Between 2007 and 2011, one of largest financial schemes in Canadian history involving a total “TAKE” of approximately $215,000,000.00 {Two-Hundred Fifteen Million Dollars} took place. It is claimed to have been perpetrated against thousands of unsuspecting victims from several countries, some of the victims as far away as the State of Israel in the Middle East.

Since the original complaint in June of 2014, numerous victims and witnesses from around the globe have come forward to offer information and tell their stories. The majority of the victims were from Canada, many being elderly and retired had their RRSP and LIRA retirement accounts literally wiped out.

In following the trail of allegations of illicit activities within NEW SOLUTIONS FINANCIAL CORPORATION (“NSFC”), FNN- has obtained a copy of an report produced in conjunction with an ongoing international investigation into RONALD JAMES OVENDEN, his associates and the activities surrounding the NSFC scheme.

The scheme encompassed claims that OVENDEN and his companies would use investors’ money to “Factor” short-term debt for “Vetted”, credit worthy companies and return between 7 and 9% to the investors annually.



But in fact, OVENDEN and his co-conspirators concocted a sophisticated scheme in which the victim’s money was “loaned” to members of the OVENDEN family and less than “arms-length” third-parties with whom OVENDEN had longstanding relationships as well as companies he controlled, subsequently bankrupting the borrowing company, leaving large sums of stolen money which victims believe was laundered and hidden.

As is typical of any “PONZI” type scheme, to continue perpetuating the scam some of the investors received payments in the form of monthly redemptions until January 2012.  It is surmised that once new investor money slowed and the cash flow was no longer enough to keep the scam profitable, the organization sought “Bankruptcy” protection under the Canadian “Companies’ Creditors Arrangement Act” (CCAA).

The ‘alleged’ Kingpin-RONALD JAMES OVENDEN of Georgetown, Ontario Canada, utilized a menagerie of shell companies, such as New Solutions Financial Corporations II, III, VI,(“NSFC”) and a multitude of others to contrive the necessary structure.

More than $198-MLLION Dollars of the fraudulent proceeds came into NSFC through two “marketing companies” who promoted the investment; PROFORMA CAPITAL Inc. of Edmonton Alberta-operated by ROBERT JOSEPH FROST https://www.proformacapital.com/; and ARGYLE FUNDS SPC INC http://www.argyle-funds.com/, a Cayman Islands company managed by JEFFREY HERSCHEL LIPTON (a Canadian citizen from Ontario)  through his company PERMANENT VALUE ASSET MANAGEMENT Ltd., one of 15 different companies operated by JEFFREY LIPTON in the Caribbean island nation of BARBADOS.



According to statements made by RONALD OVENDEN, the shares of NSFC were held by JEFFREY LIPTON  of Argyle, as well as Grandluc Corporation, controlled by RONALD OVENDEN and the NSFC internal staff: President/COO-ROBERT THOMPSON-SO; Director/Partner/Shareholder-JEFFREY  LIPTON; Director-STEPHEN PEPPER; Chief Credit Officer-GARY KELLY; VP-PATRICK HIMMELHEBER, VP-KELLY BRUNN, VP-GRAHAM FOX; CMA/Controller-WENDY MARSHALL.

According to Ontario Canada’s corporate registry JEFFREY LIPTON served as a paid Director for NEW SOLUTIONS FINANCIAL CORPORATION along with RONALD OVENDEN from the company’s founding in 1999 until 2008. It is believed that removing LIPTON from the official corporate registry was an attempt to obscure the appearance of “Conflict of Interest” creating an illusion to potential investors that there was an “Arms Length” between LIPTON’s ARGYLE and NSFC.

In 2004, a legal action was filed in the Ontario courts, naming both RONALD OVENDEN and JEFFREY LIPTON as defendants involving a separate alleged financial scheme.  Also named in the scheme were the various NEW SOLUTIONS related entities as well as the accounting firm of FELDSTEIN & ASSOCIATES. FELDSTEIN & ASSOCIATES who have become a target in the NSFC-CCAA proceedings and have filed documents with the court pointing out conflict of interest between the CCAA-Monitor, MNP and NEW SOLUTIONS.


