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jdmakkord
07-10-2006, 07:56 PM
Has anyone on here dealt with Platinum Equities, or know someone that has? I've tried searching around and cannot find any feedback that is not an article from a magazine or newspaper. Are they legit?

sputnik
07-11-2006, 07:29 AM
Completely legitimate. They invest in commercial properties.

However you are going to need $100,000 minimum to invest with them.

jdmakkord
07-11-2006, 09:26 PM
Originally posted by sputnik
Completely legitimate. They invest in commercial properties.

However you are going to need $100,000 minimum to invest with them.

There is that option, and also the mortgage pool route. I was wondering if anyone had any views on either...

Celica TVS3
07-13-2006, 09:27 PM
What are your goals from this investment / how does it fit within your overall investment strategy. Obvously i have no idea of your financial situation but if your looking to build a well balanced portfolio this probably isn't the place to start.

rage2
09-11-2012, 09:49 AM
bump, class action lawsuit.

http://www.cbc.ca/news/business/story/2012/09/10/calgary-investors-platinum-equities.html


A group of investors from across the country hope to pursue a multimillion-dollar class-action lawsuit.

They put $160 million into Platinum Equities Inc., a Calgary-based company that promised a safe investment.

Many of them say they've now lost their entire life savings.

At 74, Simon Okkerse says he has had to go back to work after losing money in what he thought was a safe investment.

"$200,000 — that was my retirement fund that I collected through the years,” said Okkerse.

'Too good to be true'

Okkerse put his money into Platinum Equities Inc., which he says promised safe and secure investments in office buildings.

"We were getting only five or six per cent return on investment on these buildings — that is not astronomical 'too good to be true' type of investments,” said Okkerse.

Other investors put millions of dollars into about a dozen office buildings in Calgary.

In return they thought they were getting an ownership stake, but some buildings fell into foreclosure, others were sold and investors say they've been left with nothing.

"Then all of a sudden we heard there was no money left in the kitty to pay us and we never got any of that money,” said Okkerse.

Economy affected

Company officials with Platinum Equities Inc. were contacted for this story but calls were not returned.

Calgary-based lawyer Kevin McGuigan’s firm is advancing the lawsuit.

"This is something hurting the economy, hurting integrity of the investment system. People thought by investing in property it was going to be safer and less risky than investment in the stock. That's how it was marketed [and] turned out not to be the case,” said McGuigan.

Platinum Equities investor Jeffrey Exconde said the loss has wiped him out. He’s joining the lawsuit.

"I feel stress, right? It's hard-earned money, right? I didn't get this money from stealing from others, doing some bad stuff, I work hard for it,” said Exconde.

Investors gathered for a meeting Monday at 7 p.m. MT at Southside Victory Church in Calgary to talk about the class-action lawsuit.
What I don't get is, what did they do wrong to get sued? They claimed safe investments, but hey, so does everyone else. No investment is truly safe.

G
09-11-2012, 10:12 AM
Originally posted by rage2
bump, class action lawsuit.

http://www.cbc.ca/news/business/story/2012/09/10/calgary-investors-platinum-equities.html


What I don't get is, what did they do wrong to get sued? They claimed safe investments, but hey, so does everyone else. No investment is truly safe.

I think they overpaid for buildings just like Concrete Equities. Our company tried to bid for a few of these buildings but they always outbid us by double digit percents. There is no way they can turn a profit paying what they paid for the buildings. They would pay x for the building pull the money out to buy another and so on but this only works if property values keep going up but this wasn't the case.

True there is no safe investment but to lose money because of what basically was a pyramid scheme is not right.

chibwack
09-11-2012, 10:14 AM
Originally posted by rage2
bump, class action lawsuit.

http://www.cbc.ca/news/business/story/2012/09/10/calgary-investors-platinum-equities.html


What I don't get is, what did they do wrong to get sued? They claimed safe investments, but hey, so does everyone else. No investment is truly safe.
They do have a case if they can prove lack of due diligence or inappropriate investments (ie overpaying, investing outside of the risk profile, etc)

BananaFob
09-11-2012, 10:18 AM
I've been keeping a close eye on this one as it involves two former clients of the brokerage I work for.

It's way deeper than overpaying for the buildings. The class action lawsuit is alleging collusion between the Strategic Group and Platinum whereby Strategic was putting really harsh 2nd mortgages and right of first refusal clauses unbeknownst to all the investors. The gist of it is that that the principals of Platinum and Strategic allegedly were working together to screw the little guys and transfer ownership of the buildings to Strategic for pennies on the dollar.

