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#61 29er Radio

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Posted 22 February 2016 - 02:53 PM

I am the last person to be a League supporter, but the reality is that they were two big dreamers who got in over their heads and mismanaged the company. Gant and Arruda have both lost their houses so this was hardly a success for either of them. Now if you wrote off everyone who had started a business and failed then you would have to include a lot of people. My guess is that Gant was smart enough to learn a few things from his mistakes and if he can make money helping others then good for him.

its my understanding that he has started a very similar business with a very similar model. 


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#62 dasmo

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Posted 22 February 2016 - 10:19 PM

What they did was not mismanagement. A lot of people lost a lot of money in their scheme. With over 90 incorporated companies created by those two with the league "structure" and many millions in management fees I'm sure they made out OK. Hell if I was looking to start an investment trust targeting older retired folks I would consult them!

Edited by dasmo, 24 February 2016 - 06:39 PM.


#63 spanky123

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Posted 23 February 2016 - 07:20 AM

What they did was not mismanagement. It was a grift. Looks like they will continue grifting and should be called out for it. A lot of people lost a lot of money in their scheme. With over 90 incorporated companies created by those two with the league scheme and many millions in unaccounted for management fees I'm sure they stashed something somewhere. Hell if I was looking to start an investment trust targeting older retired folks I would consult them!

 

A lot of people have claimed that Gant and Arruda stole money and hide millions offshore. The problem is that nobody has ever been able to prove any of that and the auditors stated that the money was accounted for. In fact the evidence seems to state otherwise with both men likely having to file for bankruptcy and Arruda's wife leaving him.

 

There was an interesting report on the BCSC website yesterday pointing out that very few investors did any research into their investments and a large percentage never checked the statements from their financial advisors. Those are the underlying issues here. Several of us reported on VV and other blogs for years that this was an unsustainable, risky investment. All anyone every had to do was google League and the very first few items that came up were specific warnings and risks related to the investment.

 

I met Gant many times and he never struck me as a shyster or a crook, but it was very clear to me that he was in over his head. If he has learned from his mistakes and can now add value somewhere else then good for him.


Edited by spanky123, 23 February 2016 - 07:21 AM.


#64 Mike K.

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Posted 23 February 2016 - 08:04 AM

I may be wrong here but I think Arruda's wife left him prior to League.


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#65 dasmo

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Posted 23 February 2016 - 09:25 AM

A lot of people have claimed that Gant and Arruda stole money and hide millions offshore. The problem is that nobody has ever been able to prove any of that and the auditors stated that the money was accounted for. In fact the evidence seems to state otherwise with both men likely having to file for bankruptcy and Arruda's wife leaving him.

 

There was an interesting report on the BCSC website yesterday pointing out that very few investors did any research into their investments and a large percentage never checked the statements from their financial advisors. Those are the underlying issues here. Several of us reported on VV and other blogs for years that this was an unsustainable, risky investment. All anyone every had to do was google League and the very first few items that came up were specific warnings and risks related to the investment.

 

I met Gant many times and he never struck me as a shyster or a crook, but it was very clear to me that he was in over his head. If he has learned from his mistakes and can now add value somewhere else then good for him.

I'm all for being proven wrong. Do you hava link to said report? 



#66 insanelydeadlydisease

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Posted 24 February 2016 - 12:55 PM

A lot of libel in here. 



#67 spanky123

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Posted 24 February 2016 - 01:59 PM

I'm all for being proven wrong. Do you hava link to said report? 

 

The best source is the PWC site. Lots of reading there but the monitor's review and summary state most of the details.



#68 AllseeingEye

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Posted 24 February 2016 - 08:30 PM

A lot of people have claimed that Gant and Arruda stole money and hide millions offshore. The problem is that nobody has ever been able to prove any of that and the auditors stated that the money was accounted for. In fact the evidence seems to state otherwise with both men likely having to file for bankruptcy and Arruda's wife leaving him.

 

There was an interesting report on the BCSC website yesterday pointing out that very few investors did any research into their investments and a large percentage never checked the statements from their financial advisors. Those are the underlying issues here. Several of us reported on VV and other blogs for years that this was an unsustainable, risky investment. All anyone every had to do was google League and the very first few items that came up were specific warnings and risks related to the investment.

 

I met Gant many times and he never struck me as a shyster or a crook, but it was very clear to me that he was in over his head. If he has learned from his mistakes and can now add value somewhere else then good for him.

