More money available for victims in Goldpoint case

By James Langton | February 3, 2021 | Last updated on February 3, 2021
1 min read
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More than 13 years ago, investors lost an estimated $1.7 million in an investment fraud involving Goldpoint Resources Corp. Now, investors can make a claim for money that was forfeited in the case.

According to a notice from the Ontario attorney general’s office, another $350,000 has been recovered in the Goldpoint case under the province’s civil forfeiture law — money now available for distribution to victims.

In 2014 the AG’s office recovered almost $600,000 under the same law.

The forfeited funds stem from an investment fraud that occurred between August 2007 and May 2008.

In 2011 following a hearing, the Ontario Securities Commission (OSC) found that Goldpoint and several individuals raised almost $1.7 million from investors without registration or a prospectus in a scheme that amounted to fraud.

Almost $1.5 million of money raised from investors was diverted from the company for personal use, the OSC found.

In 2013 the OSC imposed permanent bans and ordered $1.7 million in disgorgement, $900,000 in penalties and over $200,000 in costs against the participants in the scheme.

Claims for compensation on the latest forfeited money are due by May 3.

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James Langton

James is a senior reporter for and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.