According to RONALD OVENDEN’s “Statement of Defense”, NEW SOLUTIONS FINANCIAL CORPORATION held 45% of the shares in JEFFREY LIPTON’s-ARGYLE GROUP of companies, while LIPTON maintained a 40% share in NSFC, thereby making them virtual partners in the scheme.

However, JEFFREY LIPTON and his company ARGYLE are listed as primary creditors along with PROFORMA, effectively blocking the real creditors (the victim investors) from being directly represented as creditors in the Bankruptcy proceedings.

It is believed that as many as 40 claims have been filed in US and Canadian Courts in relation to the NSFC scheme.  One such lawsuit filed in the US District Court of New York in December of 2013, claims elderly members of one family lost in excess of $7 MILLION dollars.

ANDREW BRIAN PEAT, a British Citizen operating from Germany and the Netherlands, is one of the named defendants in the New York lawsuit ironically along with PROFECO INTERNATIONAL, yet another Barbados domiciled company.



Within ARGYLE marketing materials, PEAT identifies himself as the exclusive broker for ARGYLE funds and the NSFC investment products. Within the pleadings on the New York lawsuit, JEFFREY LIPTON is specifically identified as having traveled to New York in 2012 to meet with the victims in relation to the bogus investment.

According to investigators, PEAT and LIPTON are also business partners having jointly founded a Luxembourg based ‘Investment’ Company called “FINITE MANAGEMENT INC. SaRL in 2013.

On condition of anonymity former ‘staff’ members from inside the NSFC offices in Mississauga-Ontario stated, ROBERT THOMPSON-SO (the appointed CRO in the NSFC Bankruptcy)  was introduced to RONALD OVENDEN by LIPTON around 2007.  The source described ROBERT THOMPSON-SO  as being a charismatic and manipulative character who soon captured OVENDEN’s trust and became his confidant and “partner in crime”.



Not long after THOMPSON-SO came into the picture OVENDEN and LIPTON’s relationship became strained as THOMPSON-SO worked to gain power and control over NEW SOLUTIONS.

Over the next couple of years several NSFC corporate officers began to separate themselves from OVENDEN and THOMPSON-SO and left the employment of NSFC. One identified long standing ranking executive stated to a staff member that his reason for leaving NEW SOLUTIONS was that he believed what could be construed as “criminal activity” was ongoing.

Another notable coincidence  is that THOMPSON-SO by and through his company “4th and MEADOWBROOK CONSULTING” (4MC), would be appointed to oversee the “unwinding” of NEW SOLUTIONS as “Chief Restructuring Officer” with such close personal ties to OVENDEN.

According to most current CCAA records THOMPSON-SO’s company has been compensated a total of $724,000.000, (averaging more than $30,000 a month) to act as CRO, while maintaining a total ‘payroll’ for the defunct company of $580,000.00 ($24,000 a month) and another $235,000.00 in office rent occupied by SO and his ‘Staff’ since the filing of the CCAA action, all from the illicit proceeds which is the property of the victims.

Ironically investigators noted that THOMPSON-SO formed his company 4MC, nearly one year to the day of NSFC filing for Bankruptcy protection.

In spite of the seemingly obvious questionable conflicts and activities it all seems to have gone unrecognized or ignored by any regulatory or justice authority.  Several of the victims of the scheme have compared the appointment of THOMPSON-SO to a, “Well paid fox guarding the hen house”.

Once the house of fraudulent cards began to collapse FROST, LIPTON and OVENDEN met with MNP http://www.mnp.ca/ (a well known accounting firm in Canada) to coordinate the final chapter in what some victims are calling the perfect crime by seeking bankruptcy protection.