Yup; I walked away after reading that highfalutin, grandiose-sounding Blue Book - which contained a bunch of piffle that said a lot about nothing essentially - in addition to the hullabaloo they made in 2007 about being granted "armorial bearings" - IOW a corporate Coat of Arms which required a two year vetting process and "who knows" how much money. Hell my own surname far predates the Norman Conquest of 1066 and our family coats of arms - both the English and Irish variants - both date from the very early Middle Ages - which all means precisely nothing in terms of my ability to knowledgeably run a successful business. Seems to me like there was a lot of sizzle but precious little steak.....



#69 MarkoJ

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Posted 25 February 2016 - 12:03 AM

Is there a cap on management fees? Seems weird that Gant had the property seen below built by a very well know Victoria builder at a time when League had not accomplished anything other than raise money and purchased a bunch of properties. 

 

12-14-197-840x559.jpg

 

Source: http://www.christoph...o/west-saanich/


Edited by MarkoJ, 25 February 2016 - 12:03 AM.

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#70 MarkoJ

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Posted 25 February 2016 - 12:08 AM

I met Gant many times and he never struck me as a shyster or a crook, but it was very clear to me that he was in over his head. If he has learned from his mistakes and can now add value somewhere else then good for him.

 

I don't know if I would have gone for the ridiculous personal property before achieving something for investors.


Edited by MarkoJ, 25 February 2016 - 12:08 AM.

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#71 VicHockeyFan

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Posted 19 December 2016 - 04:18 PM

Millionaire real estate developer Riaz Mamdani was shot outside of his Mount Royal home in Calgary early Monday morning.

 

Police were called just after 8 a.m. to the scene in front of 2211 7th St. S.W. where they found a man suffering from gunshot wounds. Mamdani, chief executive and founder of the real estate investor Strategic Group, was identified as the victim by a company spokeswoman, who said he is in stable condition.

 

 

http://news.national...ang-that-was-it

 

^ That's TODAY

 

This is 2015:

 

Platinum Equities real estate fraud lawsuit wins class action certification

A class action lawsuit allowing hundreds of investors to unite to sue individuals and companies associated with the Platinum Group for millions of dollars in losses has been certified, but the lead lawyer concedes the process could still take months or years to be concluded.

 

An estimated 2,200 investors lost an estimated $200 million buying limited partnership units or trust units that invested in commercial real estate entities that operated and were heavily marketed in print and on radio and television between 2002 and 2012.

....

The ruling last week by Justice A.D. Macleod follows an application in December that named a long list of defendants, chief among them Shariff M.Chandran, Riaz Mamdani, Chitra Chandran, the Strategic Group of Companies and the Platinum Group of Companies.

 

 

Looks like police have 2,200 possible suspects in the shooting.

 

 

Further reading:    http://www.canadianb...cam-in-alberta/

 

 
Another property investment scam in Alberta?  

Investors allege a $160-million conspiracy at Platinum Equities.

 


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#72 spanky123

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Posted 19 December 2016 - 04:29 PM

^ Looks like buddy had lots of 'friends' from various projects that either failed or upset neighbours. I wonder if this will slow him down.



#73 johnk

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Posted 19 December 2016 - 06:02 PM

Old saying: If it looks too good to be true it probably isn't.

#74 LJ

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Posted 19 December 2016 - 07:18 PM

Interesting. I had a friend that took everything he had and invested it in Platinum Equities/Group.

 

He was going to be a millionaire many times over.

 

He will be working till he drops now.


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#75 rjag

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Posted 19 December 2016 - 08:52 PM

http://www.wsj.com/a...raud-1482154926

 

is this the same outfit?



#76 VicHockeyFan

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Posted 19 December 2016 - 08:57 PM

http://www.wsj.com/a...raud-1482154926

 

is this the same outfit?

 

No, it's not.


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#77 rjag

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Posted 19 December 2016 - 08:59 PM

coincidence with the names then....



#78 spanky123

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Posted 20 December 2016 - 05:08 AM

Old saying: If it looks too good to be true it probably isn't.

 

In the case of Platinum, the article says that they promised investors a 6% return which is not unreasonable.



#79 qv

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Posted 20 December 2016 - 10:11 PM

In the case of Platinum, the article says that they promised investors a 6% return which is not unreasonable.

 

It depends on how they presented the risk level. If they said "you'll get 6% with little or no risk", then it was unreasonable, and investors should have been skeptical. 



 



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