League Investment Services Inc.: On October 18, 2013, League Investment Services Inc., an Exempt Market Dealer in BC, with other entities in the League group, made application for protection under the Companies' Creditors Arrangement Act (CCAA). For a webpage containing related material click here
Master Benefit Card: On July 20, 2012, the British Columbia Securities Commission issued an Investor Alert warning people about Master Benefit Card Canada Ltd. and its affiliates. For a webpage containing related material on the case click here.
Rashida Samji and Arvindbhai B. Patel: A BCSC panel has found that Rashida Samji and two companies she controlled committed a $100 million fraud. The panel found that Samji ran a Ponzi scheme that raised more than $100 million from over 200 investors. Previously, the BCSC settled with Arvindbhai B. Patel (also known as Arvin Patel) in regards to his involvement in the investment scheme. For a webpage containing related material on the case click here
Investor Communications Services Centre
The BCSC investigates inquiries and tips about potential scams. When the BCSC decides that a potential scam is of a sufficient size and scope, it warns the public through an Investor Alert and sets up the Investor Communincations Servicies Centre (ICSC). The ICSC disseminates information to the public and encourages reporting to a centralized place through a dedicated webpage. The BCSC may also set up telephone services in multiple languages for the public to call.
The ICSC’s goals are to:
- Deliver a coordinated, quick response to inform investors and the public about a scheme
- Minimize investor confusion about where to find the information they need to report and follow the investigation
- Speed up the investigation by having the public provide leads
- Provide relevant information about the case on an ongoing basis
Past ICSC Examples:
Sung Wan (Sean) Kim case: On October 13, 2009, Sung Wan (Sean) Kim, a director and salesperson at Cirplus Futures Inc., was the subject of an Investor Alert. Immediately following the alert, the BCSC activated the ICSC, opening a dedicated Korean-language phone line and publishing a dedicated webpage to inform investors and encourage reporting. To see the page, click here.
Genius Funds: After receiving a tip from a financial institution in early February 2010, the BCSC executive director immediately stopped Genius Funds, also known as Genius Investments, from selling its securities until a hearing was held. The BCSC’s ICSC set up a webpage dedicated to the case and alerted investors through blogging and social media outreach. In April 2010, a BCSC panel permanently banned Genius Funds for illegally selling securities through its website and for offering investors a rate of return so high it could not be earned through legal means. To see the page, click here.