BREAKING NEWS……preliminary findings of an ongoing international fraud investigation regarding “NEW SOLUTIONS FINANCIAL CORPORATION”-RONALD OVENDEN PONZI SCHEME!!!!

Between 2007 and 2011,  a Major Fraud involving Hundreds of Millions of dollars is alleged to have been perpetrated against thousands of unsuspecting victims from several countries.

Public documents allude to as much as $215,000,000 was taken in by the scheme and identify RONALD JAMES OVENDEN of Mississauga Ontario-Canada as being at the heart of the scheme.

OVENDEN in collaboration with several other Canadian “business men”, utilized menagerie of shell companies from around the world, such as NEW SOLUTIONS FINANCIAL CORPORATIONS II, III, VI (NSFC), and a multitude of others.

NEW SOLUTIONS by and through affiliated brokering companies, PROFORMA CAPITAL of Edmonton-Alberta and ARGYLE FUNDS of Christ Church-Barbados, use money raised from investors for short-term “Factoring” loans for ‘vetted’ companies, and return between 7 and 9% annually to  investors.

In reality OVENDEN and his co-conspirators allegedly devised a sophisticated scheme in which NSFC would “loan” investors money to companies and persons OVENDEN controlled or was associated. The “loans” were never repaid and the borrowing entity would claim to be insolvent. Ultimately the scheme left OVENDEN and his associates with an enormous amount of stolen money, which seemingly vanished.

In order to perpetuate the scheme some of the investors received payments in the form of redemptions until January 2102.  It is speculated when new investor money coming in was no longer enough to keep the scheme profitable the scheme collapsed.

The “front” companies involved in the alleged perpetration of the Ponzi scheme was New Solutions Financial Corporation group, which consisted of several like named companies.  According to the Onterio Securities Commission, the shares of these companies were held by GRANDLUC Corporation, a company controlled by Ron OVENDEN.

However, according to testimony from OVENDEN nearly half of the shares of NEW SOLUTIONS were held by JEFFREY  LIPTON, a former officer and partner in NEW SOLUTIONS, and the principle of Permanent Value Asset Management Ltd. aka: Argyle funds spc Inc. located in Barbados one of two brokerage companies that marketed the NSFC investment. http://www.argyle-funds.com/

A second brokering company, PROFORMA Capital Inc. of Edmonton Alberta-controlled and operated by ROBERT JOSEPH FROST. https://www.proformacapital.com/ The majority of the stolen money was raised by these two “Independent” investor advisers-FROST or LIPTON.

When fraud began to collapse FROST, LIPTON and OVENDEN met with the well known Canadian accounting firm of MNP http://www.mnp.ca/  to act as trustee to enlist their services as MONITOR in NSFC seeking bankruptcy protection.

Although as a matter of record MNP had conflicts of interest having previous business relationships with all of the parties involved in the action, the matter was allowed to move forward with the blessings of the court and the Ontario Securities Commission, thereby granting what amounts to immunity for OVENDEN.  What was further astonishing as a matter of record the court and the OSC recognized that there were multiple issues of deliberate misrepresentations and fraud to the victim investors.

So the GLARING questions remain, where did the money really end up and who all got paid off with the stolen funds?

If you have information directly relating to the conspiracy known as NEW SOLUTIONS-RONALD OVENDON, PROFORMA-ROBERT FROST, ARGYLE-JEFFREY LIPTON.   PLEASE contact us, your identity will be kept confidential.

A $10,000.00 REWARD is being offered for information that leads to the arrest of the suspect(s) involved and return of the stolen money.

The Criminals responsible for this travesty NEED to be brought to some form of JUSTICE!!

For a complete summary of this case see the link above to the page: “THE REST OF THE STORY”!

http://newsolutionscapital.cc/the-rest-of-the-story/

Link to the story in from the Edmonton Journal.

http://www2.canada.com/edmontonjournal/news/business/story.html?id=79f0ca35-3ff7-4323-b3d0-acee971311ce