The Manitoba Securities Commission has issued a notice indicating that assets have been seized as part of the investigation into the Tri-West Investment Club scam, presenting some hope of recovery for fleeced investors.

The MSC says in a notice that following investigations into the fraudulent activities of Tri-West Investment Club by agencies in both Canada and the U.S., the U.S. Department of Justice has made arrests and seized assets. With assets being seized, there may be an opportunity for investors to recoup their losses, it says. “Typically, with this type of investment scam, individuals who invest, lose their money for good,” said Doug Brown, Director of Legal and Enforcement for the MSC. “Although there is no guarantee that individuals who invested in Tri-West Investment Club will get their money back, there is a process in place for Manitobans to make application.”

Approximately 400 Manitobans invested in Tri-West. The club required investors to invest in units of US$1,000 for a period of one year with a return of 10% per month. A referral program was also part of the scam, whereby investors could make more money if they referred people to the club.

The U.S. Department of Justice, U.S. Attorney, Eastern District of California has been attempting to contact all investors. If any investor has not yet received correspondence from the U.S. Department of Justice concerning making a claim for restitution they can visit the Manitoba Securities Commission web site to download the necessary applications.