# Fraudster may be banned from markets for life



## martinv (Apr 30, 2009)

A local but interesting case. He should be in jail but it is Canada after all.

http://www.timescolonist.com/victor...5m-fraud-says-securities-commission-1.1309430

I may be becoming deeply more skeptical of behaviour but here are two "rules" that tend to keep me out of this kind of trouble;

1. If the salesperson says, " I am here to help you". Walk away.

2. If they are trying to be your friend, tell them you already have enough friends. Run away.


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## carverman (Nov 8, 2010)

martinv said:


> A local but interesting case. He should be in jail but it is Canada after all.
> 
> http://www.timescolonist.com/victor...5m-fraud-says-securities-commission-1.1309430
> 
> ...


Canada is a happy hunting ground for the investment fraud artists because our laws are so lenient.
This is nothing new of course, fraud/ senior scams is occurring more and more in some provinces, like Quebec, Ontario, BC and Alberta. 

Seniors are typically the preferred targets they are after , because seniors are trusting (growing up in previous generations), where there was less investment fraud, and usually at the beginning, of the fraud scheme, they
are not as suspicious of these fraud artists that hold "investment seminars",
at hotels or senior care facilities, where seniors live and usually have their "guard down."

*Why is it a happy hunting ground for the fraud artists?*

1. Seniors, especially in their mid 60s. 70s,80s (and some even in their early nineties),
are not as aware of the fraud going on these days. They have a tendency to trust what is being said to them.

2. Seniors usually have a reasonable retirement "nest egg" ..life savings, sale of properties before downsizing
so they are 'ripe" for defrauding..big rewards for the fraud artists.

3. Seniors usually don't go after the fraud artists, generally they are too frail, or too embarrassed for being
"taken" and many have serious health problems to deal with on a daily basis.

4. The Provincially regulated Securities Commissions do not the "teeth" to go after each fraud artist, the courts don't always either , because most of the time, the fraud artist operating under an alias name and and a alias "investment service" but looking legit on the surface ...moves on to another province and a new "hunting ground"
and it is harder to prosecute them that way.

5. Fraud artists can generate very realistic looking prospectus...glossy brochures, movie clips of "investment opportunities" that pay "big investment dividends".. *but only for a limited time..and you must act now.*

That is what catches most seniors "off guard'..bigger returns that keeping your money in GICs, stocks or the traditional saving schemes.

The old adage" A fool and his money, are soon parted" can be applied somewhat to the seniors case..because not so
much that they are fools..but that they trust what is being said to them.


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## Oldroe (Sep 18, 2009)

Google Shane Smith Peterbourgh


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## carverman (Nov 8, 2010)

Senior scams and investment fraud scams targetting seniors are on the rise. 

The most common scams against seniors, is that phone call telling them their "grandson" or "grandaughter" is in serious trouble and needs some financial help from them. They go as far as finding the names of the grandchildren
and some particulars about them that only a "close friend" of theirs would know. 

This really belongs in the ( CMF) "LITTLE BLACK (BOOK) OF SCAMS", but I will beg for a "posting licence" from the CMF community at large, and post it here..since it is still relevant to seniors being lucrative targets for scamming. 


A 90yr senior in Ottawa, recently ALMOST GOT SCAMMED out of $5,000, but luckily a bank teller intervened, being suspicious of the scam artist driving the senior to the bank.

In Alberta they have a very lucrative operation.
http://countryviewlodge.com/bogus-grandchildren-scam-65000-from-calgary-seniors-police/


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## Nemo2 (Mar 1, 2012)

carverman said:


> They have a tendency to trust what is being said to them.


I don't believe that! :wink:


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## humble_pie (Jun 7, 2009)

he sounds like earl jones, there are undoubtedly some or several in every province.


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## kcowan (Jul 1, 2010)

The best advice is to ignore any approaches. Either in person but especially on the phone.

Tell them that anything must be run by his investment adviser and then give them the number of the nearest fraud line:1-888-495-8501


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## Beaver101 (Nov 14, 2011)

carverman said:


> Canada is a happy hunting ground for the investment fraud artists *because our laws are so lenient.*This is nothing new of course, fraud/ senior scams is occurring more and more in some provinces, like Quebec, Ontario, BC and Alberta.
> 
> ...


 ... +1 ... our laws are a joke for these low-life fraudsters (borned out of a dumpster). The jack-axx was fined in 2007 already but allowed to continue to operate.. great job done by the Securities Commission :



> A B.C. Securities Commission panel has ruled that a former Victoria mutual fund salesman committed a $65-million fraud, and *could *seek to ban him from the markets for life.
> 
> In a ruling released Tuesday, a commission panel found that *David Michael Michaels inflicted a fraud on 484 clients, many of them seniors, between June 2007 and December 2010, by acting as an adviser without being registered as one.*
> 
> *Michaels was also disciplined in late 2007 when the securities commission ruled that Michaels had to pay a fine of $45,000 and be suspended for two months *after it upheld a decision by the Investment Dealers Association of Canada.





