regulate companies in which they have investments into.

Bizarre days indeed at the BCSC!

RESPONDENT CHALLENGES BC SECURITIES COMMISSION TO TAKE HIM TO COURT!

TO: ALL STAFF AT THE BCSC

On May 18, 2016, and every day since that we have written on this blog, we have challenged you to answer simple questions regarding the matter we had before the BCSC. To date, NOT one of you have bothered to reply, or even defend our allegations against the BCSC Staff. For that, one could say you are very spineless and act without merit and we think you should all be ashamed of yourselves.

The BCSC appears to have two sets of rules and will only reply to something that supports their set agenda. In addition, it appears they have the newspaper reporters in their pockets because not one of the slimy writers will write a story against the “government machine” in fear of wrinkling the wrong feathers. They had NO problem reporting on day 1 of our hearing when the case was presented by the BCSC, reported a very biased one-sided story and did not cover the balance of the hearing when we presented our case and had 94% of the allegations (dollar amount) thrown out by the Panel.

To ANYONE who doubts what is being said in this blog and that we are not telling the truth, we say this….

“Why isn’t one of the most powerful government agencies in BC, with unlimited funds to fight legal battles, suing us for defamation? After sending out letters from your lawyer to Peter Harris and Christopher Burke – Why are you not suing them for defamation after threatening to do so?”

In our opinion, there are 2 reasons for them cowering up and putting their heads in the sand:

1. They are not able to sue for Libel/Defamation because we are not saying anything that is not true. Our blog posts contain facts and have not exaggerated the events or allegations made against their Staff. We have merely presented questions to the grossly incompetent BCSC Chair Brenda Leong and the person who appointed her, Premier Christy Clark. Neither of these women will respond to our repeated request. Items like BCSC staff manipulating evidence, not presenting the settlement offer, and the BCSC staff bringing assumptions into the hearing room ARE factually correct. The have no reply because they have NO defense.

2. Secondly, they do not want to argue against us, offer us another hearing, or answer our simple questions because they know the moment they do – they will be incriminating themselves and going down a road they definitely do not want to take. THEY DO NOT WANT THE TRUTH TO COME OUT IN A REAL COURTROOM. It would appear they don’t want to step outside their domain and have a real judge (outside of their precious Kangaroo Court) telling the world what is happening within their walls. They will not answer Former Investors questions as to why they did not accept the Settlement Offer because they know the former investors will NOT like their answers and more than likely sue them for acting in bad faith. And don’t forget (as posted earlier in this blog), we applied, through a Freedom of Information request, all correspondence from staff litigators to/from the Executive Director with respect to the Settlement Offer. There was NOTHING – these bozo’s (Staff Litigators Olubode Fagbamiye / C. Paige Leggat and Executive Director Paul Bourque) didn’t even have a discussion with one another regarding the investors opportunity to recoup some (if not all) of their funds! Incompetent!

Now, we will issue you three FORMAL CHALLENGES:

CHALLENGE #1: WE CHALLENGE YOU TO HAVE YOUR FLASHY LAWYERS SEND US A LETTER DEMANDING WE SHUT DOWN OUR BLOG FOR BEING INACCURATE AND/OR SLANDEROUS;

CHALLENGE #2: WE CHALLENGE YOU TO SUE US FOR DEFAMATION/LIBEL IF FOR ONE MOMENT OUR ALLEGATION OF BCSC STAFF ACTING IN BAD FAITH (WHEN MANIPULATING EVIDENCE IN THE PROCEEDINGS AGAINST US) IS NOT TRUE;

CHALLENGE #3: FINALLY, WE CHALLENGE YOU TO FORMALLY ADDRESS THE SETTLEMENT PROPOSAL (AS OUTLINED EARLIER IN THIS BLOG) THAT THE FCC AND DCF INVESTORS WOULD HAVE BENEFITED FROM.

IF YOU IGNORE US OR DO NOT HAVE YOUR COUNCIL COMMENCE LEGAL PROCEEDINGS AGAINST US IN THE NEXT 14 DAYS – WE WILL ASSUME THE ALLEGATIONS WE HAVE MADE AGAINST YOU TO BE VALID AND TO BE NON-CONTESTED. WE WILL PUBLISH YOUR RESPONSE (OR LACK OF) IN THIS BLOG 15 DAYS FROM NOW.

We are begging for you to finally act – it has been 266 days (and counting) since my blog started and you have all had your head in the sand. It his time people hear the truth. We want to go to court against you so we can start the process of people hearing the truth consisting a facts and not some slanderous, biased press release issued by your incompetent staff, followed up by being rail-roaded by your inept lawyers in the hearing itself, and then having employees that work in the same office as the litigators making a decision as some “independent” panel. Don’t forget, we have have a witness (brought in to testify FOR the BCSC) agreeing with our side; and the Panel still found that Staff proved this allegation. It is easy to conclude you people are all incompetent and possibly corrupt!

This is a telling time – the people are waking up and standing up to government agencies all over the World – specifically ones that appear to be corrupt! The BCSC is an agency that desperately needs an overhaul. It (like many of the agencies Clark’s government has touched) appears to be tainted.

Eagerly awaiting your reply Brenda Leong! When are you going to wake up from that deep slumber? How do you justify taking that $500,000 per year in salary when you don’t do your job? And finally, how can you not support your shitty staff when people are accusing them of wrongdoing? Spineless? How do you think your staff truly feel about you abandoning them? Word on the street is that many of your staff cannot stand you – and think you are in far over your head in the competence department!

We couldn’t agree more….

WHY WON’T SPINELESS OLUBODE FAGBAMIYE OF THE BCSC ANSWER OUR QUESTIONS?

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.

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!