On Feb. 14, 2012, the BCSC issued an Investor Alert announcing it was investigating Rashida Samji and Arvindbhai Bakorbhai Patel (aka Arvin Patel).

This week, the BCSC’s executive director issued a notice of hearing alleging that Samji and two companies she controls committed a fraud that raised about $83 million from 218 investors.

The BCSC also announced that it had settled with Patel, who admitted he introduced approximately 90 investors to an investment opportunity through Samji, then a notary public. Patel, a former mutual fund salesperson and financial planner with Coast Capital Savings, has received a permanent market ban in B.C. for his misconduct.

Patel has voluntarily transferred his legal and beneficial interest in five properties to the receiver, which the BCSC applied for and was appointed by the Supreme Court of British Columbia (his remaining assets remain subject to a freeze order).

The receiver has published a webpage that includes court documents and a notice about an investors’ meeting. Patty E. Wood is the contact at MNP Ltd. She can be reached at 604-637-1535, or via email at [email protected].

Details about the Samji notice of hearing and Patel settlement agreement can be found in BCSC news releases we link to on the ICSC webpage. You can view the Patel and Samji hearing files on the BCSC website here and here.

Suggested Reading

Part 2: BC’s Over-the-counter market rule goes national

Putting Investors First: Client Focused Reforms and Conflicts of Interest

Ponzi Scheme: Investment Scam

More Resources

5 Things You Learn When You Get Started with Investing

This blog post highlights key takeaways in the first 5 videos of the "Get Started with Investing" resource.

Investor Alert: BCSC issues warning about Profitable Sunrise

The British Columbia Securities Commission is warning the public not to send money to Profitable Sunrise, an entity that purports to be incorporated and registered in the United Kingdom, and claims to provide short-term bridge loans to companies in the United States. According to its website, Profitable Sunrise offers five different investment plans, with a […]