> *Carverman: *Seniors are typically the preferred targets they are after , because *seniors are trusting (growing up in previous generations*), where there was less investment fraud, and usually at they at the beginning are not
> as suspicious of these fraud artists that hold "investment seminars",
> at hotels or senior care facilities, where seniors live and usually have their "guard down."


 ... I can see seniors going to hotels/conference centers venues to seek investment advice from seminars but why are senior facilities' management allowing solicitation on the facility itself? 




> *kcowan: *The best advice is to ignore any approaches. Either in person but especially on the phone.
> 
> Tell them that anything must be run by his investment adviser and then give them the number of the nearest fraud line:1-888-495-8501


 ...+1 too ... better yet, get caller ID and seniors should be reminded not to answer any calls they don't recognize!


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## carverman (Nov 8, 2010)

Beaver101 said:


> ... +1 ... our laws are a joke for these low-life fraudsters (borned out of a dumpster). The jack-axx was fined in 2007 already but allowed to continue to operate.. great job done by the Securities Commission :


The security commissions..are there to protect the stock market investors. They don't have any teeth to go after most of the fraud artists who are very slippery.

Also, some seniors don't have a good sense in what constitutes a safe investment, and can easily be swayed by the fraud artist/carpetbagger fast talkers to invest in his schemes. As the saying goes."IF it sounds too good to be true..IT USUALLY IS!"




> ... I can see seniors going to hotels/conference centres venues to seek investment advice from seminars but why are senior facilities' management allowing solicitation on the facility itself?


No, what I meant Beav, is that these fraud artists "plant the word" amongst the senior population in the LTCs. Word of mouth...to come to their "investment seminars" held somewhere outside...usually in a Hotel conference room with Video facilities and a stage for their blah-blah-blah spiel. 

To make it more attractive, coffee and light refreshments are served, and usually glossy printed prospectus are printed and handed out..

IE: "Grandiose properties being built now in..<where ever> they choose.. GUARANTEED HIGH RETURNS ON YOUR MONEY..why leave it in a bank..and be taxed on it by the gov't? YOU OWE IT TO YOURSELF TO USE "THE TIME
LEFT" FOR A MORE ATTRACTIVE HIGH YIELD INVESTMENT WITH US! "

"Invest in your future and your children's or grand children's future"..( you may know how expensive that college education you want to give them is now..just wait 10 years..do you want your sweet grandchild THAT YOU
LOVE SO DEARLY to suffer without a college education AFTER YOU'RE GONE ? )...This is a sure fire investment where you can't go wrong".

"We take care of everything for you. Just sit back and collect your dividend check every 6 months..
OR yearly.. if you prefer...you get a MUCH HIGHER RETURN ON INVESTMENT.. if you choose yearly of course!"

THIS appeals to the self interest/greed factor in most people.

Ok, Beav..are you ready to hand over your life savings to '*CAVERMAN's* (registered) *SURE FIRE HIGH ROI*"s?:biggrin:
You can't lose you know..trust me! :greedy_dollars:



> ...+1 too ... better yet, get caller ID and seniors should be reminded not to answer any calls they don't recognize!


No matter whether they use caller ID (most scammers will show up as "UNKNOWN NUMBER"..the scammers have their polished routines and sound very convincing...


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## Beaver101 (Nov 14, 2011)

carverman said:


> The security commissions..*are there to protect the stock market investors*. They don't have any teeth to go after most of the fraud artists who are very slippery.
> 
> Ok, Beav..are you ready to hand over your life savings to 'CAVERMAN's (registered)SURE FIRE HIGH ROI"s?:biggrin:
> You can't lose you know..trust me! :greedy_dollars:
> ...


 ... I don't think the Securities Commission do a good job at protecting stock markets investors either eg. Bre-X. 

Sure, I'll hand you my life savings after I figure out the holy-grail of investing or the secret to the winning lottery numbers ... btw, "CAVERMAN" doesn't sound that appealing ... really need to gloss that up. :biggrin:

True, those slime-ball scammers (including marketers) are very convincing over the phone and are they ever persistent and pesky ... need to quash them out like stinging mosquitoes.


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## fatcat (Nov 11, 2009)

i used to hear that guy every saturday on my local radio station
he gave off a stink that was unmistakeable (at least to me)

"dump your bonds and stocks because i can get you 12% guaranteed in energy trusts" ... or something equally fishy, i forget what exactly

i saw this a mile away but he sure was smooth

he should be in prison because a lot of people (most people) just don't understand investing well enough to see these guys for who they are


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## carverman (Nov 8, 2010)

Beaver101 said:


> Sure, I'll hand you my life savings after I figure out the holy-grail of investing or the secret to the winning lottery numbers ... btw, "CAVERMAN" doesn't sound that appealing ... really need to gloss that up. :biggrin:


Yes, you are absolutely right there...investing with Cavemen doesn't sound convincing enough.:stupid:
I won't be able to attract any customers..er...suckers...with that kind of advertising...hmmm..Ok..how about this approach?

*Rockin' Robem's *(registered)* HIGH YIELD INVESTMENTS*", where your pennies grow into dollars overnight!
You can sleep soundly, knowing your money is safe with us"?

