The Saga continues, and please note the so called ‘reputable’ news media that
endorsed - Timemagazine - Canadian Business - Financial Post.
To
me the story is like every other ‘Bernie Madoff’ saga, the important governance
message is that you cannot trust the top so called ‘reputable’ news media that endorsed PETER SABOURIN/FRAUD, according to the article http://news.ca.msn.com/canada/secret-tax-haven-files-lift-veil-on-dollar32m-ontario-fraud-2
I have always insisted that Governance
is for everyone – do your homework as an investor, do not rely on media endorsements
of a person or corporation.
This is the important part of the story:
To
Time magazine, Peter Sabourin was a "venture capitalist." In the
pages of Canadian Business, he became a "tax consultant." For the
Financial Post, he transformed into an expert on offshore investment. No matter
the label, this much is certain: The Toronto businessman was a silver-tongued
swindler, a consummate con man who left a $32-million trail of victims from
North Carolina to North Bay, Ont. Sabourin is one of the more than 550
Canadians whose names appear in the massive leak of offshore financial records
revealed by CBC News and the International Consortium of Investigative
Journalists in early April. A number of those people have dodgy pasts, but
Sabourin's name stands out.
In
high school, his gift for gab made him popular and convinced peers he might one
day found a new religion, but it was paired with a greedy streak that saw him
lose his golf clubs and typewriter playing poker with pals.
The Toronto Star, profiling him in 1978 after he enrolled in basic training
in the Canadian Forces, called him "big, bright and articulate. And then, with no financial experience or
training, he went from pushing brooms to pushing investments. In the mid-1990s,
he founded a company, Sabourin and Sun, that promoted moving money into
Caribbean tax havens. He was quoted as an expert in offshore investing in the
Financial Post and Canadian Business, cobbled together a book on the topic, and
boasted his firm was 45 years old and had a dozen offices worldwide.
What
is the Governance Moral of this story, according to the article that appeared in
(news.ca.msn.com ) – beware of those people or corporations endorsed by Timemagazine - Canadian Business - Financial Post, if a person has the gift of ‘gab’
beware, do your due diligence as an investor – do a back ground check on this
person or corporation before investing .
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