Home Breadcrumb caret Industry News Breadcrumb caret Industry More money available for victims in Goldpoint case Ontario’s attorney general has recovered another $350K for investors By James Langton | February 3, 2021 | Last updated on February 3, 2021 1 min read 123RF 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. James Langton James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994. Save Stroke 1 Print Group 8 Share LI logo