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  • B.C. former financial planner, charged in Ponzi scheme

    Arvindbhai Bakorbhai Patel, a former B.C. Coast Capital Savings financial planner, has been charged with 32 counts of Securities Act violations in connection with a $110-million Ponzi scheme.

    Patel is accused of advising clients to invest in a fraudulent scheme operated by former notary public Rashida Samji.

    Investors included family members, co-workers and Coast Capital customers.


  • #2
    $110M Ponzi scheme winners become losers

    According to the balance sheets, Mark Sicherman was a "net winner" in the Ponzi scheme allegedly run by Rashida Samji.

    His wife is Samji's cousin. And a final tally would show they actually gained from their investment.

    But along with many other net winners, Sicherman told the B.C. Securities Commission, he and his wife had no idea what was happening.

    They've paid back any profits they made. And the aftermath of the scheme's collapse — given Samji's involvement — has torn their family apart.



    • #3
      Ponzi scheme trial: Milowe Brost and Gary Sorenson found guilty

      Two men have been found guilty of fraud charges in what has been called the largest Ponzi scam in Canadian history, costing thousands of investors between $100 million and $400 million.

      Milowe Brost, 61, and Gary Sorenson, 71, were each convicted of two counts of fraud and two counts of theft Saturday evening. Brost was also found guilty on one count of money laundering.

      The charges stem from business activity between 1999 and 2008.

      Police have said more than 2,000 investors around the world lost a total of hundreds of millions of dollars in the scheme.

      The Crown says many lost their life savings, retirement plans and even the equity in their homes.

      "You have represented the people of Canada in the most important civic duty," Justice Robert Hall told the jury, which was sequestered earlier this week, following the verdict. "The people of Canada thank you."

      The Crown said it will seek a maximum sentence of 14 years for the fraud.