Canadian NRI charged in ponzi scheme

Arvindbhai Bakorbhai Patel a former financial planner with British Columbia Coast Capital Savings has been charged with 32 counts of Security Act violations for convincing clients to invest in a $110 million scheme. Patel convinced some 90 investors to place almost $29 million with former Vancouver notary public Rashida Samji, who is facing 28 criminal charges of fraud and theft after the British Columbia Securities Commission fined her $33 million for running a ponzi scheme by which she duped investors into believing they were providing financial backing for a group that builds wineries. Instead the money remained in Samji's trust. The charges against Patel carry maximum penalties of $3 million and up to three years in prison.