Although it was made a matter of court record that all of the parties had a conflict of interest having previous business relationships with MNP (the Monitor), the courts and the Ontario Securities Commission allowed the matter to be “Settled” thereby granting what amounts to virtual immunity for OVENDEN and his family with the blessings of the Canadian Regulatory and Judicial Authorities.

To add insult to injury to date MNP and the related legal counsels and “subsidiaries” have collected a total of $6,331,000.00 {Six Million Three Hunred Thirty One Thousand dollars) from recovered NSFC assets.  While only $5,688,000.00 has been distributed back to the “secured creditors” (PROFORMA, ARGYLE and others).

{See summary of Receipts and Disbursements ‘post page’ as taken from the “18th report of the Monitor”.}

All of this while it has been admitted into the record of the court and the OSC that there were multiple issues of deliberate and gross misrepresentations (aka: fraud) having been made to the victim investors.

According to official records relating to the NSFC-CCAA process, approximately $80 MILLION Dollars were fraudulently conveyed through two companies and persons closely associated to RONALD OVENDEN and NEW SOLUTIONS; SEVILLE PACKAGING ($12 MILLION), operated by MARIO SIMONE of Mississauga Ontario, and GGS PLASTICS ENGINEERING ($68 MILLION), operated by GOYKO (aka: Gojko), ANNA and the “late” GAVRILLO MARTINOVIC.

At some point along the way both companies were taken over by a subsidiary of NEW SOLUTIONS called NS TECHNOLOGIES GROUP.  Ironically the money supposedly funneled through these entities vanished into thin air, with no mention of the funds on the companies’ balance sheets.

A common theme seems to appear over and over again with the ‘amalgamation’ or collapsing a menagerie of named entities in order to cloud and frustrate the facts regarding the disposition of the victims’ money.

RONALD OVENDEN appears to have had a relationship with the  MARTINOVIC family dating back to 2000.  In 2006, OVENDEN and GOYKO MARTINOVIC together formed another company they called GGS HOLDINGS CO, which doesn’t appear to have any real commercial function.  It has been speculated that this entity may hold the key to the disappearance of a significant amount of the ‘missing’ money having a similar moniker as GGS PLASTICS where $10’s of MILLIONS of dollars seemingly vanished.

Goyko Martinovic

Goyko Martinovic

Investigators discovered that both RONALD OVENDEN and GOYKO MARTINOVIC had on occasion traveled to BARBADOS where LIPTON operates various companies.  In fact during a search of the Barbados corporate registry it was discovered that GOYKO MARTINOVIC holds an active Barbados domiciled company called ABROKOMBINAT TITOGRAM CORP.  The company record gives an address in Titograd, Yugoslavia. (Titograd is currently known as Podgorica the Capital city of Montenegro one of the countries which now make the former Yugoslavia. It is believed that Titograd is the original home of the MARTINOVIC family.)

It should also be noted that RONALD OVENDEN routed as much as $5 MILLION Dollars to companies operated by GRAHAM R. OVENDEN, RONALD OVENDEN’s son.  GRAHAM continues to operate companies such as “NORTHSIDE ALLIANCE GROUP” and “NORTHSIDE AUTO SPORTS”.  It is alleged that these entities were funded from proceeds of the NSFC scheme.



It was also learned that this was not RONALD OVENDEN’s first brush with fraudulent loan schemes. In fact it would appear that certain primary actors in the NSFC have a history and pattern of questionable behaviors .

RONALD OVENDEN who claims to have spent over 15 years in senior commercial and corporate lending positions with the Bank of Nova Scotia and Bank of Montreal, in 2003 was charged in a scheme to secrete improper loans in the amount of $2M during an audit by the Ontario Institute of Chartered Accountants. OVENDEN at the time was serving as Managing Director/shareholder of an accounting firm BDO DUNWOODY.  In an unrelated matter the principles of BDO were charged with fraud by Ontario police, subsequently New Solutions Capital Inc. became the successor to BDO.


