Class Action Lawsuit Against Platinum Equities

Links in the News:

Sept 15 2012: Platinum Equities faces ASC hearing -Calgary Herald

Sept 14 2012: Alberta Securities Commission alleges illegal distributions, prohibited representations and unfair practices in sales of securities by Platinum Equities Inc. - ASC site

Sept 14 2012: Calgary firm raised $58-million while misrepresenting facts to investors: regulatorThe Globe and Mail

Sept 14 2012: Alberta regulator accuses real-estate syndicator of illegal distributionsCanadian Business

Sept 14 2012: ASC alleges illegal distributions, prohibited representations and unfair practices in sales of securities by Platinum Equities Inc. – Sacramento Bee

Sept 12 2012Alberta Securities Commission – Notice of Hearing on Platinum EquitiesAlberta Securities Commission

Sept 10 2012:Class-action lawsuit launched against Calgary company - CBC

Sept 10 2012:INVESTORS MEET OVER CLAIMS OF BEING MISLEAD IN $160M DEAL – Sun News

Sept 9 2012:Suit alleges building-management firm took at least $160 million from nearly 2,200 people - The Province

Key Dates:

Sept 12 2012: Alberta Securities Commission alleges illegal distributions, prohibited representations and unfair practices in sales of securities by Platinum Equities Inc.

Sept 6 2012: Class action suit filed against Platinum Equities, involving key figure from Concrete Equities. The players involved include Dave Humeniuk, who has been sanctioned by the Alberta Securities Commission, and carries a life time ban for offences related to the Real Estate Commission of Alberta. Mr. Humeniuk was sanctioned by Alberta Securities Commission (ASC) in January 2012, for not disclosing this ban in Offering Memorandums prepared while he was involved with Concrete Equities,Shariff H. Chandran, who has been convicted for misrepresenting himself as a realtor, and Riaz Mamdani. (SHARIFF H. CHANDRAN, also known as S.H. Chandran, Sri Chandran and Srinivansan Chandran)

Class Action Lawsuit Against Platinum Equities

June 25, 2012, McGuigan Nelson LLP filed an Action in the Court of Queen’s Bench of Alberta to advance a claim on behalf of all investors and/or limited partners and/or shareholders in the projects listed in the link below. If you were an investor in one or more of those projects, the Statement of Claim contemplates your investment loss and will be advanced on your behalf. They have separate sub-classes in the lawsuit for each investment, which is generally listed in the link below. The Statement of Claim names many more parties, to incorporate the various corporations at issue with each investment. This is being advanced upon a class action basis, which further contemplates sub-classes for each limited partnership.

McGuigan Nelson LLP Web Site Links:

09/14 ASC lays charges against Platinum Equities more

09/11 Summary of News Coverage - Platinum more
09/11 Hundreds of Investors Attend Town Hall Meeting more
09/10 Important Information about Platinum Equities Class Action Lawsuit more
09/10 CBC The National reports on Platinum Equities Class Action Lawsuit more
09/06 Platinum Class Action Statement of Claim being Amended more
09/06 Press Release relating to Platinum Equities Class Action Lawsuit more
09/05 Message to Dominion (Qualia V) and Lucaya Investors more
08/31 Platinum Class Action: Lucaya Sale more

Thursday, December 16, 2010

Deerfoot Court

46 comments:

  1. I'm curious as to how many investors paid the Deerfoot Court cash call? Are they the ones who received the new mortgage information - all investors did not. This is part of the General Partners duty to advise all LP of these type of special resolutions.

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  2. I paid the cash call but did not receive information on mortgage until I specifically requested it. I was advised that since I am holding my share in an RRSP that I never received properand timely notice. Strange that when there was a cash call, they sent immediate notice. What are thoughts on the vote for or against the mortgage proposal.

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  3. I paid the cash call, but got no confirmation or further information after that. I feel completely duped!

