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Indo-Canadian Financial Planner, Arvindbhai Bakorbhai Patel, Charged In $110 Million Ponzi Scheme

Darpan News Desk IANS, 05 Feb, 2015 12:56 PM

An Indian-origin former financial planner has been charged with 32 counts of Securities Act violations in Canada for advising clients to invest in a $110-million fraudulent scheme operated by a former Vancouver notary, a media report said Thursday.

Arvindbhai Bakorbhai Patel, who worked as a British Columbia Coast Capital Savings financial planner, convinced about 90 investors to place nearly $29 million with former notary public Rashida Samji, who is facing 28 criminal charges of fraud and theft, CBC News reported.

"I feel betrayed by a friend, and also I feel morally responsible for introducing my daughter to this scheme and losing her money," Victor Vishwanathan, who is among 15 alleged victims of Patel, was quoted as saying.

Last month, the British Columbia Securities Commission fined Samji $33 million for running a ponzi scheme. The commission, said that investors believed they were providing financial backing for the expansion of foreign wineries built by the Mark Anthony Group.

They were told the money would be used as collateral for loans, but it remained in Samji's trust. The company had no idea its name and reputation were used in association with the scheme.

The charges against Patel carry maximum penalties of $3 million and up to three years in prison.

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