Recently, we had one of our former investors reach out to ANYONE at the BCSC in an attempt to have her questions answered with respect to the Settlement Offer that would have benefited ALL former investors in FCC and DCF.
As per our suggestion in a previous blog post, she eagerly sent an email to the BCSC’s and awaited a reply. As you will see in the following emails in this blog, she certainly did NOT get the replies that one would think she would be entitled to – considering what was at stake AND the mandate of the BCSC to protect the investors in the jurisdiction of British Columbia.
In the first email below, you first see newly appointed Executive Director Peter Brady attempt to answer (or as we will call it – deflect) her questions. Of note, he does reply,
“…However, I can assure you that our policy is to consider all settlement offers…”
We will remind ALL readers that we tried desperately to get our Settlement Offer into the hands of the Executive Director (at the time it was Paul Bourque) but in written correspondence, the lawyers (C. Paige Leggat and Olubode Fagbamiye) acting for the BCSC said they would only present the settlement offer to the Executive Director IF Wharram admitted all wrong-doing alleged in the Notice of Hearing and paid fines and disgorgement of $5.8 million.
Mr. Brady dances very swiftly around answering the questions – some of which have NOTHING to do with what was inside the settlement offer. The investor is NOT asking the terms of the settlement agreement – she was simply asking IF there was one and why staff litigators did NOT show it to the Executive Director at the time. I really don’t think she cared about the “terms” of the settlement offer.
Now, she decided that she did not like the answer she received from Mr. Brady so she decided to email him again – and AGAIN Mr. Brady abruptly shuts down ANY questions regarding the settlement offer and hides behind some sort of confidentiality policy the commission may or may not adhere to. His response is as follows:
Do any of you now see that these people are hiding something? ALL former investors in FCC and/or DCF have a right to know why a settlement offer that was presented by Wharram to the BCSC that would have benefited you in NOT none of your business. These people are hiding behind one of the biggest mistakes made in the history of the BCSC.
In closing – they won’t answer me and I am not part of some confidentiality policy and NOW they wont answer one of the investors? Who are they accountable to? Who will they answer?
BCSC Executive Director Peter Brady
Source: Small Business BC
At least we know now what type of man newly crowned Mr. Peter Brady truly is – he fits in with the rest of the spineless amoeba’s down at the good ole BC Securities Commission.
Answer the question Mr. Brady – Why did Staff not take the Settlement Offer (that would have seen the investors in FCC and DCF prosper) to the Executive Director for even a review; instead of trying to extort $5.8 million in fines and disgorgement from Wharram?
Former Investors – contact the BCSC and demand an answer to this question – it may have caused you the ability to receive a portion (if not all) of your money back out of the Falls project. Contact them – 604-899-6500!