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Canadian investor pleads guilty in Ponzi scheme

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Canadian Realestate Magazine | 19 Jan 2015, 11:22 AM Agree 0
A Canadian investor has pleaded guilty for his role in a Ponzi scheme, which allegedly involved the illegal diversion of nearly $70 million USD from more than 1,000 investors across North America.
  • | 19 Jan 2015, 11:45 AM Agree 0
    Sounds the same as fast track capital
  • | 19 Jan 2015, 12:04 PM Agree 0
    Same thing at the falls golf course in bc
  • Mike Wolf | 19 Jan 2015, 12:58 PM Agree 0
    Unfortunately we see this all too often. Unsuspecting 'investors' being taken advantage of by unscrupulous promotors who put their own needs ahead of those that they are supposedly trying to serve.

    One of the things I always teach my students is to take CONTROL of their investments. This involves education, knowing who you are working with, and having title to the properties that you own.

    This is very avoidable. Before you invest READ THE OFFERING MEMORANDUM or prospectus. How much are the promoters taking off the top for miscellaneous fees such as acquisition, disposition and maintenance fees. Usually, the people at the top of the food chain make millions while the people who put up the cash end up losing everything.

    Mike Wolf
  • jvice | 19 Jan 2015, 09:54 PM Agree 0
    Unfortunately this things about fees and all the other are not avoidable as with any ponzi this is something that's descloused correctly.
    Doing business out of country is always a gamble as you don't have the proper legal fall back as you would here if you had your name on title of such investment secured against this. I have seen this myself many times seen a few MICs blow up started off as good intentions and as you said greed got in the way things went south.
    I'm sure that they probably had good intentions in 2004 it sounded but turned to greed and investors got there savings pulled.
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