There are Canadian Christians who are trying to get the word out on this guy and his companies.
The Cease and Desist order against Daniel Reeve, DPR Financial Inc. and Millionaire Mortgage Inc went out in June.
Investors who have had the misfortune of knowing Daniel P. Reeve who have started to talk to each other by email believe between them they’ve lost 4 million dollars. I wonder if they are the tip of the proverbial iceberg.
The regulatory body in this case (Financial Services Commission of Ontario)
…regulates co-operatives, credit unions, caisses populaires, insurance, loan and trust companies, mortgage brokers and pensions.
FSCO’s mandate is to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors.
Investors are scared and angry. I don’t blame them. White collar crime is scary stuff.
They don’t need scolding, mocking, guilting or shame. They need recourse.
Who is Daniel P. Reeve?
1) Daniel P. Reeve is a master of self-promotion. 2007 .pdf
I had a take down notice surrounding Gordon Drive/Axcess Automation/Funds a few months ago. My first SLAPP in over six years of blogging. I was not impressed.
It took awhile to figure out why I got the demand because I don’t understand the financial industry.
Frankly I don’t want to understand the financial industry. It’s like walking through a minefield.
An investor had sent me information. Good information. I put a piece of it up in a post and out of nowhere the fellow who originally wrote it wanted it down.
Took me awhile but eventually the lights came on and I understood. Investors paid this fellow to receive his newsletter, he’d begun to figure out things were hinky, long before any orders came out or any case was laid out against Axcess Automation/Funds.
The last thing he needed or wanted was his name publicly associated with what was now a civil case in the US and a possible criminal case.
I took it down and requested a letter of compliance from his lawyer. Of course I didn’t get one.
It was a lesson for me on how hyper, aggressive, scared, hurt and circular people can get when alleged ponzi schemes start to see the light of day and affinity fraud touched the lives of good people.
I needed to learn and learn quickly. My heart was breaking for Axcess Automation/Fund investors who had emailed so I talked to a financial advisor andÂto people who investigate religious fraud.
I was told that if one person out of 100 came forward and talked, consider that a plus. I was told that people who financially con others are busy working on the next con.
People who make their living conning others out of their money do not think like I do. The thrill of the scheme and the scam is their drug of choice and they are very skilled at avoidance.
A financial fraudster is going to be a few steps ahead of you, I and of the last set of victims.
Targeting ethnic and religious communities and walking away from such deep betrayal of trust is not what most of us are capable of.
Religious affinity fraudsters simply drain the current group dry and move on to the next church, temple or faith community and start all over again. It is what they do. And while we have laws to shut them down, there are no guarantees. It’s a long process for committed victims, investigative regulators, police and the courts to seek justice. Justice is rarely financial. Sadly as affinity fraud increases and we bury our collective heads in prayer, more churches and faith groups will be targeted.
Once shock wears off, the process of grieving begins.
Early investors make money in a pyramid scheme. It’s the next wave, and the next who suffer.
Keeping what is occurring as investors start talking public and at the top of Google helps others and is a path toward emotional health.
Someone who makes their life defrauding faith communities does not want their name on the first page of a search engine. Media attention is fun for awhile, it can be part of the game. For awhile. But to keep the high and a ready source of victims, fraudsters want the past buried, just as they’ve buried it and left broken lives behind.
Timelines give perspective. Reporters love them. Victims need them.
Back to my question. Who is Daniel P. Reeve?
2. Daniel P. Reeve has no problem using others. He’s charming and a great talker. He’s believable and easy to trust.
I have a lot of respect for people who invested with Earl Jones. As far as I can tell this was not a closed community (ethnic/religious) and when things fell apart, people raised holy hell. Good first step. Media got involved, stories were told and police got involved. Meetings were held and now there is a Facebook page where his victims can go while the law catches up. The bible says a chord of three is not easily broken. Common cause can help a group move mountains.
Who is Daniel P. Reeve?
3) He is a grand thinker, a step ahead, a visionary, a talker, just a guy who wants everyone to be a millionaire, get in on a great deal he knows about, and a guy who can’t pay his rent.
The Waterloo Record and The Toronto Star want to talk to people who have invested with Daniel P. Reeve.
The only way the rabbit trails and the schemes are uncovered and the complicated threads unravel is when investors step forward.
The police are frustrated, again the sense of shame and guilt in Christian communities (a well known trait according to fraud investors which is used by scammers to keep people quiet) is hampering the investigation.
Who is Daniel P. Reeve and why is there an order out on him to stop what he is doing?