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  4. I have requested a receipt for the cash call money I sent, have received no reply after several requests. How was it treated, does my share increase in value? How were investors who never paid treated?

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  5. The next hearing date for Court Action #1001-18286 Dominion Place Investors vs. Defendant Multus Investment Corporation (General Partner/Shariff Chandran) has been re-scheduled for next TUESDAY, Feb. 15, 2011 @11:00 a.m.at Court of Queen's Bench, Calgary.
    The address is 601 - 5th Street S.W. (SW corner bldg).
    A preliminary audit/review of Qualia V LP Books and records has been completed and we expect to hear the results of this review since the Auditor has filed a court report with their findings to date.
    Further motion applications by legal counsel of behalf of investors are also expected.
    Investors are encouraged to hear and see for themselves the FACTS.

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  6. The next hearing date for Court Action #1001-18286 Dominion Place Investors vs. Defendant Multus Investment Corporation (General Partner/Shariff Chandran) is scheduled for TUESDAY,MARCH 1, 2011 @1O:00 a.m. at Court of Queen's Bench, Calgary.
    Address of the Court House is 601-5th Street S.W.
    Justice LoVecchio will be presiding.
    Further investigation by outside accountants into LP original 2009 financial statements and re-stated 2009 financial statements (October 2010), extra mortgages and related party transactions has been approved/ordered by the court as a result of legal counsel's submissions at the hearing held this past Tuesday.
    Investors are once again encouraged to attend this upcoming hearing to stay informed and learn the facts to form their own opinions.

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  7. can someone lead to file lawsuit for deerfoot court investment.

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  8. I guess a lot of deerfoot court investors are from British Columbia. we have lots of money due to our inflated real estate and lots have access to huge home equity. LOL. we are like californians, we live on our home equity and i guess thats why deerfoot court investor's dont care. Arggggggggg... Hope someone from calgary can lead us to file class action law suit or at least request an investigation on this investment.

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  9. deerfoot court investment , they asked us additional 10000 which does not show up in our statement. weird. any deerfoot court investor please post here.

    hi i am one of the investor in deerfoot court, i would like to get in touch with other investor. please e-mail me at mapleleafyvr@gmail.com

    thanks

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  10. To investor posting February 21, 2011 6:28 AM:

    Question:
    Why would any BC investor (or one located anywhere outside of Calgary) believe that any request for an investigation or filing of any legal action needs to take place by any investor(s) in Calgary?
    If you are truly concerned about your investment perhaps you should also look into being more proactive and take steps available to you wherever you live.
    Every province has a Provincial Securities Commission and commercial crimes police force available to any investors who feel there has been some wrongdoing by an investment company private or public.
    There certainly is no shortage of lawyers anywhere experienced in these matters too for advice.

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  11. Quite agree,hopefuly we'll have some news to post by next week on legal representative for ALL of Platinum investors. This will be a call to arms and we will need ALL on board to not only help punish those for wrong doing but also for FULL restitution from ALL guilty parties.
    February 16, 2011 1:09 PM

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  12. Dominion Place Investors vs. Defendant Multus Investment Corporation (General Partner/Shariff Chandran) is scheduled for TUESDAY,MARCH 1, 2011 10:00 a.m. at Court of Queen's Bench, Calgary.
    Your attendance would be appreciated.

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  13. Doug said...

    did you catch the article in the Calgary Herald business section today? "security regulators cracking down on fraud". Talks about ASC taking fraudsters to criminal court and getting jail time. Talks about Calgarian, Robert John Sellars being found guilty of lying to investors, received a two year sentence and was ordered to pay restitution of almost $2 million.

    a step in the right direction.couldn't come at a better time.

    Doug
    February 23, 2011 10:04 AM

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  14. Anonymous said...

    Anonymous said...

    To Posting Friday June 3, 2011 8.17 AM

    Once again, Shariff Chandran is stealing from investors by not communicating the sale and its details and also paying out less money than ought to be.

