(Update - the bcIMC has recently made changes to its website and name, it now goes under the abbreviation BCI and its website is now at www.bci.ca . Many links to its old site throughout various articles on this blog will likely not work.)
Further serious issues remain unresolved at the BC Securities Commission, the IIROC, the BC Investment Management Corporation, and their many interconnected peers. Of course this list only scratches the surface of the agencies and organisations involved, the list is much larger however the point of this writing is to simply shed further light on connections between these Crown Corporations, self regulating organisations (SROs) and the RICO rings that stretch from Kelowna and Vancouver BC to Washington DC, South America, and around the globe.
BC Securities Commission is A Rogue Agency
BC Investment Management Corporation (BCIMC), BCSC and The Global Cabal
The following exert from Abel Danger sheds a little light on CAI.
Plum City Online – (AbelDanger.net)
May 7, 2017
*Capital Procurement Policy Guidelines – Treasury Board, The Province of British Columbia, September 1999.
AD alleges that CAI managing partner Tracey McVicar has been pumping and dumping shares held by custodians of the bcIMC and RCMP pension funds since 1999 and, further, that she authorized pension-fund investees Macdonald Dettwiler and Associates and the Standard Chartered Bank to destroy evidence of a 9/11 conspiracy after a group of tenants collapsed the Salomon Brothers building (WTC7) in New York as prematurely announced on the BBC.
For the full story see source
So Who Profits From All This?
Well an excellent article written by Will McMartin in the Tyee asks the same question and provides a few answers,
See exert below,
The very first smart meter contract BC Hydro has awarded -- $73 million to install up to 1.8 million of the new devices -- went to a company with close ties to the BC Liberals. Indeed, that company is directly connected to a BC Hydro director.
The troubling trail of interlocking relationships starts with Tracey McVicar. She was named to the Crown corporation's board of directors a little over three years ago
While in her early twenties, in 1990, McVicar earned a bachelor's degree in finance from UBC and quickly went to work in the investment banking division at RBC Dominion Securities.
Goepel, Shields and Partners was bought in 2001 by Raymond James Financial Ltd., the Florida-headquartered financial services behemoth, and two years later McVicar left to head up the Vancouver office of CAI Capital Management Ltd.
David Emerson 'a longstanding investor'
CAI is a central link in this chain, as we shall see, so here's a backgrounder.
A private firm that raises funds from select investors, CAI then uses that capital in a variety of ways, but usually by taking equity positions in mid-size companies with the expectation of outsized returns on their initial investment.
CAI was founded in 1989 by seven well-heeled investors, including a couple of ex-Salomon Brothers partners in New York, plus a prominent Montreal businessman, David Culver, a former CEO with Alcan Aluminum Ltd.
In 1999, CAI bought a position in a well-known but under-capitalized B.C. entity, MacDonald Dettwiler and Associates. The investment firm obtained at least one seat on the MDA board, and it was filled by Brooklyn-based Peter Restler, a founding CAI partner.
Restler has had a several decades long relationship with B.C. politicians and well-heeled British Columbians. One such prominent Vancouver businessman is Peter Bentley, the long-time head of Canfor Corporation, who was an early investor in CAI.
In August 2001, David Emerson, then CEO at Bentley's Canfor, joined the MacDonald Dettwiler board. And if Emerson was not already an investor in CAI's exclusive funds, he soon became one.
That information was disclosed on Nov. 24, 2008, when it was announced that Emerson -- who just weeks earlier had quit federal politics rather than seek re-election as a Conservative MP in Vancouver East -- had been hired (see here and here) by Restler, McVicar and CAI as a "senior advisor" at the equity firm's Vancouver office.
... further down in the same article from the Tyee we read the following and see an example of the interconnected circles that CAI Private Equity operates in,
Bid winner Corix and its well connected investors
Now to bring together these names and their intertwined connections.
Six weeks ago, on Jan. 25, 2011, BC Hydro announced the first contract for its smart-grid initiative. It went to Corix Utilities, part of the Corix Group of Companies.
Valued at $73 million, the two-year contract will see the company install as many as 1.8 million smart meters across the province.
And who owns Corix? One of the biggest shareholders -- and possibly the biggest (Corix is a private company and so is not required to disclose equity ownership) -- is none other than CAI Capital Management.
Yes, that's the same firm whose operations in Western Canada are headed by BC Hydro director Tracey McVicar, and where a BC Liberal-appointee named David Emerson -- a "longstanding investor" -- hangs his hat as "senior advisor."
So, as British Columbians prepare to face a 50 per cent hike in their monthly BC Hydro bills, it will be useful to remember that the first contract under the BC Liberal government's $1 billion smart grid initiative just happened to go to a company (Corix) owned by another (CAI) that is managed by a BC Hydro director (Tracy McVicar), and advised by a BC Liberal confidante (David Emerson).
All of this information won't make BC Hydro ratepayers feel any better as they brace for much higher power charges. But it might help to explain where much of their money is going to end up.
BCIMC, CAI and Smart Meter Profits
So who counts the money?
