Close X
Sunday, September 29, 2024
ADVT 
National

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. 

    MORE National ARTICLES

    Fossil in Prince Edward Island that of 300-million-year-old reptile species

    Fossil in Prince Edward Island that of 300-million-year-old reptile species
    A Nova Scotia researcher says a fossil found by a boy on Prince Edward Island more than a decade ago is that of a new species of reptile that lived about 300 million years ago.

    Fossil in Prince Edward Island that of 300-million-year-old reptile species

    Hockey legend Guy Lafleur says Crown and cops humiliated him and his family

    Hockey legend Guy Lafleur says Crown and cops humiliated him and his family
    MONTREAL — Former Canadiens superstar Guy Lafleur told a court Tuesday that he felt horrible and humiliated after being served with an arrest warrant in 2008.

    Hockey legend Guy Lafleur says Crown and cops humiliated him and his family

    Alberta premier Prentice considers sales tax to fix ailing, oil-based economy

    Alberta premier Prentice considers sales tax to fix ailing, oil-based economy
    EDMONTON — Alberta's prideful boast of being the only jurisdiction in Canada without a provincial sales tax may soon be history.

    Alberta premier Prentice considers sales tax to fix ailing, oil-based economy

    Calgary professor focuses on "golden age" of Archie Comics in new book

    Calgary professor focuses on
    CALGARY — Archie, Veronica, Betty and Reggie have undergone a modern makeover in the last four years, but it's the "golden age" of the popular Archie Comics that's the focus of a new book by a University of Calgary academic.

    Calgary professor focuses on "golden age" of Archie Comics in new book

    Prentice pans talk of Alberta recession; calls the suggestion an 'outlier'

    Prentice pans talk of Alberta recession; calls the suggestion an 'outlier'
    CALGARY — Premier Jim Prentice is scoffing at a suggestion by the Conference Board of Canada that Alberta is likely to face a recession as crude prices continue to plunge.

    Prentice pans talk of Alberta recession; calls the suggestion an 'outlier'

    1,500 copies of latest Charlie Hebdo issue available in Canada on Friday

    1,500 copies of latest Charlie Hebdo issue available in Canada on Friday
    TORONTO — The Canadian distributor for the satirical magazine Charlie Hebdo says 1,500 copies of the latest issue — which features a caricature of the Prophet Muhammad on the cover — will be available in different parts of the country Friday.

    1,500 copies of latest Charlie Hebdo issue available in Canada on Friday