A quick update on Tony's snowblowing on CFRA. I had talked about that company in this earlier post. The police has charged them with 34 counts of fraud. It's comforting to see that the bad guys do get caught sometimes.
I've written recently about a site that copies my blog to generate adsense traffic. The funny thing is that since I wrote the post and contacted the registrar (Namecheap) of the fraudster (STREETSTOCKINFO), the offending site has removed all my content and switch to some Chinese newspaper! Now I've found another copycat: www DOT whytradeoptions DOT com . I've contacted Namecheap.com again since they were helpful last time. If that does not work, I'll try the Google DCMA complaint process.
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thanks for reading Canadian Money Review
I found an amazing web of fraud this weekend: there is a site that is only dedicated to copying all my blogs and that adds the keywords 'online stock trading' to the posts. The site is "www DOT streetstockinfo DOT com" . I guess they are trying somehow to trick the search engines. By digging some more, I've only found that it is a privately registered site. I've written to the domain registrar to see if they can do anything about. The real scary part is that I've searched references to that site and found "fdafct DOT org" pointing to it (and the domain registration email from that site is not valid). And looking up that last site returned tons of links. So there is a web of fraudulent links out there.
Have you ever experienced anything like this? Is there anything one can do about this?
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thanks for reading Canadian Money Review
Public Infrastructure Minister David Caplan asked police to look into ombudsman Andre Marin's report probing a disproportionate number of jackpot wins by so-called lottery insiders - a report that amounted to a searing indictment of the Ontario Lottery and Gaming Corporation.Marin showed no quarter to the corporation, which he said ignored allegations of widespread retailer fraud, "coddling" retailers and front-line ticket sellers while playing "games" with customers who complained they had been cheated.I already thought spending money on lottery tickets was a waste of money. Now I think it makes people victim of pure and simple theft!
Some good news for our badly regulated Canadian Stock Markets: it seems that Flaherty thinks that there is enough support from provinces for establishing a single regulator for securities in Canada.
That might help curb all the frauds at different levels or at least give a stronger way to fight back for the fraud victims. With some luck, that new "Canadian SEC" could also act on the insider trading going on in Canada. (You don't believe there is? Look at this article.)
It's time that Canada gets a real financial backbone!
There are still a lot of fake 20$ bills out there ... be careful. Here's how to identify them ...
Here's a proof that sometimes investors can be compensated if they've been victims of a fraud. People who were scammed by Vincent Lacroix from Norbourg could get up to 200000$ (paid by the Quebec Financial Authority). Only 10% are eligible apparently.
Here's a quick summary from Reuters:
"Vincent Lacroix, president of Norbourg, faces 51 securities fraud charges stemming from the company's failure. The Autorite has sued him for C$94 million and police are also investigating the firm's collapse.
Lacroix has denied the allegations, which have not yet been heard in court.
The Autorite said those being compensated were victims of fraud committed during the distribution of financial products and services at Norbourg Capital Inc. and Groupe Futur.
Representatives selling Norbourg funds were paid commissions beyond the norm to direct clients toward placing their investments with the Montreal firm, the Autorite said."
