New Solutions-Ronald Ovenden “Ponzi Scheme”
BREAKING NEWS: IFA has just become aware of a public release of the results of an ongoing worldwide criminal investigation into the NSFC matter.
For full coverage visit: http://newsolutionscapital.cc/
It is alleged that between 2007 and 2011 a Major Fraud involving hundreds of Millions of dollars is once again perpetrated against thousands of unsuspecting victims from several countries.
The Kingpin of this fraud involving a “TAKE” of approximately $215,000,000 (TWO HUNDRED AND FIFTEEN MILLION DOLLARS) is identified as RONALD JAMES OVENDEN of Mississauga-Ontario Canada. OVENDEN utilized menagerie of shell ‘front’ companies from around the world, such as New Solutions Financial Corporations II, III, VI (NSFC), and a multitude of others.
The scheme surrounded the claim that OVENDEN and his companies would take investors money and use it to “Factor” for significant vetted companies and return between 7 and 9% to to his investors annually. When in fact OVENDEN and his co-conspirators are said to have concocted a very sophisticated scheme in which NSFC would “loan” the money to companies OVENDEN controlled, thereby loaning the money to himself and then subsequently borrowing company would not pay the loans back. Leaving OVENDEN with an enormous amount of stolen money, which he then allegedly laundered and hid.
In order to continue perpetuating this scheme some of the investors received payments in the form of redemptions until January 2102 when apparently the new investor money coming in was no longer enough to keep the scheme profitable.
The ‘front’ companies involved in the alleged perpetration of the “Ponzi scheme” were New Solutions Financial Corporation, New Solutions Financial Corporation II, New Solutions Financial Corporation III, New Solutions Financial Corporation VI and 2055596 Ontario Limited.
The shares of these companies were held by Grandluc Corporation, controlled by Ronald OVENDEN and JEFFREY LIPTON who also operated Permanent Value Asset management Ltd. and Argyle funds spc Inc. which operates out of Barbados.
Most of the stolen money was raised by two purportedly “independent” investment advisors; ROBERT JOSEPH FROST of Edmonton-Alberta Canada https://www.proformacapital.com/ PROFORMA CAPITAL, and JEFFREY HERSCHEL LIPTON (a Toronto native) who operated a Cayman Island “registered” investment vehicle called ARGYLE FUNDS SPC INC http://www.argyle-funds.com/ from his Barbados company offices he called PERMANENT VALUE ASSET MANAGEMENT Ltd.
(JEFFREY HERSCHEL LIPTON-is also listed as an attorney with Daley Byers & Phillips a Toronto based law-firm)
Once the house of fraudulent cards began to collapse FROST, LIPTON and OVENDEN met together with MNP http://www.mnp.ca/ a well known accounting firm in Toronto Canada to act as trustee to finalize the perfect crime by seeking bankruptcy protection.
Although it was made a matter of court record that all of the principle parties had a conflict of interest with MNP due to previous business relationships, both the courts and the Ontario Securities Commission (OSC) allowed the matter to be settled thereby granting what amounted to immunity for OVENDEN with the blessings of the Canadian Government. This occurred in spite of the fact that the OSC stated there were multiple issues of OVENDEN and agents of NSFC deliberately making fraudulent misrepresentations to the victim investors.
It was also learned that this was not OVENDEN’s first brush with fraudulent loan schemes:
So the GLARING question remains, where did the money end up and who all got paid off with the stolen funds?
If the OSC and FELDSTEIN & ASSOCIATES LLP, the auditor of the OVENDEN companies both specifically state IN THE RECORD there is nefarious conduct and fraud, WHY are all of these criminals being allowed to walk away “Scott Free” with the victims money?
If you have INFORMATION directly relating to this conspiracy relating RONALD OVENDEN and his companies, PROFORMA and ROBERT JOSEPH FROST, ARGYLE and JEFFREY HERSCHEL LIPTON and the “Barbados Connection” PLEASE contact this forum with the details we will if necessary keep your identity confidential.
The Criminals responsible for this travesty NEED to be brought to some form of JUSTICE!!
See Article from Edmonton Journal:
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