CBC, CTV, and BREACH OF TRUST video projects

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Re: CBC, CTV, and BREACH OF TRUST media projects

Postby admin » Mon Feb 15, 2021 6:52 pm

https://commonground.ca/canadian-corrup ... ve-relief/

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Canadian corruption by exemptive relief
21/Dec/2020

By Larry Elford

– by Larry Elford –

What if those we most trust were doing the most harm?

I worked inside the financial industry for two decades and found that investment firms worked at a special “altitude”– one that police and prosecutors were not allowed to enter. Financial firms operated above ordinary laws that involved police cars, lights and sirens, but I didn’t know why until long after I left the industry.

It made sense when I learned that trusted financial firms paid hundreds of millions of dollars to regulators, and that because they funded and chose those hired to “police” them, they could obtain permission to violate rules or laws, without telling the public. “Decisions for Exemptive Relief” is the label for the permissions used by thirteen securities commissions in Canada. Today it is involved in using “public-entrusted power for private gain”…and public harm.

For example, if a bank needed to unload a pig, (a bad-selling new share offering), what faster way than dump it into the bank’s own mutual funds. This removes the junk from being a problem for the bank, by putting it into bank clients’ mutual fund holdings. Who will ever know? Simply apply for “Exemptive Relief” from rules intended to protect the public from exactly this kind of self-dealing, and what was a multi-million dollar problem for the bank, is quietly shifted inside the investment funds owned by bank clients. No public notice, no public hearing and not a word of warning to thousands of customers. Repeat as often as you need – just pay a few thousands of dollars to the regulators each time.

Or consider the example of the 2008-era collapse of Mortgage Backed Commercial paper, when Wall Street got bailed out while homeowners were getting kicked out.

Some Canadian financial firms found they needed to “get rid of” billions worth of non-rated (junk) mortgage backed securities. All the industry needed to do was apply for a back-door regulatory exemption, and the illegality of selling un-rated products to the public becomes “exempt” from the law.

Thousands of people, including the pension plan for Canadian Judges and the RCMP (PPSP) lost money. One woman took her own life, and countless other lives were put into distress, some destroyed. Thirty two billion dollars was the financial damage for one inexpensive regulator exemption, and although some of that money was recovered due to public outcry, what about the other several hundred exemptions done that year? How would other victims even know that their investments were “exempted” from laws? Compared to “street crime”, $32 billion is roughly equivalent to six million “average”, “street” or “property” crimes.

It is a secret process, where our most trusted financial firms have private access to a side-door into our trusted government regulators, and purchase something 100 times more effective than a deferred prosecution agreement “in advance” of the violation they wish to commit. Paying a few thousands of dollars to regulators saves the all the trouble of breaking the law, getting caught, hiring lawyers to negotiate deferred prosecution agreements, lobbying the Prime Minister, and maybe appearing on the news. Simply get an exemption in advance and there is no crime, right?

Wrong. It is two crimes on both society and our economy. The financial crime on society gets hidden beneath a well-hidden social crime of corruption, the use of public-entrusted power for private gain. But no police or prosecutors are allowed to enter the picture, because the financial industry has their “own” police, right? Yes, that part is right.

Exempting laws is done hundreds of times each year, and ignoring laws is done as well. Cheating tens of billions of dollars from society then becomes as easy as taking candy from children. Pain trickles down.

Over the years I have testified in four legislative financial inquiries, and each time I witnessed a “pantomime” of government activity – a stage performance. After my fourth experience I cried when I suddenly realized how well that performance of deception was being played upon the public.

Financial crimes – which are not measured, reported, or prosecuted – dwarf the cost of all measured crimes in the land combined.

Example number three is an exemption to the law issued to Kinder Morgan (Trans Mountain pipeline), in the year prior to it being sold to Canadian taxpayers for billions of dollars.

The March 20, 2018, “decision” by Provincial Securities Commissions said that this company was Exempt from requirements to disclose financial and related information. Later in 2018, the Trans Mountain pipeline was sold to the federal government for $4.5 billion, when it was presumably sold based on concealment of crucial information.

Or, to be clearer yet: an exemption from requirements to include documents in any prospectus. In broker-lingo “We’re dressing this pig for market, and we need some lipstick.”

Further to Trans Mountain Pipeline, The Kinder Morgan Canada Limited Exemption decision NI 51 102 NI 44 101 AB decision PDF can be found online.

Western Investor Feb, 2020, about Trans Mountain cost increases: “Twinning the Trans Mountain pipeline, which Canadians now own, will cost $5 billion more than the last capital cost estimate, Trans Mountain president Ian Anderson confirmed Friday February 7.”