4) He is a guy who was planning to expand. Scams don’t respect borders. He has two websites going despite the cease and desist. Why is that acceptable to past victims, the law, regulators? His licence was yanked already. More: Whois information on US site, registered in 2007 to a Wisconsin man who may have the misfortune of registering the same company name expires 2010. It is believed on a former Reeve site he had an address in Michigan.
What can investors do?
Talk to Financial Services Commission of Ontario.
Talk to police.
Talk to each other.
Talk to media.
Talk on the Red Flag Deals forum.
Do what is being done here.
Help put information out there so others will pause and step back.
Over at Red Flag Deals, the thread was started on DPR Financial in 2008. No response to a lone query for a year, and in January 2009, people began to talk.
5) You tell me.
What companies has Daniel P. Reeve been involved with?
What church groups has he targeted?
How many civil suits are currently filed in Ontario courts?
Are there ongoing court cases in other juristictions?
What is the status of the criminal investigation with Waterloo City Police?
Do fellow Christians tell you to suck it up? Do Christians tell you it was your greed, that bad investments happen and you should never sue a brother? Are you told to forgive? Be angry and sin not?
Hey, religious affinity fraud scammers will look you straight in the eye, and ask you to pray with them. They know the language. They know how to work others in your church to shame and guilt you, if you aren’t already doing that number on yourself.
Who is Daniel P. Reeve?
6) Is Daniel P. Reeve the person being talked about in this article who targeted a Peterborough church and faith community?
I’m willing to guess he is. So what is he doing in Waterloo, Kitchener, Elora, Cambridge?
Did Christians in Peterborough do everything they could to stop him from harming others?
Where did people meet him and what are faith communities doing about what is being done to assist his victims?
More: Andrew Lech of Peterborough may be the man mentioned in the article. 88 fraud charges/66 million dollar scam dating back to 2001. Court document here
Let’s talk…comments are open. Help me fill out these time lines and let’s do what we can to see others are not betrayed.
Update: The Record July 24, 2009
The fraud branch (Waterloo Regional Police) has received about 110 complaints and is looking into alleged investment losses of about $19 million, according to Sgt. Rob Zensner of the police fraud division. The investments are related to various businesses that were run by Reeve, including DPR Financial Inc., which was based in Cambridge, the Millionaire Group and Millionaire in You Wealth Institute in Waterloo, as well as the Jakobstettel Inn.
“I’ve been a securities regulator for 20 years, and I’ve seen more money stolen in the name of God than in any other way.”
Deborah Bortner, Director of Securities for Washington State and past President of the North American Securities Administrators
In the last five years, affinity fraud among religious groups and church congregations has grown rapidly and is now a widespread problem. Con artists are found in all denominations. This applies both to investment scams and to financial advisors who claim religious affiliation. The reason these groups are so vulnerable is that it is human nature to trust someone who purports to be religious. BC Securities Commission InvestRight
December 2008 Windsor Star Easy Street to on the Street
December 8, 2008 Windsor Star DPR evicted
December 13, 2008 Windsor Star Financial services company DPR evicted from Waterloo office
April 9, 2009 Kitchener-Waterloo Record Wedding Bell Blues
April 9, 2009 CKCO News Investors demanding answers Jakobstettel Inns, Reeve Hotel and Resorts Inc., Millionaire in You (YouTube)
April 15, 2009 Kitchener-Waterloo Record St. Jacobs inn owes nearly $350,000
April 18, 2009 Kitchener-Waterloo Record Waterloo office locked by landlordÂ for non-payment of rent
May 14, 2009 Guelph Mercury Financiers troubles mounting
June 5, 2009 Kitchener-Waterloo Record Dream investment evaporates
June 6, 2009 Kitchener-Waterloo Record Reeve began as a shoe salesman
June 18, 2009 Kitchener-Waterloo Record New owner sought for Jacobstettel Inn
June 27, 2009 Kitchener-Waterloo Record Fraud complaints now criminal investigations
July 24, 2009 Kitchener-Waterloo Record Jacobstettel Inn sold
July 25, 2009 570 News Jakobstettel Inn sold
FSCO: May 13, 2009 Notice of Proposed Cease and Desist and Temporary Cease and Desist Daniel P.Reeve, Millionaire Mortgage Inc., and DPR Financial Inc. PDF
FSCO: June 4, 2009 Cease and Desist Permanent Daniel P. Reeve, Millionaire Mortgage Inc., and DPR Financial Inc.