BCIMC and KPMG
So who are the accountants for the BCIMC, this 2009/2010 Annual Report lists KMPG as the BCIMCs lead auditor.
KPMG counts the money for BCIMC, the same KMPG which pleaded guilty to tax fraud.
In 2005 KPMG pleaded guilty to $2.5 Billion in tax fraud in US Courts. See Article in the Chicago Tribune below.
$2.5 Billion Tax Fraud
Ten years later nothing has changed,
KPMG Offshore Sham Decieves Tax Authorities CRA Alleges
Over in Europe the same thing,
KPMG Partners Arrested in Tax Evasion Inquiry
Should we be suprised to find KPMG and the BCIMC working together?
What about a former executive director of the BCSC, could they go work for the largest investment lobby institute in the nation? An institute whose members happen to be many of the same funds and companies the BCIMC is invested in? Could this former regulator become President of such an instutute?
The Investment Funds Institute Of Canada, the BCSC and Paul C. Bourque
Paul Bourque was the Executive Director running the BCSC for 6-years (starting 2010) then moved on in 2016 to the Investment Funds Institute of Canada (IFIC) as President and CEO to then defend the interests of that side of the equation. The previous history of this BCSC Executive Director started out as BCSC Director of Enforcement for 2-years (1995-1997), then as OSC Director of Market Operations for less than 1-year (1998), then as IIROC Senior Vice President for 8-years (2001-2009) before rejoining the BCSC in 2010.
Paul C. Bourque has also served as Deputy Attorney General and Deputy Minister of Justice in Alberta for a time.
We could say a lot about Paul both relating to the Spyru/U-Go Brands case and other cases however in order to be brief as possible we are simply going to outline connections between the Investment Funds Institute of Canada (IFIC) and its members and the BCIMC. The IFIC is a lobby group that
claims to be the voice of Canada's Investment Fund Industry.
This appears to be a conflict of interest. Lets visit the case of Harold and Alan Blanes for a moment, some of the details of which can be seen here CBC Go Public Reports on Forged Documents.
Long story short Investors Group members sold low risk GICs, to World War Two Veteran Harold Blanes, for those who want more on this story simply search 'Alan Blanes' in the search bar.
When Harold Blanes got sick and was in the hospital the sales agents involved decided to switch his money into high risk seg funds where it simply disappeared. They forged documents to do so and they then claimed that this is what Harold had wanted, that he had dementia and couldn't remember. See above link re CBC Go Public.
This is despite clear evidence to the contrary which we have previously posted on this blog as well as a doctors clean bill of mental health.
Alan Blanes is Harolds son and along with his father has been fighting to restore justice not just for his father but for all Canadians since they found out just how corrupt the system was. "No crime here" is the mantra from every law enforcement agency in the nation who has been informed of this case despite vast amounts of evidence to the contrary. (To be fair there are RCMP and other law enforcement officials who understand crimes have been committed but are powerless due to powers above them keeping this covered).
Why is this important?
Lets go back to the IFIC and see who its one of its members might be.
Who was Executive Director of the BCSC not long ago?
Paul C. Bourque.
Below is an example of the kind of letters Alan has sent along with corresponding evidence of forged documents and fraud to every law enforcement agency and government official in BC and across Canada. Paul Bourque has been made aware of this for some time but again in order to keep this article brief we can only post so much at once.
Alan Blanes <email@example.com>
Below is a typical response letter from the BCSC to such information and questioning.
n Tue, Mar 14, 2017 at 9:01 AM, Inquiries <INQUIRIES@bcsc.bc.ca> wrote:
Thank you for contacting the British Columbia Securities Commission (BCSC).We received the attached email message. At this point, it is unclear to us the nature of the correspondence. Please clarify.Thank you.
Inquiries GroupBritish Columbia Securities Commission Tel: 604-899-6854Fax: 604-899-6506Toll Free: 1 800-373-6393Email: firstname.lastname@example.org Please consider the environment before printing this email
This is not hard to believe coming from an agency whose former number three in command blatantly admits to a criminal offence committed on behalf of the BCSC in her reply.
In our Spyru/U-Go Brands case we wondered where the Court Transcripts were for more then one hearing and we got this response from Teresa Mitchell-Banks former Head of Criminal Enforcement at the BCSC.
So here we have Paul C. Bourque at the Investment Funds Institute Canada as President after working as Executive Director of the BCSC.
To be clear he is now working in the best interest of the same people who robbed Harold Blanes, after working for the agency that was supposed to enforce the law and protect Mr. Blanes.
Of course the circle doesn't stop there, lets see who else happens to be part of the IFIC.
Could KPMG be involved?
(HSBC is a known drug money laundering operation)
This is the same BCIMC who did this to a BC family among its many other crimes,
Full Story On BCIMC and Its Crimes Against the English Family
Where are the financial regulators?
Maybe they are going to the bank to cash in on their Securities held in the BCIMC!
The Regulator Who Regulates Their Own Investments
Welcome to the insane world of Self Regulating Organizations where the rule of law means nothing..
Are you dizzy from going in circles yet?
As always more to come..