BC’s biggest Ponzi scheme wasn’t just bad for investors, it was also bad PR for several banks and credit unions.
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, alongside the mastermind of the Samji Ponzi scheme.
The class action resulted in the financial institutions agreeing to pay into an $8.5 million settlement fund.
NELSON BENNETT – Business in Vancouver – April 12, 2016.
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