February 23, 2005

RECOVER CUSTODY OF PUBLIC EQUITY:
WCB, BC Rail, MSP etc…

Reform BC invites you to explore text and links below as they relate to the third issue that the Party will bring into the May 17, 2005 election campaign.

A Reform BC government will recover custody of public equity for all British Columbians and run forensic audits on apparent Hedge Fund "PIPE" (Private Investment in Public Equities) frauds on the B.C. Workers Compensation Board, Forest Renewal BC, the BC OnLine land-title registries, bcIMC, BC Hydro, BC Rail and B.C.'s Medical Services Plan.

Hedge fund PIPE frauds upon a government occur when hedge fund managers pre-pay government insiders or public servants to execute so-called "debt-for-equity" or "credit-default" swaps. These paid insiders are then forced, willingly or not, into joint venture finance agreements. If they deliver, they get a little. Hedge fund managers, however, will demand a lot - typically 2% per year of the assets in custody and a 20% share of the government's non-tax revenues, for example the public monies flowing into the Workers Compensation Board, Forest Renewal BC, BC Hydro or the B.C. Medical services Plan.
http://www.klng.com/files/tbl_s48News/PDFUpload307/10634/SENC0804.pdf

A Reform BC government will therefore register government liens with BC OnLine - the provincial registry - to protect B.C.'s Lieutenant Governor in Council against the alleged fraudulent conversion of public equity into private equity by hedge-fund PIPE managers.

A Reform BC government will conduct forensic audits on all hedge-fund PIPE deals in respect of public equity in the custody of B.C.'s public servants or government insiders.

A Reform BC government will demand delivery to the Legislature for the purpose of the forensic audits mentioned above, the signed, original and un-redacted copies of any hedge-fund PIPE agreements in respect of public equity in the custody of B.C. public servants or government insiders.

Any individual in position of a public trust who converts, with intent to defraud and in contravention of his trust, public equity to a use that is not authorized by the trust, is guilty of an indictable offence under Section 336 of the Criminal Code of Canada and liable to imprisonment for a term not exceeding fourteen years.

Any individual who, being or having been employed in public service of Her Majesty in right of Canada or a province, or in the service of a municipality, and entrusted by virtue of that employment with knowledge, receipt, custody, management or control of contracts or agreements in respect of public equity, refuses or fails to deliver same to the Lieutenant Governor in Council upon demand, commits an indictable offence under the Criminal Code of Canada, Section 337, and is liable to imprisonment for a term not exceeding fourteen years.
http://www.davidhawkinsresearch.com/source/cafe-008.html