Friday, January 25, 2013
Well the Bridgecreek (Gold Dust Twins) are in the news again seeking discharge from bankruptcy, while investors are still seeking justice and jail time for them instead.
The following is an email I received today from some of their victims...
A heads up..
The victims of the Bridgecreek scam have cc'd the following letter to the Crowsnest Pass municipal office, the CNP mayor and council, and THE CNP Chamber of Commerce. We will wait and see if we receive any comments from them.
XXXXXXXXXXXXXXXX, and the following investors who have agreed to append their names (available on request) to this letter alleging that we have been defrauded “in systemic Ponzi-like scams” by Bill Bradley and Colin Becker (through their Bridge Creek companies or other related and unrelated companies) .
To: Messrs. Hardie & Kelly, Trustee in Bankruptcy; and Copied to the below-noted --
The Superintendent of Bankruptcy;
The Royal Canadian Mounted Police;
The Canada Revenue Agency;
Office of the Superintendent of Financial Institutions;
The Mayor, Municipality of Crowsnest Pass;
Crowsnest Pass Chamber of Commerce;
Alberta Chamber of Commerce;
Minister of Finance and Enterprise;
Minister of Municipal Affairs;
Subject: We as investors object to the discharge from bankruptcy of Mr. Bill Bradley and Mr. Colin Becker, unless frauds debts and charges are preserved. In fact, we further believe that “Bankruptcy should not be used as a remedy or legal manoeuvre to evade the repercussions of Financial Fraud”.
Dear Messrs. Hardie & Kelly:
It has been brought to our attention that you act for or are involved in the Bankruptcy of Mr. Bill Bradley and Mr. Colin Becker to help them find relief by solving their financial debt issues.
On your website you state that: “The burden of an overwhelming debt load can impact sleep, relationships, health, diet and happiness. And that prolonged debt, with little hope of ever working your way out can become a spirit-crushing burden that robs you and your family of your freedom and well-being”. You also state: “that's too high a price to pay”.
You further state that: “you help people move forward out of tough situations; that you help people rebuild, without the fear, anxiety and doubt that comes with debt; that you help people get their lives and businesses back on track; AND, that, Hardie & Kelly can help make dealing with debt a simple, painless and respectful process. And that is laudable endeavour ---“if you were to help honest people find solutions to honest debt problems”. However, that doesn't appear to be the case for Becker and Bradley who are seeking discharge from bankruptcy.
Correct me if I’m wrong: But isn't your reason for being -- “to take care of and protect the public's interest from alleged fraudsters like Bradley and Becker” -- by performing timely, rigorous and full due diligence on people who apply for discharge. Or is that wishful thinking on our part?
As with many other investors, we are hopeful that our objections “of fraud” against Becker & Bradley have been given serious deliberation, when you consider their application for discharge.
It has also been brought to our attention that the Superintendent of Bankruptcy seems to now be interested in further investigations on Bradley’s & Becker’s financial affairs – even though the Superintendent appears to have failed to file the proper information before the Hearing --- hence he (the Superintendent ) had to send a lawyer to explain why not.
This complex fraud scheme is much bigger and broader than it appears to be. In fact, it reminds me of the schemes perpetrated by Rosenberg, Player and (the duped lawyer) Joe Cornacchia --- as described in the book " Public Money Private Greed: The Greymac, Seaway and Crown Trusts Affair" by Terence Corcoran --- where these three people, along with crooked appraisers used Trust Companies as a legal front, to systemically defraud investors out of hundreds of millions, if not billions of dollars.
The end result was that these three people, Rosenberg, Player and Cornacchia, served some serious jail time for defrauding investors from around the world. And as a further consequence, the three Trust Companies (Greymac, Seaway and Crown Trusts) that were used as a front for these scams were also wound down.
It seems that Becker and Bradley, and perhaps other participants in this Bridge Creek affair appear to have used the same playbook to systemically defraud hundreds of investors out of tens of millions, if not hundreds of millions of dollars.
