What fraudulent company was listed on both the Alberta Stock Exchange and the Toronto Stock Exchange?
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Alberta Stock Exchange The Alberta Stock Exchange (ASE) was a stock exchange based in Calgary, Alberta established in 1913. It featured mostly mining, resource exploration, and oil sands stocks. The ASE was the original listing exchange for Bre-X, one of the biggest corporate frauds in Canadian history.
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Bre-X Bre-X was a group of companies in Canada. Bre-X Minerals Ltd., a major part of Bre-X based in Calgary, was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at Busang, Indonesia (in Borneo). Bre-X bought the Busang site in March 1993 and in October 1995 announced significant amounts of gold had been discovered, sending its stock price soaring. Originally a penny stock, its stock price reached a peak at CAD $286.50 (split adjusted) in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion. Bre-X Minerals collapsed in 1997 after the gold samples were found to be a fraud.
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Bell &amp; Beckwith Bell & Beckwith was a regional stock brokerage firm in Toledo, Ohio, that failed in 1983 as a result of massive fraud. It was the costliest failure for the Securities Investor Protection Corporation (SIPC) at that time.
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Aurcana Corporation The Aurcana Corporation is a Canadian mining corporation active in Mexico and the United States. It is headquartered in Vancouver, British Columbia, Canada. It is listed on the Toronto Stock Exchange.
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Credit card fraud Credit card fraud is a wide-ranging term for theft and fraud committed using or involving a payment card, such as a credit card or debit card, as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. According to the United States Federal Trade Commission, while the rate of identity theft had been holding steady during the mid 2000s, it increased by 21 percent in 2008. However, credit card fraud, that crime which most people associate with ID theft, decreased as a percentage of all ID theft complaints for the sixth year in a row.
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TD Ameritrade TD Ameritrade is a brokerage firm based in Omaha, Nebraska. The letters TD are derived from Toronto-Dominion Bank, the largest shareholder. The company provides services for individuals and institutions that are investing online. The company offers an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed income investments. It also provides margin lending, and cash management services.
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Companies listed on the Toronto Stock Exchange (A) Companies listed on the Toronto Stock Exchange (A)
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Sheldon Chumir Sheldon Mervin Chumir (December 3, 1940 – January 26, 1992) was a lawyer and politician from Alberta, Canada.
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Tarrnie Williams Tryon "Tarrnie" M. Williams (born November 11, 1940) is a Canadian businessman. He is the founder of Canada's first publicly traded software company, Sydney Development Corporation formed in 1978. From 1987 to 1991 he was President and CEO of Distinctive Software Inc. of Vancouver and, upon the acquisition of that company by Electronic Arts Inc., North America's largest publisher of interactive software, he became President and CEO of Electronic Arts (Canada) Inc. Mr. Williams has considerable experience in the fields of computer and video games, biotechnology, real estate, and computer technology. He has over 40 years of leading technology ventures to success. Recipient of lifetime achievement award for contributions in technology. Co-founded and led companies to exits of more than $850 million.
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Toronto-Dominion Bank The Toronto-Dominion Bank (French: "Banque Toronto-Dominion" ) is a Canadian multinational banking and financial services corporation headquartered in Toronto. Commonly known as TD and operating as TD Bank Group (French: "Groupe Banque TD" ), the bank was created on February 1, 1955 through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively.
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ICICI Bank Canada ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited, India’s largest private sector bank. ICICI Bank Canada’s corporate office is located in Toronto, Ontario. Established in December 2003, ICICI Bank Canada is a full-service direct bank with an asset base of about $6.5 billion as at December 31, 2016. It is governed by Canada’s Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions. The bank has eight branches in Canada: one in Calgary, Alberta; one in Surrey, British Columbia; and six in the Greater Toronto Area, Ontario.
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Gone in 60 Seconds (bank fraud) Gone in 60 Seconds was a fraud scheme uncovered in 2012 involving the theft of over $1 million from Citibank using cash advance kiosks at casinos located in Southern California and Nevada.
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The Dominion Bank The Dominion Bank was a Canadian bank based in Toronto and incorporated in 1869 that merged on February 1, 1955 with the Bank of Toronto to form the Toronto-Dominion Bank.
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Refund theft Refund theft, also known as refund fraud, refund scam or whitehouse scam, is a crime which involves returning goods ineligible for refund to a retailer in exchange for money or other goods. The goods returned may have been acquired illegally, or they may be discarded damaged goods. Other schemes involve sealing weights or other simulated merchandise in the original product packaging, or switching labels on items to purchase them at a lower price and then returning them for their original value.
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Brian Molony Brian Molony is a Canadian self-admitted compulsive former gambler from Toronto, famous for embezzling millions from the Canadian Imperial Bank of Commerce, the second largest bank in Canada, to feed his personal gambling habit.
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Companies listed on the Toronto Stock Exchange (B) Companies listed on the Toronto Stock Exchange (B)
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Fool Canada Fool Canada is a Canadian television series, airing on CBC Television in summer 2015.
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Canadian Securities Exchange Canadian Securities Exchange (CSE), formerly the Canadian National Stock Exchange (CNSX), is an alternative stock exchange in Canada. It was the first full stock market to be approved by the Ontario Securities Commission in the past 70 years. The CSE offers simplified reporting requirements and reduced barriers to listing. It is an alternative for micro cap and emerging companies. It had been known as CNQ until the organization re-branded itself in November 2008. It is fully automated, rather than using the traditional "open outcry" physical trading floor system.
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False billing False billing is a fraudulent act of invoicing or otherwise requesting funds from an individual or firm without showing obligation to pay. Such notices are often sent to owners of domain names, purporting to be legitimate renewal notices, although not originating from the owner's own registrar.
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Argus Corporation The Argus Corporation was an investment holding company based in Toronto, Ontario. During the 1960s and 1970s, it was the most powerful and best known conglomerate in Canada, at one time controlling the companies making up 10 percent of all shares traded daily on the Toronto Stock Exchange.
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False Claims Act The False Claims Act, also called the "Lincoln Law") is an American federal law that imposes liability on persons and companies (typically federal contractors) who defraud governmental programs. It is the federal Government's primary litigation tool in combating fraud against the Government. The law includes a "qui tam" provision that allows people who are not affiliated with the government, called "relators" under the law, to file actions on behalf of the government (informally called "whistleblowing" especially when the relator is employed by the organization accused in the suit). Persons filing under the Act stand to receive a portion (usually about 15–25 percent) of any recovered damages. As of 2012, over 70 percent of all federal Government FCA actions were initiated by whistleblowers. Claims under the law have typically involved health care, military, or other government spending programs, and dominate the list of largest pharmaceutical settlements. The government recovered $38.9 billion under the False Claims Act between 1987 and 2013 and of this amount, $27.2 billion or 70% was from qui tam cases brought by relators.
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Liban Hussein Liban M. Hussein (Somali: "Liibaan Xuseen" , Arabic: لبنان حسين‎ ‎ ) (born in Somalia) is a Canadian entrepreneur and businessman. He was a stakeholder in the Al-Barakat money transfer firm. In November 2001, Hussein was arrested at the request of the United States government, which accused him of supporting terrorism through the company. His assets were also frozen. Hussein was eventually exonerated of the charges and released, after a court found that neither the Royal Canadian Mounted Police (RCMP) nor the U.S.A authorities were able to provide any evidence of terrorist links. In February 2012, all charges against the Al-Barakat Group of Companies were also dropped.