Pretty slick marketing..huh?:biggrin:


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## Beaver101 (Nov 14, 2011)

carverman said:


> ...
> 
> *Rockin' Robem's *(registered)* HIGH YIELD INVESTMENTS*", where your pennies grow into dollars overnight!
> You can sleep soundly, knowing your money is safe with us"?
> ...


 ... hmmm, not bad but would be better if you throw in a piggy-bank - much more convincing. 

But, but I wouldn't want to be in your office the next day ... when the customers return with a hachet, after discovering those pennies haven't grown into dollars overnight! :biggrin:


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## sags (May 15, 2010)

Bear Stearns did have their "*High-Grade Structured Credit Strategies Enhanced Leverage Fund*".........

Lots of good words in that name.........but we know how well that worked out.


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## carverman (Nov 8, 2010)

Beaver101 said:


> ... hmmm, not bad but would be better if you throw in a piggy-bank - much more convincing.


Sure thing Beav...Rockin' Rob-ems investment services aim to please...here ya go..convincing enough for ya?









and this to wet yer investment appetite..think of lying/laying in the sun on some tropical isle with drinks served by handsome muscular hunks that are your slaves to your every whim...








and lets not wait until you get to this stage to crack open piggy "bank"...








because if you invest in our schemes..you *could* get very rich..so even if you decide to get those $50K implants, $25K facelift..or whatever..suits yer fancy..you will still have a few hundred K left over for a rainy day..let Rockin' Rob-ems show you how
*EASY it is to make money.*...
and don't wait to look like this to start thinking about investing..you owe it to yourself to pamper yourself..
you deserve it...










> But, but I wouldn't want to be in your office the next day ... when the customers return with a hachet, after discovering those pennies haven't grown into dollars overnight! :biggrin:


Beav, this is T*HE 21ST CENTURY*, we have *VIRTUAL OFFICES NOW*...we have the *finest operators standing by 24/7 to take your call * provided of course, you are interested in getting *rich beyond your wildest dreams.*
Our operators will take down your financial particulars, how much you want to invest with us and they will send you an
online form to fill out with your bank transfers ids. It's that easy...then lean back, drink a couple of martinis
or your favourite cocktail and wait for your money to start rolling in..each:

Rockin' Rob-ems...a equal opportunity investor service...our bottom line is TRUST US WITH YOUR HARD EARNED MONEY..
WE WILL MAKE IT WORK HARDER FOR YOU!" :biggrin:


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## Oldroe (Sep 18, 2009)

The guy I mentioned with 4-5 others are charged with a 350 million fraud. 

Same with this guy he killed old folks just like he shot them between the eyes plus all the divorces and ruined family's.


They deserve general population Kingston Pen. Will get a 1 room Hilton.


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## carverman (Nov 8, 2010)

Oldroe said:


> The guy I mentioned with 4-5 others are charged with a 350 million fraud.


350 MILLION you say? Scammed only in Canada you say?...Pity!

I didn't think there were so many stupid people in Canada! :biggrin:
Why is it when money is involved human greed takes over common sense?


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## Oldroe (Sep 18, 2009)

Tax write off scam. The biggest in Canada. Barred from all stock exchanges in north America.


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## Beaver101 (Nov 14, 2011)

carverman said:


> Sure thing Beav...Rockin' Rob-ems investment services aim to please...here ya go..convincing enough for ya?
> 
> View attachment 1465
> 
> ...


 ... ROFL :highly_amused: with the images!!! 

Rats, for a moment I forgot you were a PayPal expert and I didn't an inside look of your business plans to how these scummy schemes will be operated. So who're you going to be hiring for the 24/7 voice operator or has that already been figured out? :biggrin:


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## martinv (Apr 30, 2009)

When he was on the radio in Victoria his tag line was something like, "helping seniors".
I used to jokingly say, "hey dear, here is that guy that helps seniors PART with their money"!
Didn't know how close to the truth I was.
When you hear that word "help", walk, no run the other way .... fast.


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## carverman (Nov 8, 2010)

Beaver101 said:


> ... ROFL :highly_amused: with the images!!!
> 
> Rats, for a moment I forgot you were a PayPal expert and I didn't an inside look of your business plans to how these scummy schemes will be operated. So who're you going to be hiring for the 24/7 voice operator or *has that already been figured out? * :biggrin:


Yes, I will be hiring online experts from "The King (or is it Prince?) of Nigeria", they are seasoned experts to get people to part with their money.
With over 1 billion people unemployed in the world today..it's not hard to find eager applicants that will work strictly on commission.:biggrin:


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## Rusty O'Toole (Feb 1, 2012)

You forgot another good reason to defraud seniors in Canada. If you do get sued you can drag the case out for 10 years, by which time the victims will be dead.


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## carverman (Nov 8, 2010)

Rusty O'Toole said:


> You forgot another good reason to defraud seniors in Canada. If you do get sued you can drag the case out for 10 years, by which time the victims will be dead.


So true, and most lawyers are willing to drag it out..as long as they get a percentage of the "proceeds" for their fees up front.


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