We submit the following: (a) We are a group of 90 Canadians who have invested over $14.1 Million Dollars in a residential housing project marketed as River Run Vistas in Blairmore, AB. by Bridge Creek Development Corp (one of several projects marketed to Canadians and investors overseas (Holland, etc.). (b) Our investments were supposed to be secured by way of a First Mortgage Charge on 67 land lots in the town of Blairmore controlled by Becker & Bradley (who provided us with what turned out to be an ‘aggressively inflated’ appraisal of $14 Million on those lands); but in reality, the (2009) property tax assessment by the Municipality of Crowsnest Pass records the value in the order of $330,000 total --- a far cry from $14 Million. (c) That because of unbridled greed, and to support their lavish lifestyles, Becker and Bradley irrevocably transferred in excess of $10 Million Dollars “in an unsecured manner” to other companies controlled by them, (which, through admitted mismanagement, they subsequently squandered). However, we suspect that there may have been many other such unconscionable transfers.
In this Ponzi-like fraud, there are certainly other losers aside from the investors --- including the Canadian Revenue Agency --- who has also lost $$$$ Millions from personal income tax payable by investors. So perhaps, as Trustee, you may want to re-consider your actions by not granting a discharge to Becker and Bradley until these fraud allegations have been satisfactorily resolved in a court of law.
It seems to be the general consensus that we were systemically defrauded by these two characters on several, if not all of the Bridge Creek related projects. It also seems somewhat coincidental that they used the same Trust company (Olympia Trust) --- who to this day continues to derive, or attempts to derive fees and benefits from these fraudulently-orchestrated projects or transactions. (This parallel reminds one of a comment made by an American prosecutor in another fraud case: “That this too cozy relationship stinks to high heaven, and perhaps, we should follow the smell”.
As duped and defrauded investors, we in fact do carry the burden of an overwhelming debt load --- and it does impact sleep, relationships, health, diet and happiness; and yes, some of us have turned to drugs, alcohol or gambling to cope with debt related stress -- not of our making (… ‘while others have died prematurely’ because of the stress created by this fraud – my annotation). So “YES” “prolonged debt has become a spirit-crushing burden --- that in fact, does rob our families of freedom, life savings and well-being”.
And as per your website: “that is too high a price to pay ”. And it is indeed “too high a price to pay” --- especially for those of us who have been defrauded of our life savings, and who have been robbed of our retirement dreams. But more so, it is an incalculable tragedy for those of us who have lost everything --- including our homes and the right to live in dignity in our ‘hard-fought-for’ retirement years. What relief or remedy is rendered to us who have been financially raped and violated? Who is our “go to person” to help us? And who, is going to be looking after our interests “as victims of this fraud”? Will it be you as Trustees? Or is your mandate to protect suspicious fraudsters against innocent victims – by allowing them to walk scot free, so they can keep rubbing salt in our wounds, and “twist the knife even deeper in our soul”?
We know you have a hard task to perform, however, since you may be our last line of defense, we beg you when we say that now is not the time to be lax, inattentive and/or neglectful. In fact, we hope to rely on your good judgment “not to release these two fraudsters from bankruptcy”. We further hope that you will direct us in how best to inform the other proper authorities with respect to initiating other effective remedies, so that Becker and Bradley will be sentenced to serve serious jail time ---and be exploited by hard-core jailbirds – (so they too can feel the pain).
And as a further consequence of Becker and Bradley’s fraudulent activities, both the Bailey and Becker families “who have enjoyed a lavish and extravagant lifestyle at our pain, suffering and expense” should also be made to suffer their own loss of freedom and well-being --- so that they too, can feel the same pain, the same agony and the same spirit-crushing burden that has robbed our families of sleep, health, money “and the shattered dreams of not being able to retire in dignity... or of being able to send our children to University).
HOWEVER --- our first priority --- is to be able to recoup our invested money.
We regret that we’re ill-equipped to state our case as eloquently as those with all the big letters following their names, but frankly, we cannot afford to appeal to them for help because the financial trough has run dry. How unfortunate however, if the authors of our misfortunes will be allowed get away with criminal fraud, while they still live in their fancy houses; and still drive their fancy cars.
Tell us, Messrs. Hardie & Kelly: During your administration of this bankruptcy, did you not, at any time, smell a whiff of improprieties committed? And if you did, do you or do you not have a fiduciary duty to inform the proper authorities about your suspicions? Did you in fact inform the appropriate authorities?
Please, don’t allow Becker & Bradley to use “Bankruptcy as a remedy or legal manoeuvre to evade the repercussions of Financial Fraud”.
We would also like you to acknowledge and reply to this letter – with your comments.
Respectfully submitted by,
No one can earn a million dollars honestly.