“Just Google me, you’ll see what I’ve been through.” Janet Watson is at the tail end of a 13-year battle to get back money she lost in a fraudulent investment scheme. “I learned a lot about fraud, about the law, about our justice system.” Having accidentally become a fraud expert, Watson has been approached recently by Townshippers dealing with a similar situation. In an effort to encourage victims in the area to come forward, Watson offered to share her story. “Most people are private. I’m not; if I have something to say, I say it,” Watson commented. Watson was part of a fraud case involving roughly 1,300 people from across Canada, the U.S. and abroad. In total, the group lost $130 million. She lost $68,000. In Watson’s case, she had been working with a financial advisor. “He kept suggesting this product. Finally, I bit,” she said. Watson was told she needed a minimum initial investment of $50,000. She put her RRSP money into Mount Real Corporation, a publically traded company listed on the Toronto Stock Exchange. After rumours began circulating about the company, a reporter went to an investor’s meeting and was kicked out after asking too many questions. That’s when the story broke. The Autorité des marchés financiers (AMF) eventually shut down Mount Real and appointed an accounting firm as provisional administrators to deal with the creditors, including Watson. Of course, the money was nowhere to be found. Only $5 million was ever recovered, $3.5 million of which went to legal and accounting fees. According to Watson, the creditors banded together and hired class action lawyers. See full story in the Wednesday, April 25th edition of The Record.
Fraud is not a victimless crime
