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!

17 MONTHS AND COUNTING….COWARDS AT BC SECURITIES COMMISSION REMAIN MUTE!

For 17 months now I have been posting in this blog – some of the posting have been direct and to the point.   I have challenged staff at the BCSC to refute anything they have read, I have reached out and tried to contact staff at the BCSC and challenged them to answer very simple questions.  We have even had some of the former investors contact the BCSC and and the cowards running their offices will not even respect these requests.    We have posted some very unflattering things about BCSC Chair Brenda Leong, Staff Litigators Olubode Fagbamiye and C. Paige Leggat, the complete failures of Lead Investigator Elizabeth “Liz” Chan, and the actions of other BCSC Staff including Colette Colter, Alan Keats, Peter Brady and Paul Bourque.    And yet through it all, they have remained completely silent.  They have not even had there very expensive legal representatives contact me to have me take down this blog…

Why?    Because everything I am saying is accurate and they do NOT want to challenge me in a real courtroom.   They truly are run by a group of misfits that do not have the best interests of investors at heart – despite this being part of their mandate.

We have recently been in contact with another group that was railroaded by the BCSC and their story is even worse than ours – stayed tuned for more!

 BCSC Chair Brenda Leong

Executive Director Paul Bourque (Former)

    C. Paige Leggat

 Elizabeth “Liz” Chan

 Executive Director Peter Brady

DOES BCSC’S LAWYER OLUBODE FAGBAMIYE PROVE HE IS SPINELESS??

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.

 

 

WHY DOES THE BCSC DOES NOT BRING CRIMINAL CHARGES AGAINST RESPONDENTS?

I have had people ask me recently why they BCSC did not pursue criminal charges against me (and several other of their many allegations over the years).   In actuality, the BCSC bark is much stronger than its bite.   For many accused fraudsters life continues as if nothing even happened – they simply move to another profession or move out of the Province in which they were charged.   It is in these situation that former investors fell even more helpless and that there truly is no recourse against the wrongdoing.

It is our opinion that the crux of the matter is that the BCSC (and their counterparts in other Provinces) prefer it this way – for a couple of different reasons:

First, they are complete egomaniacs that want to control every inch of an investigation – they are able to throw whatever they want at the wall and hope it sticks.   In a criminal investigation the level of proof (before a judge will issue a warrant)  and even hear allegation in a court room is far greater.   Investigators, including the complete and udder failure Elizabeth “Liz” Chan and her boss at the time Lori Chambers are able to run around with their badges and have relatively no experience – remember Chan was a simple Chartered Accountant when she started at the BCSC.   How does a CA end up with a badge?   She was trained to add numbers up and wasn’t even able to do that right – how can she have conduct on a file as an investigator??

And secondly, and more importantly, they are able to bring many bogus allegations against Issuers WITHOUT having to really prove anything.   They do NOT have to appear in front of a judge or jury and need to only prove their case on the “balance of probabilities” (51%) in front of their own peers – rather than in a courtroom where a far greater case must be presented to prove their allegations.  Respondents really don’t stand a chance and the process certainly is not fair to all parties – despite this being a mandate on the BCSC’s website.

The BCSC is run internally where Respondents must go against an Executive Director, lawyers and a Panel of appointed Commissionaires whom are ALL paid by the same internally run BC Securities Commission.   During our hearing, it was an almost daily event to see the lawyers walk out with Chan and get in the elevator.  One can almost be certain that they had private meetings to discuss strategy during the days of the hearing – this would NEVER happen in a criminal case with real lawyers and judges.   During the hearing, when we asked the Panel Chair about this his reply was, “We are not even going to entertain that comment…”.   He completely swept my question under the rug as they did with many of my comments.

And let’s not forget the investors – as we blogged in the past, the BCSC can’t even collect on these fines.   They have levied fines of OVER $340 million dollars and have only collected a small fraction over the years as you can see here in this blog.   What a complete joke this system is – completely broken and in need of an overhaul starting at the top with Brenda Leong!  Investors deserve better!

BRENDA LEONG – THE COWARD AT THE HELM OF THE BC SECURITIES COMMISSION??

DEFLECT DEFLECT DEFLECT!!

Again we are truly seeing what kind of a person BCSC Chair Brenda Leong truly is – this week she responded to our Freedom of Information request in what can only be described as a continued act of cowardice.     She had another opportunity to put much of our discontent to bed and she once again has decided to continue playing the game.   That is fine – we are going NOWHERE!

 BCSC Chair Brenda Leong

Our latest FOI requests was simple – we wanted to know why she was not responding to our repeated request to answer questions including why her staff (complete and udder failures of lawyers Olubode Fagbamiye and C. Paige Leggat) did not take our Settlement Offer to the Executive Director and whether or not she felt they manipulated key evidence in our hearing.

As you will see below she has decided to hide under her rock….despite her job description literally stating…

This was finally a chance for her to defend the actions of her Staff and to show these same staff that she will defend them against any and all allegations of wrongdoing.    Fagbamiye appears to be simply too dense to even understand this woman (his boss) does not have his back.

Leong’s reply is as follows:

Between Leong and Executive Director Peter Brady – it is very clear this organization is failing the people of the Province of British Columbia.  Investors have a right to know answers to our questions and they continue to hide from answering these questions….