The number of decisions to grant “exemptive relief” to financial industry players varies between 300 to 500 each year – give or take – without any public notice. Most exemptions contain the same boilerplate statement which in the past has looked like this: “Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision”. This allows private parties to pilfer tens or hundreds of billions from investors, in endless examples of the corporate farming of humans.

Last but not least

When VRX (formerly Valeant Pharmaceutical, now called Bausch Health) was growing exponentially, who knew it was benefiting from Government exemption from financial disclosure to the public (hiding key financials)? The company at one time was worth more money on markets than the Royal Bank of Canada, and the loss in market capitalization when this company collapsed was about $90 Billion. One executive was charged by US authorities, but nowhere were regulators held to account for aiding the company’s financial deceptions on investors. Imagine being able to do as much financial harm as all other crimes in the land, in one single trick, and never once fear a visit from police or prosecutors?

These examples and thousands more, form part of an invisible financial pandemic in our society. I believe the investing public deserves to be made aware of this.

Stan Buell, founder of the Small Investor Protection Association of Canada said this about Securities exemptions: It is like letting some people secretly buy exemptions to traffic laws, so that they can drive at 100 miles per hour. All other traffic is at risk, and no one is warned about those with special permission to exceed speed limits.

A few headlines and sources regarding the Valeant story are below:

May 28, 2018: Valeant, Distancing Itself From Its Past, Will Change Its Name to Bausch Health.
Jul 23, 2015: Valeant passes RBC as Canada’s largest company by market value.
March, 2016: A surefire made-in-Canada way to lose $650 billion.

Beyond the story of gaining quiet exemption from laws in Canada, industry-paid regulators also routinely ignore laws set into place to protect the public. A recent investigation by CBC news found that over 95 percent of investment-product sales agents are allowed by regulators to misrepresent their titles, their job roles and their registration and/or license categories, to mislead the public of their true role, registration and license.

The deceptions deceive millions of Canadians, leading them into a trust relationship with persons who hold neither the job requirements, nor the license/registration for the level of trust promised or implied. A fiduciary duty to protect investors, and a professional Adviser registration is implied, but a 90-day license-requirement salesperson is then delivered to most investors in what appears to be a classic “bait and switch”.

A copy of the CBC news story into this failure to protect the public, is found in a three minute video here.

My most recent search at the Alberta Provincial Commission website showed just over 5000 exemptions.

Oh Canada…finance affects everyone.

PINK cover Farming Humans.jpg



Larry Elford, former CFP, CIM, FCSI, Associate Portfolio Manager, retired after two decades inside Canada’s financial industry, and has spent many more years to understand how its hidden workings truly impact society. His second book released in 2020, is Farming Humans, Easy Money in paperback and Kindle available on Amazon. https://www.amazon.com/Farming-Humans-Money-Larry-Elford/dp/B0884FKNHL
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Wed Mar 06, 2019 12:47 pm

The best, quickest and easiest to understand version of what this entire web “Flogg” has tried to bring to public awareness is here


In just 1 min 49 seconds: CBC FAKE ADVISOR Financial Murder, Comedy done best by THIS HOUR HAS 22 MINUTES

https://www.youtube.com/watch?v=qH0UGSG2wX0

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https://www.youtube.com/watch?v=qH0UGSG2wX0
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Wed Mar 06, 2019 11:35 am

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3 min lead CBC National News March 29 2017

120,000 investment salespersons found falsifying their qualifications


https://www.youtube.com/watch?v=OsjD77KceIE&t=128s 3 minute lead story CBC National News Mar 29, 2017
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Sun Nov 15, 2015 9:24 pm

Small Investor Protection Association of Canada http://www.sipa.ca

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November 16th, 2015

Video Contest Winners

The Video Contest closed on October 31st. There were entries from across the U.S.A. and Canada. The entries were varied with videos and animation. All carried a good message and are of good quality. The five judges took time to review each entry and arrived at an independent list. Then the judges had the opportunity to discuss reasons and finally arrived at the list of the three winners.

The judges felt it was so difficult to decide the winners that we should have three consolation prizes for entries that were in the final six.