G
09-11-2012, 10:23 AM
Strategic did the same with the CE properties until the investors stopped it. Real estate is really shaddy in Calgary a lot of fly by night syndications. Another one that seems fishy to me is CBI Group started by the Cadman brothers

http://albertasecurities.com/Enforcement/Enforcement%20Orders/Keystone%20Real%20Estate%20Investment%20Corp%20SAU%202008%2007%2022%20294533%20v3.pdf

BananaFob
09-11-2012, 10:25 AM
Originally posted by G
Strategic did the same with the CE properties until the investors stopped it. Real estate is really shaddy in Calgary a lot of fly by night syndications.

Yup.

Link to the statement of claim: http://www.mnllp.ca/page164.htm

Makes for some nice light reading.

Maxt
09-12-2012, 07:36 PM
On top of that, the buildings they bought are mechanical lemons/nightmares.. Probably some of the worst commercial buildings in town in terms of needed repairs and in need of retrofitting. So these buildings needed large cash infusions to bring them up to modern standards, buildings like that with bad mechanical tend to have high tenant turnover.
I worked in many of those buildings a lot, even before they were in this portfolio, full of old CFC equipment, half gutted pneumatic controls, some had first generation archaic automation that was largely inoperative or half functional. The buildings were probably cheap buys because they needed huge capital cost outlay. Most of the investment was probably actually land value...A wrecking ball would do some of those properties a service.

Redlyne_mr2
09-13-2012, 12:38 AM
Funny the individual responsible for platinum isn't listed in the article. I can't believe he can sleep at night after what he's done to so many people. I'm not going to mention his name but it's easy to find. He makes Sean Banerjee look like a saint.

l/l/rX
09-13-2012, 08:43 AM
My parent's are part of the lawsuit, although they didn't lose hundreds of thousands, they still put in a significant amount but they wanted to test the waters with this type of investment as they had never done it before and see what the returns would be like.

max_boost
09-13-2012, 08:44 AM
Has these real estate deals worked out for anyone??? Just curious.

So many of them promise to double your money in <5 years. :dunno:

BananaFob
09-13-2012, 09:02 AM
Originally posted by Redlyne_mr2
Funny the individual responsible for platinum isn't listed in the article. I can't believe he can sleep at night after what he's done to so many people. I'm not going to mention his name but it's easy to find. He makes Sean Banerjee look like a saint.

The guy on the other side that he is alleged with colluding with is even worse.

jdmakkord
09-13-2012, 09:24 AM
Originally posted by l/l/rX
My parent's are part of the lawsuit, although they didn't lose hundreds of thousands, they still put in a significant amount but they wanted to test the waters with this type of investment as they had never done it before and see what the returns would be like.

Mine too unfortunately.

G
09-13-2012, 09:25 AM
It's the same bunch of azzhats that set up a company...milk it...fold it up...rinse and repeat.

CE
Platinum
Teluric
Holzbren
Gatehouse
WealthStreet

Dave H. is involved with all these.

http://albertaventure.com/2012/08/albertas-most-infamous-duos-david-jones-and-david-humeniuk/

The problem is that the consequences are not severe enough. A monetary fine and BAN for David Jones really?

Masked Bandit
09-13-2012, 05:00 PM
I looked into these guys back in 2006ish and they gave me the "slimeball" vibe. I'm glad I kept my money in my pocket.

askcleo
09-13-2012, 06:32 PM
wow sounds like these guys just makes these other guys look like boy scouts in the ponzi industry

http://www.grantthornton.ca/resources/creditor_updates/documents/Lucid%20Commercial%20Barlow/Lucid%20Commercial%20Barlow%20Inc.%20Order%20Granted%20April%2016,%202012%20.pdf

http://www.grantthornton.ca/resources/creditor_updates/documents/Lucid%20Commercial%20Barlow/Trustees%20First%20Report%20FILED-Mar13,12-LucidComm.pdf

http://www.reviewstalk.com/complaints-reviews/lucid-group-of-companies-l7921.html

Maxt
09-13-2012, 07:16 PM
Just googling names from the class action is hours of entertainment...

max_boost
09-13-2012, 07:55 PM
Originally posted by max_boost
Has these real estate deals worked out for anyone??? Just curious.

So many of them promise to double your money in &lt;5 years. :dunno:

Has anyone invested or know of anyone who has invested that has actually gotten a payout? from any company?

BananaFob
09-13-2012, 07:59 PM
Originally posted by max_boost


Has anyone invested or know of anyone who has invested that has actually gotten a payout? from any company?

Yes. But syndications that don't fold up shop and scam in Calgary are few and far between.

clemmy26
09-13-2012, 08:03 PM
Originally posted by sputnik
Completely legitimate. They invest in commercial properties.

However you are going to need $100,000 minimum to invest with them.

You don't say.