    Must we advise limited partners about rallying and hiring litigation teams to get back what is due to limited partners?

    Other limited partners from another investors' blog said that multiple partners from projects should make a list of limited partners from each project that they are in. Next we create a database of limited partners, eliminate duplication and cross referencing who is which project. Then, we must ALL get together by coordinating and meeting to decide what legal teams we will hire to get our money plus rightful earnings back from Shariff and Chitra Chandran and Platinum Equities Inc.

    We are tired of each of you complaining about what is happening in your project, about Shariff Chandran stealing your money and not telling you. It is about time we get our act together and fight this CRIMINALS, Shariff Chandran and Chitra Chandran.
    Saturday, June 04, 2011 4:38:00 AM
    Saturday, June 04, 2011 4:43:00 AM

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  15. Anonymous said...

    To Posting Friday June 3, 2011 8.17 AM

    1. If you live in Calgary, you can go to the police station closest to 906 12th Avenue SW Calgary to file criminal charges of theft or you can go to the police station nearest to where you live. Get other limited partners of your project Eleven eleven building to file criminal charges of theft as well.

    2. Next, you head down to the RCMP office to file criminal charges as well. You can do the same as the police reporting by getting others from your Eleven eleven building project to file criminal charges too.

    3. Next you organize limited partners from your group to hire a legal team.

    4. Next you organize limited partners from your group to get together with limited partners of other groups to go to the broadcast media, meaning, television (Global news, the National or CTV) to protest outside 906 12th Avenue SW Calgary.
    Sunday, June 05, 2011 4:12:00 AM

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  16. I've invested in deefoot court and it is sucks to be in this group.. they are just passive investors , they think our invested money will be there after our new mortgage term. I hope someone from calgary in our group come forward and lead the way for class action law suit.

    The best way to do this is to file class action law suit. All investors from diff group suit PE(class Action). And it saves money too.. We are stronger when we are in a big group and we should form a legal comittee, representing different group. And one person should represent all the group and we will conpensate that person when we get the judgment..

    What do you think guys? lets form a legal comittee to form a class action law suit. cheaper and i think lots of investors will join for sure. We are a lot stronger when we are in a big group, and more economical...

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  17. What is the registered address for Deerfoot Court in Calgary, AB?

    Can you please let us know from the land title deed?

    Much obliged. Thanks!

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  18. Can a knowledgeable limited partner tell us what happened to your investment in Deerfoot Court project?

    Does limited partner have a copy of the land title deed?

    What is the location of the Deerfoot Court project and what transpired with your money under Platinum Equities Inc. and Shariff Chandran?

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  19. Legal description from Offering Memorandum required to conduct a title search:
    Plan 210117
    Block 13
    Lot 20

    Deerfoot Court is currently listed for sale (address shown below) through Barclay's Real Estate.
    "FOR SALE Deerfoot Court for Sale, Suburban
    1144 – 29 Avenue NE, Calgary Investment

    Get Map Deerfoot Court is a 73,997 square foot office building on 2.72 acres of land. Located in Calgary’s northeast suburban office corridor cradled in the major intersections of 32nd Ave NE and Deerfoot Trail. Deerfoot Court is 96% leased and offer 235 energized parking stalls."

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  20. Thanks for your info.

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  21. I am a limited partner in Deerfoot Court and have just discovered this blog. Can someone please tell me more about what is happening here? Has someone initiated a class action suit?

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  22. I don't believe Deerfoot is for sale. If you notice the listing says "SOLD" and the sale date was Jan 1 2007 which was when Platinum purchased it.

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  23. Thanks for your update.

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  24. Even better it is now in Receivership.
    Riaz Mamdani (Strategic Financial) filed the bankruptcy application September 1st.
    Just google Deerfoot Court Investments Ltd. And you will get link to Receiver's web-site and court documents (Grant Thornton).

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  25. It is not better for limited partner investors because Riaz Mamdani and Shariff Chandran have stolen limited partner investors money and is now saying that there is no money left for limited partner investors.

