First American adopted Premier Benefit's strategy of raising money by selling nine-month notes rather than longer-term securities. The nine-month offerings held particular appeal to elderly investors accustomed to bank CDs. In addition, the notes were the subject of a legal controversy in the late 1990s that worked to Johnston's advantage. While lawyers argued whether nine-month notes were or were not securities, regulators concerned about First American's operations were temporarily kept at bay. By the time the court ruled in the regulators' favor, investors' money was gone. About 1,200 investors bought $93-million worth of First American's notes, which were sold through a network of insurance agents and brokers. Johnston offered them a terrific deal: A 6 percent commission up front and 6 percent more every time the notes matured and the money was reinvested. The big selling points for investors were the 9.75 percent interest rate and the security of the insured car loans that were supposed to back up the notes.

 

CANADA BIGGEST CASE OF WELFARE FRAUD

IMPERIAL CROWN MASON US MAXIMUS MERS  MASTERMIND GOAT POO PONZIE AKA CREDIT DEFAULT SWAPS

CREDIT DEAULT SWAP  DAMAGES CLAIMED...............DEPENDS ON HOW MUCH IS NEEDED TO CLEAN UP MERS REGISTRY FRAUD

ONE REGISTRY AT A TIME

ONE COMMUNITY AT A TIME.....ONE PROVINCE AT A TIME............ONE COUNTRY AT A TIME

IN ORDER TO RESTORE LAWFUL LAND OWNERSHIP AND LAWFUL DEBT

REMOVE ALL TRACES OF MERS MAXIMUS IMPERIAL CROWN GOAT POO PONZIE




COMPLEX BASED ON FRAUD ,FORGERY ILLEGAL WRITS AND FEDERAL LIENS/ATTACHMENTS FOR ALMOST 20 YEARS.

Public Guardian and Trustee's liability 21  (1) The Public Guardian and Trustee, or an officer or employee of the Public Guardian and Trustee, is not liable for any loss for which a private trustee would not be liable in similar circumstances.

(2) Any money required to discharge any liability

(a) that the Public Guardian and Trustee, if he or she were a private trustee, would be personally liable to discharge, or

(b) that arises out of an error or omission of the Public Guardian and Trustee, or of an officer or employee of the Public Guardian and Trustee, in the course of carrying out duties under this or another Act, other than the duties of a trustee

must be paid out of the consolidated revenue fund.

(3) If a claim is made against the Public Guardian and Trustee and the Attorney General certifies

(a) that the claim, if pursued, could result in a judgment against the Public Guardian and Trustee, and

(b) that it is in the public interest to settle the claim in an amount set out in the certificate,

the amount set out in the certificate must be paid out of the consolidated revenue fund to the person making the claim




http://www.bclaws.ca/Recon/document/freeside/--%20P%20--/Public%20Guardian%20and%20Trustee%20Act%20%20RSBC%201996%20%20c.%20383/00_96383_01.xml#section8

On Tuesday in the House of Commons, Foreign Affairs Minister John Baird called NDP questions about the G8 legacy fund a "public relations stunt."

RCMP hasn't interviewed Clement On Tuesday, the RCMP confirmed that the force is considering whether to formally investigate allegations about the misappropriation of G8 legacy funds. Former Liberal MP Marlene Jennings wrote to the director of public prosecutions in April, during the last federal election campaign, requesting a police investigation.

Speaking to reporters Wednesday, Tony Clement, who is now treasury board president, said that the RCMP hasn't contacted him. He dismissed as speculative a question about whether he would co-operate with a potential investigation, but acknowledged that the RCMP was obliged to followup after receiving the complaint from Jennings.