For months former investors with DPR Financial have been posting at a thread at RedFlagDeals.
Because former investors found their voices Waterloo Regional Police have launched a criminal investigation. Local media paid attention. In May The Financial Services Commission of Ontario put out a cease and desist order against Daniel P. Reeve. Sounds good. My question is where’s the beef?
A piece of paper issued in May and made permanent in June hasn’t stopped Reeve.
Closure of offices and hasn’t stopped him. An active criminal investigation publicly announced in June hasn’t stopped him. Civil lawsuits, creditors, angry former investors, millions of dollars…
In June of 2009, as mentioned in the post below, Daniel P. Reeve registered these websites – myperfectmortgage.org, and mypersonalcoach.org – despite the cease and desist order from The Financial Services Commission of Ontario which deemed Daniel P. Reeve ungovernable. A regulatory body regulates.
A quick check at whois for myperfectmortgage.org shows a proxy registrant, a search at Domain Solutions for myperfectmortgage.ca shows the owner, Daniel P. Reeve. Same registry dates. An IP trace of myperfectmortgage.org goes to the same Bell servers as .ca.
I’m not a network engineer, but that wasn’t hard to find. Others have found the same information. According to people who have called the website number, the person answering at the other end is well known to them. The slide show on the website is voiced by Daniel P. Reeve. If people who isn’t tech smart can trace this, why can regulators do their job?
The cease and desists states:
…order Daniel P.Reeve, Millionaire Mortgage and DPR Financial, and any agents or representatives thereof, to:
A. cease conducting, undertaking or transacting in Ontario the business of a loan or trust corporation, by receiving deposits and lending or investing such money;
B. deliver up to a representative of the Superintendent copies of all business records including but not limited to, lists of the names of all investors and depositors, the amounts received from each investor or depositor, the bank accounts where all the deposits are invested, and all such other records and documents as are requested; and
C. take all action, or cause all such action to be taken, to preserve all existing funds, deposits, securities or assets and to regain control of any funds, deposits, securities or assets from any person, and to hold all such funds, deposits, securities or assets in trust for the Superintendent pending further order of the Superintendent, the Financial Services Tribunal, or the Superior Court of Justice.
Why is Daniel P. Reeve running websites which violate this order? Where’s the beef?
Daniel P. Reeve does not have a licence to operate in the financial industry, it is believed he lost it in or around 2007.
I have to use the word believed, because nowhere online can I find any information on when Mr. Reeve relinquished or lost his licence. Nothing. I think making that observation after a 2 hour search around the regulatory sites is fair. Why is the information on the loss of licence not available to potential investors who happen upon these new websites? These June websites which contravene a regulatory cease and desist order, btw. Is this a regulatory body with no beef?
Why did Daniel P. Reeve lose his licence? Why can’t potential investors find that information online?
Where’s the beef? 3-4 months of operating in the open, and nothing has been done.
Investors can write The Financial Services Commission of Ontario and register a complaint. The FSCO says you can:
FSCO administers 11 statutes that govern the following financial services operating in the province of Ontario.
- Mortgage Brokers
- Credit Unions & Caisses Populaires
- Loan & Trust Corporations
To protect consumers and plan members and enhance public confidence, FSCO monitors, investigates and when there is non-compliance with legislation and regulations, takes appropriate enforcement action against the sectors it regulates.
A cease and desist is the second highest level of enforcement available to the FSCO. There is another step they can take. Why isn’t the FSCO regulating?
No one is going to deny Daniel P. Reeve the right to make a living while he is under investigation. Last I checked this was still a democracy. But last I checked a regulatory agency has denied him the priviledge of making his living in this fieldÂ and it is their obligation to ensure no one else is harmed. Former investors deserve to be heard, the public deserves to know.
It’s not enough to write a post and stick it on a blog, that’s as hollow as the FSCO order. It takes an email.
You can write the FSCO and ask, where’s the beef? elicence(at)fsco.gov.on.ca