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.

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  An interesting piece in the NY Times talked about how high net-worth, older investors in the United States are being targeted for investment fraud. The articles calls investment fraud a “growth business.”   There is no question that the same thing is happening here.  We have significant populations of older Canadians living in communities […]