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

Platinum Investment Trust


  1. Has any one received dividend payments last year,
    if yes how many times???? or received redemptions

  2. I received the 1st and 2nd dividend payments of 2009. The 3rd quarter payment bounced and the 4th I never received. I was never informed as to why any of this was. When I enquired I was given only the smallest and confusing of replies that told me nothing. I was paid the 1st quarter payment of 2010, which was late. I have never received payment since then, nor have I received any updates as to why any of this is. What kind of people take your money and then don't pay you and then don't have even the basic courtesy or professionalism to update you as to what is going on?

  3. A fellow Investment trust investor sent a letter to Platinum with a list of outstanding demands. Platinum's response was to send a copy of the "Declaration of Trust" for the trust. Most of us had never seen this. When the Trust was rolled over from the MIC's, most of us were never given such a document. We were assured however, that we could redeem our shares in two months if we ever wanted out. After continual problems with late payments, no payments, bounced cheques and little of no information provided, I decided to redeem my shares. That was almost a year and a half ago. Many apparently have been waiting even longer. After repeated enquiries, I was told that "the Canmore property" needed to sell, and once sold, I would receive my money. Since then, the property has supposedly sold (I say supposedly because they never update you as to what is actually going on), but neither I nor any of the others that I have found contact with have been paid out, with the exception of one individual that I know of.
    It is clear that Platinum was negligent in not providing us with the Declaration of Trust when we invested. It is also clear that they have been in breach of much of what it declares. It declares that there are supposed to be Annual Meetings (12:1), which has never been the case. It declares that we can appoint trustees at these meetings (8:2) and we can remove them (8:6). This is interesting considering we have never had a meeting nor do we know who the trustees are or how much they are being paid. I believe we can vote for any one of us to be trustees. One of the tasks of the Trustees is to maintain records and provide reports to the unitholders (9:2). There are supposed to be annual financial statements (15:7), which like the other items has not happened. We can even appoint an inspector to look into the trust (12:9). But we can't exercise any of these rights as long as we are never provided the ability to meet with our fellow investors. It is clear that Platinum has made no attempt to even try to live up to the Trust agreement. It is astounding to me that this situation continues. Why do we even have laws and regulations if someone is allowed to so flagrantly flout them?

  4. Laws in place for this type of activity, we all need to email platinum and ask when they are going to pay the outstanding quarterly dividends, if we don,t get a favourable response in a short period of time, we should start taking legal action.

  5. It looks that most investors are quite content with loosing there investment, since there is not many responses from them ???? I wonder why???
    are they embarrest???, or dont know what to do ??
    or dont care lets all get of the pot and do something rather than bullshitting with this onging useless suggestion blocs.

  6. Yeah, because legal action always has been successful in recovering an investment??? As long as they have the asset and their foreclosures go thru we'll see our money.

  7. lets take some action. class action law suit. someone should lead us or guide us here.

  8. 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

  9. 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

  10. no dividend being paid to me.. no tax slips issued... no word on when my shares will be liquidated... no word on all the 'defaults' Platinum claims they are dealing with... No good news.

  11. Since Shariff Chandran is only using limited partners' money to accomplish his own personal and financial goals, limited partners should charge him penalties and interest. He cannot get financing from major banks like the CIBC and others, so he treats us like his bank and still wants to rip us off at the end, like in the Dominion case.

  12. 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

  13. 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

  14. Like most people I tried to redeem my shares over two years ago. I now realize that Platinum has poor accounting, their tax receipts is another SCAM as in a previous blog I saw a comment that the envelopes in which Platinum sent out tax receipts, the stamping date and the Canada Port date were off by a month. The stamping machine date was the last tax day of the year as Revenue Canada says.

    These little things scare me. Not accounting, not recording, poor bookeeping, not responses to emails and questions, always an excuse for delay in reimbursements. This is what Shire and Concrete did. They used investors money to have fun. Look at the car Shariff drives and the place where he lives. he is now spending his time with Holzbren instead of managing investors money. What money did he use to start Holzbren? How is he paying expenses to run his business if all the properties are not revenue generating?

  15. Anonymous said...

    Shariff Chandran, Shitra Chandran and Riaz Mamdani
    are all in total conflict of interest with limited partners' money, in which case, we can file lawsuits for each project and send them to jail.
    Sunday, August 21, 2011 9:04:00 AM

  16. 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.

  17. 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.

  18. Shariff and Manadani (the most questionable person in Calgary, perhaps the planet) are close friends. Both have a penchant for litigation and with Shariff he users investor's money to litigate against investors.

    Shariff has provided little or no information to investors, will not talk to investors, the T5013 receipts are absolutely incorrect. What is happening with our investments and is Shariff and his sister sitting on millions of dollars of investor money?

    Shariff will not divulge any information, freely lets Mamadani take away tenants while he turns a blind eye to it. Shariff and Manadani have been close friends for a while, practicing the same method of ripping investors off.

    I hope Shariff has a concience and realizes how many people he has hurt.

    1. Mamdani and Shariff are despicable, low-life, human scum who would steal from their mommas.

  19. Does anyone considered the option of voting out the GP, who is PE, and replace them with somebody/some company that is willing to manage the investment? Along this person a lawyer and an accountant will be needed to make sure everything is accounted for and anyone who is accountable for fraudulent activities is identified. In my opinion the best thing to do is to wind up the company(ies) and try to return the principal to investors.

    1. First off all this is not a Limited Partnership,

      Second of all, is the investment creating enough income to pay for the lawyer and the accountant?

  20. Yes, got mixed up with my other LP investment with them. Just consulted a security lawyer and there are steps we can take to take over the project and take the next step - decide on manage it ourselves or wind it up and get whatever money left back to the investors. And the money for this is limited, unlike a lawsuit. I am wondering if the group has actually gathered together before? I am kind of new here.

  21. Before anything else , one needs to put all things together before doing anything rush. It's a step by step process,that way things will be discussed and the take over can be done in a regal manner.

  22. The Platinum Equities Inc. website is down because it is a total fraud scam by Riaz Mamdani, Strategic Group, Shariff Chandran and Chitra Chandran.


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