Rowdy
09-13-2012, 10:18 PM
I am part of it. Not all projects were buildings. We were part of of a land deal. The property is the land south of aspen landing and west of Rundle campus. Over 6 million of investors money that cannot be accounted for. Every one of these projects comes back to Stategic in some way. The principle of Strategic being Riaz Mamdani. I was well aware of Riaz before I invested, and from all the info we had, he was in no way related to these investments. If I even had a whiff of him and this investment I never would have gotten involved. Public pressure on the ASC is needed. Laws surrounding LLP's need to be changed to prevent the theft of investors equity.

hampstor
09-14-2012, 12:52 PM
Platinum Equities charged by Alberta Securities Commission with misleading investors

http://www.calgaryherald.com/business/7243506.bin


CALGARY — On the heels of a public meeting to encourage people to join a class-action lawsuit, the Alberta Securities Commission said Friday it is charging Platinum Equities Inc. with illegally distributing securities.

In a news release, the ASC said it will meet Oct. 10 to set a date for a hearing into allegations that the Calgary real estate investment firm and its principals, Shariff Chandran and Chitra Chandran, illegally distributed securities in a number of its investment vehicles, made prohibited representations in connection with two particular offerings and failed to maintain proper oversight of sales consultants.

The five named limited partnerships raised a total of $58.5 million ($51.7 million from Albertans), it said. One of the five was foreclosed upon by lenders last year but all five have stopped paying distributions.

On Monday, investors who claim to have lost thousands of dollars met to discuss joining a class-action lawsuit filed in June by Calgary law firm McGuigan Nelson LLP.

They claim that Platinum Equities raised about $160 million from about 2,200 people.

“Given the evidence demonstrates that proceeds from various projects were commingled with one another, which was not contemplated in the investment agreements, it makes it impossible to pursue individual investments or claims. This is why we are pursuing a class-action suit, framed in the manner we have,” said lead counsel Kevin McGuigan in a news release.

“We represent hundreds of clients in Alberta, British Columbia and Ontario who have been affected.”

The firm claims that investors lost their life savings, retirement funds and investments in the company which bought and developed properties in Alberta and British Columbia.

“We were misled and the Alberta Securities Commission needs to take action,” said Simon Okkerse, spokesman for the investor group, in the same release.

“The ASC is supposed to protect investors, especially against those who’ve already been convicted for this kind of scam.”

In the notice of hearing, the ASC alleges that securities were illegally distributed through the Deerfoot Court Real Estate Investment Fund Limited Partnership, the Glenmore & Centre Retail LP, Platinum 5 Acres and a Mule LP, PMIC II Investments Ltd. and Qualia Real Estate Investment Fund VI LP.

The ASC said in its notice that the Deerfoot Court offering closed on Nov. 16, 2007, after raising a total of $10.3 million from investors, $9.4 million of whom were Alberta residents, through selling $50,000 units. Distribution of returns to investors ceased during the fourth quarter of 2009.

In December 2011, all of Deerfoot Court’s interests in its sole asset, a three-storey office building in Calgary, were transferred to Strategic Financial Corp. following a court-approved sale. Deerfoot Court LP and Deerfoot Court Investments Ltd. were then placed in bankruptcy.

The ASC further charges that offering memorandums and promotional materials concerning Glenmore & Centre Retail LP and Platinum 5 Acres LP contained misleading or false statements or omitted crucial facts.

It also charges that Platinum salesman Victor Alejandro Galivan Jaro (Alex Galivan) made false statements to investors about the safety and profitability of investments in Deerfoot Court and Qualia, adding he unfairly took advantage of certain investors whose ability to understand the investments was limited due to age or sophistication



Read more: http://www.calgaryherald.com/Platinum+Equities+charged+Alberta+Securities+Commission+with+misleading+investors/7243505/story.html#ixzz26TImTFxN

Masked Bandit
09-14-2012, 02:54 PM
Fuggin' greaseballs.

dawerks
09-14-2012, 08:52 PM
Slap on the wrist, if that.

Steal a can of pop, you're looking at jail time. Great 'legal' system (almost said justice).

They'll just go ahead and do it to someone else.

kobe tai
09-14-2012, 09:48 PM
Fuken gay. Someone should just do society a favor and off them.

Maxt
09-15-2012, 09:18 AM
http://www.calgaryherald.com/business/7243506.bin?size=620x400s
Looks super duper trustworthy to me.

Lots of good reading if you google that guy.

rx7_turbo2
09-15-2012, 05:28 PM
I remember reading this thread back in the day http://forums.beyond.ca/showthread.php?threadid=147796

Dave Jones used to show up on Breakfast Television all the time, after seeing him on television I couldn't believe anyone would let him near their money.

Hallowed_point
09-15-2012, 05:39 PM
Originally posted by Maxt
http://www.calgaryherald.com/business/7243506.bin?size=620x400s
Looks super duper trustworthy to me.

Lots of good reading if you google that guy.