First Prize winner $3000 is Nora Novak of Sylmar, California:
https://youtu.be/r0smCYvGVB8

Second Prize winner $1500 is Andrew Guengerich of Austin, Texas:
https://youtu.be/JF77xj84PH0       

Third Prize winner $750 is Tanner Fletcher of Lethbridge, Alberta
https://www.youtube.com/watch?v=QgEJj4V ... e=youtu.be

Consolation Prize winner $200 is Eric Nauert of St. Louis, Missouri
https://www.youtube.com/watch?v=saYTzMisCHU         

Consolation Prize winner $200 is Wyatt Henrie of Henderson, Nevada
https://www.youtube.com/watch?v=Aj2muWA ... e=youtu.be

Consolation Prize winner $200 is Nicole McIntyre of El Paso Texas
https://youtu.be/e-FJ9AhQPUc   

Congratulations to all six winners. You will be helping to raise investor awareness and hopefully prevent some people from losing their retirement savings.

Thank you for participating in SIPA’s first video contest. Our judges enjoyed it as much as the participants.


For additional information
contact: Stan Buell, president
Office: 416-614-9128
Direct: 902-569-4238
e-mail: stanbuell@gmail.com
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Tue Mar 26, 2013 8:04 pm

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Fighting Investment Fraud

Original Air Date: Friday, March 22, 2013

A new group of Albertans has formed to lead a charge to change laws and compensation for investors who have lost money to fraudsters. Is there enough protection for investors in Alberta?

We talk to Geoffrey Morgan, from Alberta Oil Magazine and Larry Elford, from Alberta Investors Protection.




http://www.albertaprimetime.com/Stories.aspx?pd=4918

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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Thu Mar 08, 2012 2:21 pm

http://www.youtube.com/user/investoradv ... ature=mhee

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This link connects to my youtube channel, including a dozen or more videos about systemic investment malpractice. These are observed methods by which various investment industry "stakeholders" meet together, conspire together and collaborate on how best to increase the "take" from the public, in the area of investments. To use words directly from one of the stakeholders, the provincial securities commissions, they together act "contrary to the public interest" in efforts to enrich themselves.

I invite any industry stakeholders to contact me with any corrections, or to point out misinformation I may have included so as to ensure accuracy in my comments.
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Wed Sep 21, 2011 4:51 pm

CTV W Five doing a show on the Calgary Brost Sorensen Ponzi Scheme. Securities regulators and RCMP unable or unwilling to act to protect the public. Scheduled to air Sat, Oct 1, 7:00 pm Mountain Time
http://www.ctv.ca/CTVNews/WFive/2011100 ... sc-111001/
Victims might want to be aware of this program and that a class action against the securities commission for gross negligence is not only possible but should be researched, in order to gain your losses back. Please forward to those you think would be interested in financially defending themselves.

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Earlier CTV W5 Special about Canadian Investment Fraudster (Investment firm Salesperson) (from 2008) http://www.ctv.ca/CTVNews/WFive/2008042 ... ke_080424/
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Sun Nov 07, 2010 12:31 am

you should go see the movie "INSIDE JOB"
late fall 2010 release

great reviews are coming our about how you are the prey in a predatory environment ........that you may not have even know you were in.
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Sat Oct 10, 2009 9:25 pm

On 10-Oct-09, at 10:02 PM, Ken wrote:

I just saw michael moore's lastest film

Breach of trust would be even more powerful

When is it coming out?

KK

Larry replies
Ken, thanks. I hope to see Capitalism as soon as I can as well

Breach of Trust is out and about.......just not a blockbuster

see seven full chapters of the film at www.breachoftrust.ca

all of them updated last week. Chapter 8 is totally redone and totally new. Other chapters just improved slightly if you have already seen them before.

Start by watching chapter 8 if you like, it will take you ten minutes to see, and then go from there

The introduction and chapter one are about myself, and the rest will be more interesting to you I think.

Please drop me a note and tell me your thoughts.

As far as getting it out there I am screwed slightly on that one.

Reasons are that it was made my me, without much in the way of help and advice, and it is not quite ready for prime time, if you know what i mean. The quality is not broadcast ready, but I did my best and my first priority was to make sure I got to tell my story, not to ensure broadcast quality. I hope to use it to promote change, and it was never intended to meet any other requirements.

I think it will find a very narrow audience among damaged investors, police training agencies, universities and legislators who are led to it. It is just not good enough and it comes with some of my scrambled thinking. One professional told me it looked a bit like "scrambled eggs, it could use some unscrambling". He was right. I tried to throw everything I every learned into the film, and it makes it very hard for a non investor to grasp everything. Oh Well. I got to tell what I wanted to tell.

I will make some further adjustments. I also have one more chapter to insert eventually.

