buffywine61
New Member
My jurisdiction is: Brantford, Ontario, Canada
To eliminate lengthy sentences I will share our predicament in bulleted form
Software development company, new business and Incorporated, two principals with majority shares
Raised $186,000 for development between April 2005 to May 2006 from approximately 30 shareholders. Five are seniors in their early and middle 80's. Shares were $5,000 each.
May 2005 to present date November 11, 2008 over 60 requests for an accounting of where monies were disbursed have been ignored.
Multiple reasons were given shareholders as to why they could not provide an accounting
May or June 2006 principals requested more funding, which was refused until they provided an accounting
No funds so they closed down operations without notifying shareholders, never held shareholders meetings
Refused to answer emails, phone messages.
Discontinued their phone service, business and personal and email service
One went to work for Ticket Master in Toronto and the other now sells real estate for Coldwell Banker.
Finally contacted them with nothing but false promises
December 2007 threatened them with Police Services and within 24 hours they provided us with worksheets of expenditures
Challenged them on many expenditures and they demanded we not only return same but we not show the other shareholders as it would only confuse them and create more problems.
They used another company they principled as a conduit to receive shareholders investments and they issued their cheques
Used development monies to pay for overhead, rent, heat etc that should have been paid by their other operating company.
Sold the development company assets from their own company
Our legal counsel agreed that they broke so many rules under the OBCA that we would get a judgment
Paid a Retainer
Letter sent to principals and they now have a lawyer
Their lawyer says he is surprised we would go to the OBCA
We are no under the impression they will co-operate
More letters, retainer almost depleted and no money for OBCA
Went to Brantford Police Services and they say it is too complicated, Civil matter.
Two weeks ago our Lawyer through theirs indicates that the principals forgot who their accountant was and they have to start over
Revenue Canada they now admit that in 2006 they were two years behind in their reporting and to date are four years plus behind in their company and three years in the development company.
We register a complaint with Revenue Canada and GST. There is approximately $10,000 GST refund to the development company.
We know where one asset was sold and are they are now selling other assets on Kijijji
Our lawyer says it is a wild goose chase and suggests we now file multiple claims thorough Small Claims.
Also suggest to save money we should do attend ourselves and he will provide a template
We have $1,500 left
Looking back to several meetings they misrepresented themselves in each case to raise monies
Do people like this not go to jail?
To eliminate lengthy sentences I will share our predicament in bulleted form
Software development company, new business and Incorporated, two principals with majority shares
Raised $186,000 for development between April 2005 to May 2006 from approximately 30 shareholders. Five are seniors in their early and middle 80's. Shares were $5,000 each.
May 2005 to present date November 11, 2008 over 60 requests for an accounting of where monies were disbursed have been ignored.
Multiple reasons were given shareholders as to why they could not provide an accounting
May or June 2006 principals requested more funding, which was refused until they provided an accounting
No funds so they closed down operations without notifying shareholders, never held shareholders meetings
Refused to answer emails, phone messages.
Discontinued their phone service, business and personal and email service
One went to work for Ticket Master in Toronto and the other now sells real estate for Coldwell Banker.
Finally contacted them with nothing but false promises
December 2007 threatened them with Police Services and within 24 hours they provided us with worksheets of expenditures
Challenged them on many expenditures and they demanded we not only return same but we not show the other shareholders as it would only confuse them and create more problems.
They used another company they principled as a conduit to receive shareholders investments and they issued their cheques
Used development monies to pay for overhead, rent, heat etc that should have been paid by their other operating company.
Sold the development company assets from their own company
Our legal counsel agreed that they broke so many rules under the OBCA that we would get a judgment
Paid a Retainer
Letter sent to principals and they now have a lawyer
Their lawyer says he is surprised we would go to the OBCA
We are no under the impression they will co-operate
More letters, retainer almost depleted and no money for OBCA
Went to Brantford Police Services and they say it is too complicated, Civil matter.
Two weeks ago our Lawyer through theirs indicates that the principals forgot who their accountant was and they have to start over
Revenue Canada they now admit that in 2006 they were two years behind in their reporting and to date are four years plus behind in their company and three years in the development company.
We register a complaint with Revenue Canada and GST. There is approximately $10,000 GST refund to the development company.
We know where one asset was sold and are they are now selling other assets on Kijijji
Our lawyer says it is a wild goose chase and suggests we now file multiple claims thorough Small Claims.
Also suggest to save money we should do attend ourselves and he will provide a template
We have $1,500 left
Looking back to several meetings they misrepresented themselves in each case to raise monies
Do people like this not go to jail?
