Rashida Samji, the notary public who masterminded B.C.’s largest ever ponzi scheme, has been sentenced to six years in a federal prison.
Samji was handed the sentence September 28.
The sentence follows the largest fines ever levied by the BC Securities Commission. Last year, the BCSC levied a $33 million fine against Samji, plus $10.8 million in repayments.
As detailed in a Business in Vancouver feature on fraud in April, Samji orchestrated a ponzi scheme that raised $110 million from more than 200 investors. Original investors got $99 million back, but as is typically the case when a ponzi scheme collapses, the later investors lost $11 million.
Between 2003 and 2012, Samji sold “investments” in Mark Anthony Investments. Mark Anthony Group owns the Mission Hill Family Estate Winery. According to the BCSC and the BC Supreme Court, the Mark Anthony Group was not involved and was unaware that its name was being used.
Even banks got stung in the Samji ponzi scheme. Coast Capital Savings, Toronto-Dominion Bank (TSX:TD), Royal Bank of Canada (TSX:RY), Vancouver City Savings Credit Union and Worldsource Financial Management Inc. were named in a class-action lawsuit. Samji had held accounts with the banks named in the class-action suit.
They ended up agreeing to pay into an $8.5 million settlement fund. According to other media reports, Samji is appealing her conviction.
