The British Columbia Securities Commission has found a new way of reducing the comical $340,000,000+ it is owed in unpaid fines from accused securities fraudsters – according to the Vancouver Sun’s reporter Gordon Hoekstra in this article, they have simply waved a magic wand and wiped out approximately 1% of the fines they have issued over the last few years! An example of one of the files that have had their fines wiped out can be found here
With no fanfare and/or fancy press release, BCSC Chair Brenda Leong (and her cohort Vice-Chair Nigel Cave) issued a series of documents that effectively eliminated more than $35 million from their books. Money that just a few weeks ago was brought to light in a scathing Vancouver Sun article. This begs to question – what is going on down at the BCSC. You can’t collect the fines so you quietly just drop them off your books? Leong is literally falling apart as she goes about making a jaw-dropping $500,000 per year in her cozy position at the Commission.
It is evident that different hearings (going as far back as 2009) had outcomes that were incorrect. in one matter, the Respondent took the BCSC’s findings to a real courtroom during an appeal and a judge ruled the decision of the BCSC’s panel was not accurate. As a result of this finding in BC Court of Appeal, the BCSC has been forced to go back and review similar cases – and made variations to those decisions. This is very telling – and has affected hundreds of investors. Where is the outcry? Why is this not on the front page of every newspaper in this Province? Why did they secretly post the Variation Orders with no press release? Cowards! The poor investors in these matters are not left with nothing! Shame on the BCSC!!!
Go back and re-read the recent Hoekstra article – specifically read the comment section at the bottom. The BCSC continues to be a laughing stock to the public and people are calling for the immediate resignation of Leong and others. These people are proving time and time again they do not care one bit about the people of British Columbia – the people that these public servants are sworn to protect.
RESIGN BRENDA! And take the rest of your senior management with you!