For now I am arranging public speaking, utilizing one or two chapters, going "door to door" if you will, to tell a tale of "How to make financial crime pay, an insiders story"

Wish me luck. give it another look if you have not seen it lately. tell the world if you like it

i would like to start a groundswell of people, telling people about it, and let the entire country have it freely. I seek nothing more than that.

take care and thanks for checking in on me Ken

cheers

larry
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Sat Sep 19, 2009 12:50 pm

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BREACH OF TRUST (go to www.breachoftrust.ca dont try to click on the image above)
A film journey by an investment industry insider
A “tell all” story of the tricks of the investment trade.

“The tricks of the trade that are designed to cut your retirement by more than half.........and put the other half into the hands of your “trusted investment advisor”.

How to abuse clients and put $800 million into the hands of the “trusted advisors”.

How to “capture the flag” and own the entire financial regulatory system in Canada, to the benefit of the financial players, and the detriment of the public.

How to use this to remove $32 billion from the Canadian economy with police and regulatory immunity.

How financial abuse and fraud by “trusted professionals” is costing Canadians more than each and every other crime in the country. Every year.

Comments on the rough cuts:

“Congratulations for a job well done!  A most interesting film and in my view, of significant value.   You should be proud of this film and the service you have provided to all who view it - all Canadians.”
Royal Canadian Mounted Police / Gendarmerie royale du Canada
Canadian Police College / Collège canadien de police
Ottawa Ontario

“A bit like scrambled eggs.......it could use some unscrambling”
Joe Media Corp.

“This recession was caused by corruption, plain and simple. Larry Elford, tells his story but amazingly gets other insiders to do likewise. I was blown away!
Jim Roache, Ottawa

“Not intended to be blockbuster entertainment, but if you would like 30 years of investment experience in an hour and a half, this film will challenge you to keep up.” “It will also challenge your beliefs about investing in Canada.”
Larry Elford, Producer
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Re: CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Sat Sep 19, 2009 12:40 pm

Michael Moore has a new film out, CAPITALISM, A LOVE STORY

I hope to see it this month. There are trailers for it on youtube for those who want a preview.

From the trailer and some interviews Michael has done it appears he gets to the heart of the matter in fairly short order, where it took me thirty years to dig through the dirt and find out where all the money goes. It looks to me like capitalism might have reached a black hole death star state where it feeds upon itself in such an ever increasing frenzy that it implodes...........who knows? All I am sure of right now is that financial crime pays really, really well in Canada.

I will comment more when I see it, and I hope to hear the thoughts of others.
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CBC, CTV, and BREACH OF TRUST video projects

Postby admin » Wed Nov 14, 2007 2:24 pm

early video clips of BREACH OF TRUST can be viewed in one or more places now:

http://www.breachoftrust.ca
or
http://web.me.com/lelford

it is 80% to 90% ready for audiences and I hope you will check it out and if you think it is worth a look, tell your friends to check it out also. It is not intended to be a summer blockbuster, so don't make popcorn and hold your breath. Just check it out if you would like to see what thirty years of experience in and around the investment industry can learn a person in an hour and a half. Your retirement just might be safer for the trouble.

Latest project you might be interested in is my youtube channel which consists of some chapters of BREACH OF TRUST plus some funny cartoon clips which demonstrate how investment predators behave.
http://www.youtube.com/user/investoradv ... _j-6h-E-MM

See also CTV W5, "GOING FOR BROKE" (predatory financial players after your money)
http://www.ctv.ca/servlet/ArticleNews/s ... ?hub=WFive

See also CBC http://www.cbc.ca/sunday/2008/09/091408_1.html this program looks at Asset Backed Commercial Paper

http://www.cbc.ca/sunday/2008/11/112308_8.html#comments this november program looks at the provincial securities commissions

http://www.cbc.ca/mrl3/8752/sunday/041209_3.wmv April 2009 CBC CAN YOU TRUST YOUR BROKER?

http://www.ctv.ca/canadaam for a short interview on predatory practices from Oct 8 2008

One premise is; "That four out of five investment salespeople in the Canadian investment industry are practicing something closer to "predatory financial practices", rather than the promised "professional financial practices". Investment firms are behind this 100% due to the revenue produced. Regulators are complicit at best. Self regulators are simply paid industry rental cops hired to protect and serve industry. Real police agencies are not encouraged or allowed to police the financial services industry. Thus the public is unprotected and being pillaged by $30 billion to $60 billion per year by illegal or unethical practices.

Bold statements? Yes.

What are the chances they are true? I truly wish they were not. My life and the lives of millions of Canadians would be much easier if this were all imagined.
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