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 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

Leben REIT


  1. There seems to be a discrepancy with the treatment of Leben REIT investors. Some had received Whiterock shares and debentures and only a small portion of the initial value of this deal was eventually transferred to the Raymond James account (approx 22% of original investment). Only Whiterock shares were transferred though Platinum had been issuing distributions on the Whiterock shares and debentures for a short time. Other investors have received no Whiterock shares.
    Also - the pub was supposed to be the final building after the $80 million deal with Whiterock . It now appears that the Franklin building (a separate Platinum project) is being financed by Leben.

    1. Rusty,

      Do you have the details of this Leben REIT sell off to Whiterock? something that can be used legally...

      Anonymous...if so, post an email address to discuss privately..

  2. 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

  3. 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.

  4. 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.

    February 23, 2011 10:04 AM

  5. Can't wait to see Chandran in jail!

  6. Wondering how many other Leben investors are still waiting for the Whiterock Shares/debentures?

  7. Still waiting. This Leben deal amounts to securities fraud and embezzlement. I haven't seen any units or debentures. I doubt I will.
    This is serious stuff, receiving Whiterock units and debentures, pledging them for something else, or selling them, withholding them without your consent is illegal. Chandran wants to be a playa, he is a small fish, there are others involved that will make him expendable. I hate to be negative, I think my money is gone.

  8. But how can he get away with just keeping the Whiterock proceeds. Surely we need to pursue him.

  9. You have to contact the ASC, they are investigating it, the more investors complain to the ASC, the more likely Chandran and his buddy Mamdani will be accountable for securities fraud. Don't wait for others to complain on your behalf, DO IT! It's the only way these people will be made accountable for their crimes.

    1. How do you make a compliant to ASC

    2. The ASC is responsible for administering Alberta securities laws, including investigating, prosecuting and sanctioning breaches. Under section 45 of the Alberta Securities Act (ASA), ASC complaints and investigations are confidential until brought to the point of a hearing or enforcement action, at which time, all relevant evidence must be disclosed to respondents, complainants may be called as witnesses, and certain details are posted at the ASC web site at
      . While we will take reasonable steps to ensure confidentiality and protect the identity of complainants, during the course of an investigation, the identity of complainants may become obvious to suspects.
      If you wish to file a complaint, you may do so in accordance with the directions posted on the ASC website - and provide the following:
      1) When did you invest? How much did you invest?
      2) Did you invest in your name, spouse name, company name?
      3) Did you invest just the one time or did you invest on several occasions?
      4) What project (s) did you invest in?
      5) Have you received any interest payments or returns?
      6) What promises were made to you – maturity dates, interest, etc?
      7) Who did you invest with? How do you know this person?
      8) How did you hear about the investment? (Seminar, newspaper, radio, friend, etc)
      9) Do you have a subscription agreement, cancelled cheque, share certificate? If so please provide copies to the ASC.
      10) Do you have other correspondence with the company? If so please provide copies.
      11) What exemption did you rely on to invest (accredited investor, minimum investment, Offering Memorandum, family/friend/business associate, etc)
      The ASC does not get investor money back as that is the jurisdiction of the courts.

  10. Leben/Platinum investors who are interested in setting up a group to get our money back from Shariff and taking this to the media email

  11. 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

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

  12. We also are having problems receiving our payments, none for over 2 years
    Something has to be done


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