Dream Laws and Politics for Hungry Bankers:
An analytical reconstruction of Bank of Montreal, Allied Canadian, Cheney, Glenn and Graydon evidence used in an ICAO accountant investigation file 542401 about ‘Sitting Duck’ loans.
The Perfect Sting:
Storybook Sleazy Tax Shelter Schemes
Recent news about negotiations between US federal prosecutors and KPMG appear to have ruled out criminal charges for the firm’s role in what investigators said were; ‘Storybook Sleazy Tax Shelter Schemes’. KPMG is fined, and forced to make a ‘Clear statement of guilt’ and all future work will be monitored to oversee changes and uphold ethical standards.
While big accounting firms are made to confess
to sins and mend their ways, the Banks they
rely on for information pay huge amounts in
‘no wrongdoing’ settlements.Like CIBC,
Citigroup and J.P. Morgan who, blaming Enron,
pay some US$10 billion in fines to avoid legal
drama and the ‘uncertainties of litigation’.
Perhaps the most culpable, CIBC paid US
$2.4 billion to keep quiet about ‘Enron’.
A good deal for bankers to continue using
the same self-regulated voluntary guidelines
they say protect the public from
those naughty accountants who admit
to messing with numbers from time to time.
At another level: Messing with the numbers can include ‘Tied Loan’ which are supposed to be illegal but once you have one in your name they are legally binding and due for collection by crediting Banks involved.
Undisclosed ‘Tied Loans’ develop from identity theft where people’s signatures to investment agreements are used by a Bank to transfer funds to investment providers from the indebtedness of uninformed investors.
All the contact is with the investment provider and such contract arrangements with Banks can be completely unknown to investors. Secret ‘Tied Loans’ require collusion between the underwriting Bank and an investment provider, and in this case an accountant who acts as both a selling agent for investment products and bundled ‘Tied Loans’ for their purchase.
This unbelievable story developed from Bank of Montreal evidence in litigation over an undisclosed loan for $110,000 invested in an Allied Canadian limited partnership. It was inspired by the industry name ‘Sitting Duck Loans’ and calling debtors like the author; ‘Sitting Ducks’. (Court File 1678/02)
The book provides an accurate representation of ‘Bank Roles in Sleaze’ based on Bank evidence of the author’s indebtedness for $110,000 and another $40,000 in his wife’s name that the Institute of Chartered Accountants Ontario has investigated and charged an accountant. (File number 542401, with a disciplinary hearing scheduled May 15, 2006).
The book and corroborating evidence of several more duped investors by the same accountant, and another Allied Canadian sales representative is before the RCMP to consider a criminal investigation and before the government to deliver on their promise for better consumer protection.