Looks like a crook in an International Clothiers suit :thumbsdow

hempful
03-30-2013, 12:16 AM
Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

Isaiah
03-30-2013, 12:25 AM
Chandran's Twitter:


Shariff Chandran
@Shariff99
Started from the bottom, built it up, lost it all and now in my resurrection phase. Addicted to real estate deals, new ventures in any industry.
CANADA · http://twitter.com/shariff99

hempful
03-30-2013, 06:13 AM
Originally posted by Isaiah
Chandran's Twitter:



Do you realize how many lives you have ruined by screwing people, (especially elderly people who have worked hard all their lives), in this massive scam?

Can you repay them with good health and their money back?

hempful
03-30-2013, 06:34 AM
Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

ZenOps
03-30-2013, 07:50 AM
:dunno:

So he is basically a black version of Donald Trump. I don't really see the problem.

hempful
03-30-2013, 08:10 AM
Originally posted by Isaiah
Chandran's Twitter:




We would never hire you nor your sister, Chitra Chandran to work for our companies!

hempful
03-30-2013, 10:05 AM
Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

M.alex
03-31-2013, 12:18 PM
Originally posted by hempful

He needs to get some jail time. He may have millions but he has screwed with the laws of Alberta.

Pssst, this is Canada, not the US. Dick all will happen, other than a slap on the wrist saying 'you can't deal with public monies anymore'.

hempful
03-31-2013, 09:57 PM
Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

hempful
04-01-2013, 12:02 AM
We are also ecstatic that Riaz Mamdani has screwed himself!!!

EK69
04-01-2013, 03:12 AM
Hempful? :dunno:

hempful
04-05-2013, 06:21 AM
Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

rage2
04-09-2013, 09:16 AM
hempful, consider this your only warning. You are free to post factual information regarding Mr Mamdani, but you are not allowed to post false information with zero sources. This is a public discussion forum, not a forum for your libelous writings.

hempful
04-11-2013, 03:02 AM
Originally posted by Isaiah
Chandran's Twitter:




Just saving you all a trip to do a criminal record search which shows cocaine trafficking.

J.M.
04-11-2013, 03:28 AM
Originally posted by hempful



Just saving you all a trip to do a criminal record search which shows cocaine trafficking.

Are you one of his disgruntled coke customers or something? :nut:

hempful
04-11-2013, 06:50 AM
Originally posted by J.M.


Are you one of his disgruntled coke customers or something? :nut:

No! Only showing you what kind of people living in Calgary. one of your neighbors.

rage2
04-11-2013, 09:12 AM
Why don't you post the criminal record searches if it's so easy? Like I said, back up what you're saying with proof, and there won't be problems. Post more crap with zero sources, and you're gone. A simple and fair request.

Isaiah
08-21-2015, 06:00 PM
http://globalnews.ca/news/2171960/former-real-estate-investment-guru-faces-criminal-charges-in-calgary/


Former real estate investment guru faces criminal charges in Calgary

CALGARY – The man behind the failed and disgraced Platinum Equities Ltd. is accused of defrauding hundreds of Canadian investors and stealing millions of dollars.

The Calgary RCMP Organized Crime Unit has charged 42-year-old Srinivasan “Sharif” Chandran of Calgary with fraud and theft over $5,000.


RCMP allege Chandran raised money to invest in commercial real estate properties between 2005 and 2013 but, “provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole investors funds.”

The RCMP allege the loss reported by investors is approximately $20 million.

The charges related to Qualia V Real Estate Investment limited partnership and the purchase of Dominion Place at 906-12 Avenue in Calgary.

Police accused him of fraudulently selling the building in 2011 in a non-arm’s length transaction to another company he controlled and operated, without the knowledge or consent of the limited partners.

Chandran was arrested on Aug. 17, 2015 and appeared in Calgary Provincial Court.

In Sept. 2014, Chandran and Platinum Equities were fined $1 million by the Alberta Securities Commission for a real estate fraud.

His sister, Chitra Chandran, who also held positions with the company, was fined $150,000.

The ASC ruled over $58 million was raised from Platinum investors, mostly through illegal trades and distributions.

© Shaw Media, 2015

skorpiius
12-19-2016, 02:54 PM
Originally posted by kobe tai
Fuken gay. Someone should just do society a favor and off them.

Someone tried this morning

http://calgaryherald.com/news/crime/shooting-victim-rushed-to-hospital

RealJimmyJames
12-19-2016, 03:10 PM
Yikes, I don't like to condone violence against anyone, but it certainly seems like a lot of folks might have very little to loose in regards to harming the guy. No matter what has or hasn't been proven in court, I suspect there are people who feel he's ruined their lives.

RY213
12-19-2016, 07:40 PM
Originally posted by kobe tai
Fuken gay. Someone should just do society a favor and off them.

Where were you the morning of December 19 2016?

chkolny541
12-20-2016, 04:08 PM
Thats just eerie hahaha