COIP - 2007 Tax Shelter Obligations - Page 2
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Thread: COIP - 2007 Tax Shelter Obligations

  1. #11
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    What type of a lawyer would specialize in this sort of work, a tax lawyer I guess right?

    Honestly I've been trying to deal with this without getting a lawyer involved because I know that might be expensive. And even might reach the same amount as they want from me to repay the account. And then what is the benefit of doing that? However that might be my next step if I don't get any advice from the financial adviser that I'm going to see on Monday. Because, unfortunately this will not go away on it's own.


  2. #12
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    Quote Originally Posted by Gixxer View Post
    The reason it's around $1,000 and not $12,000 is because they claimed they have found suppliers outside of Canada that can sell the same medication (valued at $12,000) for a discounted price. Which is why this tax shelter seemed legitimate and enticing in the first place.
    Would you offer your employer a 90% pay cut because you moved to a cheaper residence? I can't see anyone doing this if they have a real claim. If they're giving up this much as their first move they can give up more and they're just hoping you don't try.

    A tax lawyer might help but this seems like a more general issue with the contract. Usually it won't cost you anything to meet with them and review the issue. You could go to a firm and ask them who would be the best lawyer to talk to. If all it takes is them writing a letter for you that won't cost too much either.

  3. #13
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    I feel like your FA should pay this $1000 since he was the one who told you to invest in this fraudulent scheme. I don't know much about the law, but maybe you could get a free consultation with a lawyer before you meet with the FA, so you have some information when you meet with him.

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  5. #14
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    What Spudd said.

    What kind of FA sets you up with a tax scam? A stupid one, or a crooked one.

    Find out how much of his/her own money the FA put with these jokers. Or how much he/she got in kickbacks for introducing you.

    No way will these scammers go away if you give them $1000. You will get on a "biggest suckers EVER" list and Russian mafia and Nigerian Princes will swamp your email account.

  6. #15
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    Hi Gixxer,

    Thank you for standing out to tell everyone about your experience with COIP tax shelter scam. I also bought COIP back in 2007 or 2008. Darren Weeks who is the real estate investor from AB (http://www.fasttracktocashflow.com/a.../darren-weeks/) sold us into this (of course, a free dinner). He got a big chunk of commission.

    Upon CRA audit, I paid back what I owned from CRA a couple of years ago. I thought that was the end of my nightmare until I received letters from PanAggregate Financial Corp., last year and SunRx just recently asking for more payment and threaten to send our case to a collection company. It is absolutely a robbery. Is there any organization that we can go to to protect us from being robbed again???


    Quote Originally Posted by Gixxer View Post
    SunRx in their letter "Statement of Account Payable" summerizes my account as owing 1,044 Medicine Units - valued at $12,000
    Interest Currently Due - $353.39

    They offer 2 Options for repay the account:
    Option 1: To settle your debt with pharmaceuticals - $756 + $353.39 (interest) = $1,109.39

    Option 2: To settle your debt with a CASH payment - $612 + $353.39 = $965.39

    The reason it's around $1,000 and not $12,000 is because they claimed they have found suppliers outside of Canada that can sell the same medication (valued at $12,000) for a discounted price. Which is why this tax shelter seemed legitimate and enticing in the first place.

    The option to settle the account with a cash payment is slightly lower than settling it with pharmaceuticals, and it seems to me that people, just to make this go away, will opt to pay the lower amount (pay in cash) which in turn is beneficial to the collector. I wonder if people chose option 1 and repaid with pharmaceuticals, if the collection company would actually attempt to purchase the medication. This seems so far fetched and convoluted that I sincerely doubt it.

    There is now 4 companies involved in this kerfuffle: COIP (original company), PanAggregate Financial Corp., SunRx, and Integrated RM Inc. that is acting on behalf of SunRx to discuss the overdue account.

    I'm surprised there isn't more to be found on the Internet, people in the same situation, because I know there is people out there that must be furious and feel duped.

  7. #16
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    Hi Gixxer,

    I searched online and found Kevin Donovan who is the investigative reporter at the Star. He wrote several reports about COIP tax shelter scheme during the past several years. I just called him and talked to him about my case. He said several hundred people called him about COIP tax shelter scheme. He asked me to email my material to him. You can get his contact info from any of the articles below. I hope he can help us on this.

    http://www.thestar.com/news/investig...il_donors.html
    http://www.thestar.com/news/investig..._revealed.html
    http://www.thestar.com/news/canada/2...nal_probe.html

    Quote Originally Posted by Gixxer View Post
    What type of a lawyer would specialize in this sort of work, a tax lawyer I guess right?

    Honestly I've been trying to deal with this without getting a lawyer involved because I know that might be expensive. And even might reach the same amount as they want from me to repay the account. And then what is the benefit of doing that? However that might be my next step if I don't get any advice from the financial adviser that I'm going to see on Monday. Because, unfortunately this will not go away on it's own.

  8. #17
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    Thanks bwater for the words of recognition. Like I mentioned, I am shocked that more isn't online about people loosing their cool about this SCAM! I don't think I'd ever get involved with another tax shelter. I guess like the adage goes, if it sounds too good to be true, it probably is! I will contact Kevin Donovan and see if I can get some direction from him. I'm sure if we combine our voices, we can accomplish something regarding this sham.

    These FA definitely must get some kickbacks from bringing their clients to these seminars, and probably more if they sign on with whatever scheme is going. I posed a question to my adviser one time, and he personally signed on for the tax shelter (for a MUCH larger amount than I did). He showed me a photocopy of his letter from SunRx with how much money they are asking him to pay back and it was over $10,000. The skeptic in me automatically thought that it's a fake letter that the tax shelter organizers issued to him, in anticipation of their clients coming to knock on his doors demanding answers...but obviously I do not have any proof of that, and I'll never know.

  9. #18
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    Its clear that you guys all need to get together and go after them. I love how a forum like this can help

    My only question would be though did the coup fulfill its obligation in the contract

  10. #19
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    Quote Originally Posted by Spudd View Post
    I feel like your FA should pay this $1000 since he was the one who told you to invest in this fraudulent scheme. I don't know much about the law, but maybe you could get a free consultation with a lawyer before you meet with the FA, so you have some information when you meet with him.

    hahaha good one! I do feel like he should for getting his "clients" involved in this fraud!
    Unfortunately the contract exists to protect his behind, and as sweet sweet as that'd be, I doubt it'd ever happen
    I will suggest it to him on Monday though.

  11. #20
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    Quote Originally Posted by Zeeshanbmerchant View Post
    Its clear that you guys all need to get together and go after them. I love how a forum like this can help

    My only question would be though did the coup fulfill its obligation in the contract

    I am afraid that a regular joe like myself isn't savvy enough to dissect the contract and track down whether COIP actually purchased the medicine units and sent them to sub-Saharan Africa as it claims in the contract. A well orchestrated scheme might have the paperwork drafted to make it seem like this all took place, but whether it actually physically happened is another story. And maybe that's what would make the original contract null and void because of their willful fraudulent activity?


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