It is stated in the CCAA record that RONALD OVENDEN acted “deliberately, contrary to the offering memorandums, in numerous instances fraudulently conveying monies invested in NSFC for personal gain”, to include purchases of several cash value “Life Insurance” policies totaling in excess of $1 Million Dollars which had been funded by NSFC and had Issued a $225,000 debenture to his wife LINDA OVENDEN, and then during the schemes collapse, caused NSFC to issue payment for the debenture.

Regarding some $70-Million plus owed NSFC, one wonders why is it that OVENDEN did not initiate any claim against MARTINOVICS for “Loans” he made to them.  It was discovered that in July of 2014, RONALD OVENDEN was able to purchase a property in a recreational area located at 14576 Winston Churchill Blvd., Halton Hills ON for $310,000 in spite of being insolvent and owing tens of Millions of Dollars to the victims of NSFC.

In 1999, JEFFREY LIPTON was charged by the Ontario Securities Commission and issued a sanction/suspension relating to “conflict of interest” activities in his role as director of “Fortune Financial/Infinity” in collaboration with his Partner DAVID SINGH, who has been the target of multiple investigations and charges by OSC and the CRA as recent as 2010.

The year following the collapse of NSFC, JEFFREY LIPTON began to distance himself by ‘erasing’ his online digital relationship with NSFC by taking down the websites for ARGYLE FUNDS and his umbrella company “PERMANENT VALUE ASSET MANAGEMENT LTD

In February 2013, JEFFREY LIPTON re-emerged launching a new website marketing a new Barbados based investment company “BERKLEY HANOVER”. The investment products marketed on the new website www.berkeleyhanover.com appear nearly identical in terms offering 6-9% annual returns, with a new “Credit Advisor” replacing NSFC withe the previously noted company “FINITE MANAGEMENT SaRL”-Luxembourg, which was jointly founded by JEFFREY LIPTON and ANDREW PEAT in June of 2013.

One of the key marketing components used to lure ‘victim investors’ offering trust and comfort was that their money was safe, 100% guaranteed and insured.  However, it was discovered in April 2011 that “SUMMIT UNDERWRITTING” the company insuring the investment on behalf of PROFOMA’s investors in NSFC was a fraud and that the insurance certificates were literally counterfeit.

Most ironic in this revelation was the fact that ROBERT FROST’s primary vocation for more than a decade prior to his founding of PROFORMA was in the insurance industry.  Yet he seemed to overlook signs that were obvious to investigators that the ‘insurance bonds’ were fraudulent.

Robert Frost-

Robert Frost

In as late as March of 2011, ROBERT FROST utilized the fraudulent Summit Insurance ploy to entice his largest client to invest more than $10  MILLION in the NSFC scheme, less than a month before the Ontario Financial Services Commission issued its ruling against Summit.  It is believed that FROST not only had firsthand knowledge that Summit was under investigation, but that the  OFSC was about to shut Summit down.

Should this be found to be true, this act alone demonstrates a deliberate gross criminal act by FROST luring the unsuspecting victim under false pretenses.  Further, it has been alleged that certain members of the FROST family redeemed their investments just prior to the collapse of the scheme.

Another startling discovery was the relationship between the PROFORMA group of companies operated by ROBERT FROST and OLYMPIA TRUST the company who acted as the conduit or agent for “Self Directing” the victims’ retirement RRSP and LIRA’s into the scheme. Victims were directed by PROFORMA to move their retirement accounts to OLYMPIA TRUST in order to facilitate the investment of their life’s savings into the NSFC scheme.

While researching the background of PROFORMA’s corporate structure it was discovered that between 2007 and 2011, ROBERT FROST formed five separate companies utilizing the moniker “PROFOMA”. Two of the five companies; PROFORMA CAPITAL BOND CORPORATION, and PROFORMA CAPITAL BOND (II) CORPORATION had 60% of their shares held by outside publically traded ‘Corporate’ shareholders,  “EYELOGIC SYSTEMS Inc.”  and “TARGET CAPITAL, Inc.”

