Investors who suffered losses in a scheme involving Goldpoint Resources Corp. may be able to claim compensation after almost $600,000 was collected by Ontario’s Attorney General.
The Ontario Securities Commission (OSC) issued a notice Monday indicating that the attorney general’s office has recovered $583,392 under Ontario’s civil forfeiture law; which allows the AG to ask a court to order the seizure of property that is determined to be proceeds of unlawful activity.
Back in 2013, after a hearing that found that Goldpoint and several individuals were involved in a fraudulent scheme including unregistered trading and illegal distribution, the OSC ordered that they disgorge almost $1.7 million, along with various other sanctions. (See OSC sanctions trio in $1.7 million Goldpoint scheme, investmentexecutive.com, February 4, 2013.)
The funds recovered by the AG’s office have been deposited into a special purpose account. And, a notice from the OSC indicates that individuals that suffered losses due to unlawful activity can make a claim for compensation. Claims are due by Feb. 17, 2015.
“You may not be eligible for compensation if you took part in the unlawful activity giving rise to the forfeiture proceeding. Even if you are eligible for compensation, your claim may be denied if you are unable to provide proof of your claim,” the notice indicates.