Live
- Over 7,600 Syrians return from Turkiye in five days after Assad's downfall: minister
- Delhi BJP leaders stay overnight in 1,194 slum clusters
- Keerthy Suresh and Anthony Thattil Tie the Knot in a Christian Ceremony
- AAP, BJP making false promises to slum dwellers for votes: Delhi Congress
- 'Vere Level Office' Review: A Refreshing Take on Corporate Life with Humor and Heart
- Libya's oil company declares force majeure at key refinery following clashes
- Illegal Rohingyas: BJP seeks Assembly session to implement NRC in Delhi
- Philippines orders full evacuation amid possible volcanic re-eruption
- Government Prioritizes Welfare of the Poor, says Dola Sri Bala Veeranjaneyaswamy
- Two Russian oil tankers with 29 on board damaged due to bad weather
Indian Origin financial planner charged in Ponzi scheme
Highlights
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.
Toronto: 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.
Next Story
ADVERTISEMENT