The investigation indicates that by introducing this type of corporate structure PROFORMA was able to capitalize and circumventing regulations put in place by REVENUE CANADA designed to protect RRSP and LIRA accounts from the risks associated with exempt market securities.

By granting publically traded companies such as TARGET CAPITAL and EYELOGIC SYSTEMS majority shares it caused the PROFOMA investments to become RRSP eligible, thereby creating a  “gateway” for investor’s retirement money, commonly referred to as an “RRSP stripping scheme”. (as noted in a recent article Calgary Herald article)


Subject to interpretation, the apparent intent of the law as perceived by the victims was  that by TARGET CAPITAL and EYELOGIC SYSTEMS holding the majority shares they would have the power to exert management control and oversight.  However, contrary to the spirit of the regulatory exemption there is no indication that either company preformed any due diligence or oversight. In fact investors were made to sign a “Release” of liability on behalf of TARGET CAPITAL.

In reality TARGET and EYELOGIC’s only obligation to PROFORMA was the $600.00 it is said to have paid to acquire the 60% majority shares. In financial schemes in which similar mechanisms were implemented Revenue Canada has pursued criminal sanctions against those responsible for such activities.

Many of the victims assert they risk significant tax consequences from Revenue Canada (CRA), in spite of the fact that they have lost all of their retirement savings.

Public records indicate that in March of 2013, a company called ROTOVAC Inc. operated by LEONARD ALAN CROSSLEY and former GGS/NS TECH Vice President-GREGORY VINCENT PIMENTO in Toronto, purchased all of the assets of NS TECH out of the bankruptcy. No record of the purchase has been discovered in the public records of the CCAA action. It would appear that this conveyance may have been done fraudulently outside the parameters of the CCAA process as it would seem that any assets related to NSFC should be assets of and subject to the Bankruptcy process.

Victims report that on many occasions when they have attempted to ask questions or communicate with the Monitor (MNP) they are ignored or MNP representatives are simply unable to offer any answers.  As one investor put it, “The CCAA is a farce, either they are totally clueless or they just don’t give a damn”.

One final discovery that seems to put the “icing on the cake”, were statements made by certain elderly victims that  the “Chief Investment Officer” for PROFOMA, was operating his own ‘side’ investment scheme he called ARENA CAPITAL.  According to victims ARENA CAPITAL as a holding Company for shares in yet another company “PROPER BOND CORPORATION”. According to victims, ARENA solicited several hundred thousand dollars from elderly investors who allege that ARENA’s principle simply pocketed their money. No annual filings were made for ARENA CAPITAL after 2010 and the company was “Struck” in August of 2012 for failure to file returns.

The overarching opinion of the victims is that by all appearances the Bankruptcy is a “sham’, and the process has been equivalent to just a rubber stamping of the testimony of OVENDEN and his associates, and “fee grab” and “re-load on fraud” with no real concern for the facts or the people who were so severally damaged in this obvious fraud scheme.

The process is anything but transparent, however ‘typical’ as with most financial frauds in Canada they offenders hide under the “legal skirts” of the civil process and are given a pass by the authorities.

What seems overwhelmingly evident is that there are voluminous and concering accounting discrepancies throughout the CCAA process that warrant much greater scrutiny.

Many GLARING questions remain such as, where did the money really end up and who got paid off with the stolen funds? And if the OSC and the auditor of OVENDEN’s companies FELDSTEIN & ASSOCIATES LLP both specifically state ON THE RECORD there is nefarious conduct and fraud, WHY are these criminals being allow to walk away free with the victims’ money?

Investigators on four continents continue to gather evidence in pursuit of filing a criminal complaint and formal charges in this matter.

If you have additional information or were a victim in this scheme please contact this forum.

Help us bring justice to the perpetrators of this horrific criminal enterprise. 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.