    Riaz Mamdani and Shariff Chandran are nothing but scum and crooks.

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  26. Congrats Riaz and Chariff , cheers to all of you and Chandran family.

    You ripped off a lot of Deerfoot Court Investors. You guys all know that LPs are Dumb and Idiots including me , i guess.. ha ha ha..

    But I fought for it , not successfull though.. unlike other LPS, doing nothing.. Good for you Fellow investors. Soon you all guys will file for bankrupcy too, along with Chandran.. Good luck...

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  27. Funny LP's even if the building is posted as SOLD. We will get nothing.. Do the math.. I hope my fellow investors can at least count.. it is not an insult but do the math...

    Chandran made the money when they bought the building for 23 Million. PERIOD..

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  28. To get even with Chandran and Riaz, they should go to jail.

    Really , they dont care. they got millions of our hard earned dollars. So what... When they got out, they are still millionaires. And besides it is nice to be inside the jail.. free food, you dont pay rent, all you have to do is sleep, exercise , eat and watch tv.. Life is good.

    We LPS are left broke... We have to work hard to recover the lost...ha ha ha .. That's what happen to LPS who just sit and do nothing and just whine... lets form a legal comittee and put up a fight.. just to get even with Chandran, they should go to jail.. Come on LPS ACT now... ACT now.. ACT NOW..

    LP'S dont just sit and whine.. ACT now.. form a legal comitte and initiate a law suit.
    We can do it... just do it...

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  29. My Suggestion to all LPS who just sit and do nothing with their investment.

    Why dont you transfer your share to me since you guys dont do anything. And i will fight to take ownership of the building. I know real estate..

    I think tennants of deerfoot court are all AAA(leases) they prety much pay for everthing, maintenance, utilities , rent , taxes etc... i will have to check all their leases( contracts).


    all i have to do is to collect the rent and i will pay the mortgage, and the property manager, what ever taxes owed.

    Give me a chance to own this building.. and dont give it to Chandran or his friend(Private lender) these people are already rich.

    If you are interested in transfering your share to me. let me know.

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  30. Do we have this kind of sentencing here in Canada?

    http://money.cnn.com/2011/10/13/news/companies/insider_trading_raj_rajaratnam/index.htm?hpt=hp_t1

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  31. Has there been anything organized to fight these Chandran people for our money or has Deerfoot Court tried to be sold.Has Lawyers been talked to,for there advice.

    Monday,November 14th,2011 12:32 pm

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  32. AnonymousJan 18, 2012 10:42 PM

    To All Limited Partners of Platinum and Accolade Equities Inc., past and present of all projects, please join our litigation group by emailing

    first, your contact information to

    sue_chandrans@yahoo.com.

    We shall advise you of what to do next after receiving your email first.

    ReplyDelete
  33. I am a LP on the Deerfoot court property.

    Yesterday, I received the email from Accolade / Platinum, saying that they have filed for bankruptcy.

    If the building was 96% rented, how could it possibly go bankrupt. And the rent for the last 2-3 years was not paid to the limited partners. Where did that go ? Most likely in the Sharif Chandran's pocket.

    I am sure it was hard earned money that Sharif Chandran has robbed from the Limited Partners.

    We should sue him and try to get whatever we can get back.

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  34. You are an Idiot... What do you expect to make money on this property.. Are you out of you mind. It is too late buddy..

    Kiss goodbye to your investment..

    Goodluck suing him.. You will get nothing.. You could have started suing him long time ago like other projects.. Investors in Deerfoot court are dumb...

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  35. Thanks for calling names!

    I know its late. It was late as soon we made the investment.

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  36. What is this Strategic Financial Corp.? They are the new owner of Deerfoot court.

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  37. I didn't get the email. Can someone copy it in here?

