Lethbridge Real Estate and Mortgage Info

Lethbridge Real Estate - Are there Scams out there?

YES!  There are scams all over the place.  Be extremely careful of the clowns you are dealing with!  The next big scam will be trying to sell you real estate in foreign markets.  Watch your ass, don't be an idiot and do your homework!

 

ASC sanctions Robert Harris/Harris Agencies $500,000 for operating a Ponzi scheme and perpetrating a fraud

Mar 21 2011

The Alberta Securities Commission (ASC) has permanently banned Robert John Harris operating as Harris Agencies from the Alberta capital market after finding that he:
  • traded and acted as a dealer in securities in Alberta without being registered to do so;
  • illegally distributed securities in Alberta;
  • made misleading and untrue statements to Alberta investors;
  • perpetrated a fraud on Alberta investors; and
  • acted contrary to the public interest.
The ASC panel also ordered Harris operating as Harris Agencies to pay a $500,000 administrative penalty and $13,000 towards the costs of the investigation and hearing.
 
During the hearing, Harris admitted that he controlled and operated a real estate investment club that raised at least $5 to 6 million from approximately 200 investors from about 2000 to 2010.  In determining the sanctions in this case, the ASC panel took into account that the investment club “was a fraud and operated as a Ponzi scheme, that [he] was solely responsible for this fraudulent scheme” and “that [he] made misleading and untrue statements to induce Alberta investors to invest in the Club…”  The ASC panel noted in its decision that Harris operating as Harris Agencies had engaged in conduct that “was reprehensible and completely inconsistent with the public interest.”

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Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
 

 

 

 

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Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full Lethbridge real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge loans financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge





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0 comments • Robert May - Lethbridge REALTOR ® and Mortgage Broker • March 25 2011 10:58PM
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