It looks like the definition of a CHICKEN SHIT COWARD continues to be the BCSC’s junior litigator Olubode Fagbamiye! In repeated request for Fagbamiye to answer our questions, he continues to cower and hide from answering any of them (or even denying our allegations). As you are aware, we sent him a formal letter on December 7, 2016 after our phone call to his office. During the phone call on December 5, 2016 he specifically says to write the questions down and communicate via written correspondence. Was he just saying that to get off the phone? It now appears so!
According to our friends at http://bcsccriminalcharges.blogspot.ca , this would put Fagbamiye in breach of a “Statutory Requirement for a government department to reply to all written correspondence within 14 days…”. If true, how does this continue to happen at the British Columbia Securities Commission? How are they above the law?
Mr. Fagbamiye – how does it feel to look in the mirror and know that you are part of the issues that continue to haunt the BCSC? How does it feel to be such a coward and fail miserably at your job?
Can someone working at the BCSC go down the hall way and make sure he is awake? Perhaps he naps throughout his days and has issues with getting his job done? Who knows?
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….
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!
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!