A wonderful lady I was speaking to yesterday said that if could find figures that showed that League had not made any money and had lost money year after year and kept taking money from investors than that would be enough to prove intent to defraud. Another item that would be useful would be material misrepresentation. One particularly annoying point with many investors is the statement “We get paid when you get paid” clearly not true.
Using publicly available documents I went back to the beginning of League and looked for two simple items.
Income and Compensation of Related Parties (Gant & Arruda)
According to the documents filed with the BCSC as on January 31st 2007 there was $10 in the bank account.
Net Loss 2006 $(1,022,366) Compensation $1,022,952
Net Loss 2007 $(3,300,100) Compensation $2,897,385
Net Loss 2008 $(4,160,008) Compensation $3,433,475
Net Loss 2009 $(131,180) Compensation $5,241,027
Net Loss 2010 $(19,104,524) Compensation $ 7,035,999
Net Loss 2011 $(26,916,631) Compensation $ 6,266,036
Net Loss 2012 $(62,571,109) Compensation $ 6,556,435
Now those numbers are truly impressive in the same way antimatter is impressive. It’s nice to theorize about it but you don’t want any around you or sticking to you. In that way I think we should rename the InterGenerationalWealth REIT to the AntiGenerationalWeath Scheme operated by the inept Adam “Value Destroyer” Gant and the Amazing Disappearing Emmanuel Arruda. They have in 7 short years managed to mislead and take senior’s and vulnerable people’s RRSP’s, pensions, nursing home money, encouraged people to mortgage their homes, and found myriad ways to unjustly enrich themselves all while failing to ever make a profit.
If this isn’t illegal, I’m starting my own country, where it is illegal.