Kenneth Rijock

Kenneth Rijock

Wednesday, October 21, 2015

NORTHLAND INVESTS CLIENT MONEY IN HEDGE FUND, BUT CONCEALS THE TRANSACTIONS


                             
Northland Wealth Management Inc., the Canadian investment firm accused of improperly transferring hundreds of millions of dollars of client assets to a dodgy Cayman Islands shell company, B & C Capital Ltd., also reportedly invested its clients' money in a hedge fund, against the express advice of William (Bill) Tynkaluk, its most experienced adviser. Northland principal Paul Mascard was directly warned not to invest client funds in Grosvenor Institutional Partners, Ltd., or any affiliated hedge fund operated by GCM Grosvenor. The Northland clients were never informed the victims about the purchase, for had it done so, the victim has stated that he would have immediately cancelled the transaction, and closed his account at Northland, forthwith.

One of the victims, who has now, after diligent investigation, learned of the existence of the unauthorized, high-risk investment in Grosvenor, has alleged that the Cayman Gang of Four (Sharon Lexa Lamb, Fernando Mota Mendes, Ryan Bateman, and Derek Buntain) recommended Grosvenor to Northland principal Paul Mascard, and the company's CEO, Arthur Salzer. The Gang of Four reportedly took as much as $450m, in Northland investor money, without client authorization, and through misrepresentations of material facts, and this money is missing, and presumed either stolen, or lost in the securities markets of North America.

Bateman, Lamb and Buntain
A victim's $2m investment was reduced by half, before it arrived at Grovenor, and the victims has accused Northland, specifically Mascard and Salzer, of taking obscenely excessive, and illegal, commissions, and fees, from the victim's funds. His attorneys have been advised that he will only be receiving $600,000 from the hedge fund administrator, due to the sharp decline in value of 40% from his initial investment. Therefore, from the $2m, the victim will net out only one-fifth of the $2m. This is only one small segment of the fraud perpetrated against many of its clients by Northland, and its associates, the Gang of Four.

Northland's Paul Mascard
As additional instances of misconduct, illegal trading, and concealment of material information from Northland clients surfaces, we shall update our readers with details of this massive fraud, which was committed upon Canadian and American investors, mainly retirees and pensioners, who depended upon Northland to keep their funds safe.

Northland's Arthur Salzer
Canadian attorneys for victims have already delivered demand letters, for the return of client funds stolen by the fraudsters, and one can expect to see civil litigation shortly; you can expect to see it in major Canadian media in the near future.


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