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  38. +1 (403) 608-8403 is Shariffs personal cell phone

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  39. go take a look here - if you think this is not still happening
    http://holzbren.com/company/executive-profile.html

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  40. Strategic is owned by Riaz Mamdani - buddy of Shariff

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    Replies
    1. It would appear Riaz Mamdani was also the vendor of this building in 2007.
      From a Schooner Trust Series Mortgage Rating Report March 2007 for Deerfoot Court-
      "The property has been under-managed for the past several years by the previous owner, as evidenced by the in-place average rent of $12.91 psf compared with the market level of $18.00 psf net and the subject’s physical vacancy of 7.4% compared with market vacancy of 3.4%. The subject’s belowmarket performance offers upside potential in rental revenues and occupancy.
      In addition to the first mortgage (subject loan of $10.2 million), there is a Vender Take Back (VTB)of $3.8 million in-place in favour of the vendor. A provision stipulates to allow the vendor, an experienced Calgary-based real estate professional, to gain control of the borrower in the event of a default under the VTB. Although the property will be managed by an affiliate of the borrower, the vendor will have the right to approve all new leases at the property. In addition, the vendor will provide a rental subsidy guarantee to provide minimum rental income of $18.00 psf net for the entire building over the three-year loan period and a partial recourse guarantee in the amount of $3,500,000."
      Update on mortgage-April 8, 2010 Surveillance Report (click Ratings Report tab)-
      http://www.dbrs.com/issuer/10092/schooner-trust-series-2007-7

      Delete
  41. Ok guys, I am fed up with this Platinum Equities BS. Another group I belong to (the Sunpark/Pemberton invesment) is putting together a suit to go after them for money owed. Some investors have been paid and some have not. Granted, the payment is only for a portion of the initial investment, but something is better than nothing.

    In the end, yes I agree they have just stolen our money and hung us out to dry.

    Is anyone interested in forming a small group to at least brainstorm what we think we could do. If a larger group is interested, then we need to call a meeting of the minds. The bottom line is this: Any legal action will cost us money. That money along with the initial investiment and cash call (which I know some did not pay, but I did) may all be lost, but it will all be lost anyway if we do nothing. There is a chance that we can appeal to the receiver to get some money that may be owed to us. How to do this? I don't know, but I am willing to try. These guys are crooks and they will have their hands full with the other suit (or suits) that may be out there against them, plus their record keeping is shoddy and they would have trouble pulling together the records neccessary to fight this. I would suggest that a forensics audit may give us some basis to fight, but we would have to first consult a lawyer. Now the problem is that they will be able to see this any any post on here so we have to keep it on the down low. Somone from the other group got filed with a law suit against them for organizing a group to show up at their office to receive their cheques.

    For that reason, I have set up an anonymous email accout: deerfoot.investor@hotmail.com

    Please send me a quick email if you are interested. I will keep your email private at all costs and will always send out emails to a BCC list. However, to show that you are an investor and not someone connected to platinum equiteis, I will at some point require more personal information to verify who you are, but not yet. So please please please feel free to email me and let me know if you have any ideas of what to do. I will do my best to track them all and send out a general email within 2 weeks (so mid-March). If you read this after that and want to add your name to the list or find out what has happened, then let me know anytime.

    The longer we wait, the less chance we have of success.
    Thanks everyone.

    ReplyDelete
  42. This article from March 8 2012 about Concrete Equities and it's involvement with Strategic/Mamdani indicates the need and the value of investors combining their efforts.

    http://uk.news.yahoo.com/concrete-equities-fraud-rallies-investors.html

    ReplyDelete
  43. I just received my T5013's for both 11th ave and Deerfoot Court and found out that Deerfoot went into receivorship and sold! Wow I received absolutely no communications from Shariff.
    I've been trying to email him and voice mail him but of course he does not respond back
    Lets try and rally and go after this guy

    ReplyDelete
    Replies
    1. What are your email address and cell phone number?

      Delete
    2. W_ford@hotmail.com phone#778-882-9286
      Thks

      Delete

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