NEWS

Rashida Samji, former notary, fined $33 million for Ponzi scheme

01/21/2015 02:49 EST | Updated 03/23/2015 05:59 EDT
Rashida Samji, a former Vancouver notary accused of committing $100-million fraud involving at least 200 investors, has been fined and permanently banned from B.C.'s capital markets.

Samji has been fined $33 million by a B.C. Securities Commission panel for running a massive Ponzi scheme, according to a release from the panel Wednesday.

She is also ordered to pay the commission $10.8 million, which is the amount determined to be owing to the defrauded investors.

According to the panel, Samji told investors she would hold their money in trust, using it only to secure letters to help finance a B.C. winery.

"Investors were to earn fees for securing the letters of credit. None of this was true," stated the release.

Samji has already been charged with 28 counts of fraud and theft, relating to $17 million that was allegedly defrauded from 14 people.

Police have alleged there were at least 100 victims in what may be the largest Ponzi scheme uncovered in Canada.

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