Last anyone heard about Gordon Driver, he had struck a deal with the Security and Exchange Commission.
A Freelton man accused of running a $14-million Ponzi scheme has agreed to turn over his “ill-gotten gains” and pay a penalty following a settlement reached with the U.S. Securities and Exchange Commission (SEC).
Gordon Driver and his company, Axcess Automation, reached the agreement just days after the SEC had gone to a California court seeking a contempt order against Driver for not complying with previous court-ordered requirements.
The SEC was also asking the judge to consider jail time as a possible sanction against Driver if he was found guilty of contempt.
Driver and his company are alleged to have defrauded more than 100 Canadian and American investors since 2006 by promising them weekly returns on their investment as high as 5 per cent, based on special software he says he developed to trade futures.
Among those who invested in the alleged Ponzi scheme, court documents say, are two sons of David Mainse, founder of Burlington’s Crossroads Television and 100 Huntley Street.
A court hearing will be held to determine the amount of money that Driver must turn over and the size of the penalty he faces.
That agreement didn’t deal with the civil suit filed by The US Commodity Futures Trading Commission. The CFTC keeps web pages of their on-going cases and there is an entry February 2, 2010.
Court orders continuance of February 5, 2010 Order to Show Cause Hearing to March 5, 2010 at 3:00 pm in the courtroom of the Hon. Otis D. Wright II, US District Court, Central District of California.
I’m not a lawyer and I don’t play one online. As I understand the above, the CFTC (plaintiff) wants the court to decide why the defendants (Gordon Driver/Axcess Automation)Â …Should Not Be Held in Contempt.
The Spec:
As part of the agreement with the SEC, Driver will be prevented “from arguing that he did not violate the federal securities laws as alleged,” and can’t challenge the validity of the agreement in court.
The agreement also requires Driver to acknowledge that the deal with the SEC does not provide him with any immunity from possible criminal charges.
Ron: There were probably 40 to 50 who invested, mostly family and friends, we never put out anything to staff, it was mostly word of mouth, there were some staff but we were not actively soliciting.
Jim: They all crashed with you?
R: I can’t tell you how deeply grieved I am, some losing significant amounts of savings. By God’s grace I’ll be forgiven.
During the 100 Huntley Street comeback interview Mainse said his brother Reynold and wife Kathy had left Crossroads about a year and a half earlier to pursue other interests. (Heaven’s Gate) Cousin David Rutledge who had been Crossroads former director of ministry relations had also left Crossroads to work for Axcess Funds. He was named in the April OSC cease and desist. Driver and his friends were not registered to trade securities in Canada or the US.
Most of the 100+ investors were Canadians centred around Crossroads. Reynold Mainse gave no indication he had left the religious broadcasting company his father David founded when he did an interview with ChristianWeek in August 2009.
He stated in an email early August that as well as investing, he drew 15 people into the Axcess ponzi scheme.
All references to the forensic audit and board decisions around Driver and Axcess have been removed from the corporate page of Crossroads Christian Communications. Crossroads said no ministry funds were invested. In December the charity announced a new CEO had been on the job since October 2009.
Gordon Driver lives in Nevada.
I think you meant CFTC not CRTC.
- Peace
For many call me Lord but I know not their name.
Someone else wearing the mantel of deception!
Theres a lot of innocent sheep out there and a lot of wolves ready to capture them and many shepherds that call both.
Thats why he came
to set the captives free.
Thanks Dave. Fixed
Wondering if there is any investor in this whole thing that is interested in acting as a point person, at least hosting a meeting in a hotel in Burlington to bring all 100 plus investors together to make some decisions and at least bring an awareness to all those who have been victims of this scam? Maybe somebody can suggest a way to bring the investors together before the 2 year statute of limitations expires?
Has anyone other than me sought legal advice and considered options?
Would be interesting to know if everybody is just willing to walk away from their sincerely invested funds. There are people that know all the people, have all the lists and know all the names, and yet still nothing is being said. Maybe its time to speak up and get some understanding of all that is going on behind the scenes.
Lawyers may have told point people not to speak to anyone, but that doesn’t stop investors, and if the point people were people of integrity they would understand the importance of speaking to investors at least informing them that they don’t have any information either.
Truth will hurt no one and yet it is not being spoken. Maybe it’s time to call a meeting of all investors. If your one, and if your interested, let it be known and we will see where it goes from there.
Hi Wondering:
I emailed you and it bounced.
Would you hit contact at the top of the blog with a working addy?
Thanks.
Is it possible to find out if the finders who worked with Gordon Driver have paid back all the money they made? Originally the finders might have invested a small amount of their own money, but most of the money was the finders fees they were paid and interest.
I understand Ron Mainse has said he has paid it all back to a fund set aside for restitution for investors, but what about the others who were finders.
Again, all the information is there, just not being revealed. Full lists of every investor, every dollar invested, all original principle amounts invested etc. The lack of information is unfortunate. I truly believe if someone will step up wether they lost a lot or a little, then people will follow and investors will have a clearer picture of all that has taken place
Just Wondering?
How can we contact you Wondering? I am a little unsure.
Hi Elaine:
Hit the contact button up top. I’ll forward your email for you.
oh when does it all end?
Wondering – when is the meeting?? I am one. I too am not sure how to contact you? Feeling lost too.
A wandering investor
will the circle never end??
Hi Wondering as well:
Would you provide me with a valid email addy?
It will be passed on to “Wondering.”
I will not make any emails public.
Because there is not any communication that I am aware of, I think there are many that would like to have a general meeting, possibly with a legal represenative to give directions and advice.
We would need to have those who invested email to bene and they will forward those emails to this address so we can compile a list. There already is a full list with all details, just that they don’t seem to communicate with anyone, those who have those details. You remember the reports you once got, there’s a list.
Act now so we can move forward, were almost at the one year mark since this broke loose
IF YOU HAVE LOST MONEY ON THE INVESTMENT WITH GORD DRIVER LET’S UNITE!
GIVE YOUR NAMES TO BENEDICTION BLOGS SO THEY CAN PUT A LIST TOGETHER AND WE WILL SET UP A MEETING
YOUR LOOKING FOR INFORMATION, BUT NOBODYS TALKING, NOT THE FINDERS???, NOT DRIVER, ITS TIME FOR INVESTORS TO SPEAK UP
DID THE FINDERS PAY BACK ALL THE MONEY THEY GOT, DID THEY KEEP THEIR CUT, WHO PUT IN MONEY, HOW MUCH, WHO GOT PAID BACK, HOW MUCH DID FINDERS MAKE, WHO LOST AND HOW MUCH DID THEY LOOSE.
GOOD PEOPLE PUT UP THEIR HARD EARNED MONEY, THE FINDERS PROBABLY DIDN’T PUT UP HARDLY ANY MONEY BECAUSE THEY WERE MAKING HUGE PROFITS OFF THIS SCAM. ITS THE TRUE INVESTORS THAT TRULY LOST, LOSING IS NOT PAYING SOMETHING BACK YOU EARNED ILLEGALLY OR WRONGFULLY. LOSING IS TRULY LOSING WHAT YOU PUT IN FROM YOUR OWN RESOURCES, NOT WHAT YOU GOT PAID FOR BEING A FINDER, AND ALL THE FINDERS GOT PAID WELL, HUNDREDS OF THOUSANDS OF DOLLARS!!!!
SPEAK UP, GIVE YOUR NAME OR EMAIL TO BENEDICATION BLOGS AND WE WILL SET UP A MEETING
Hey Bene – how do I get in contact with Wandering – I am one of those investors that lost in this crazy thing – please do not print this on your blog – I am simply responding to Wandering and his/her request to meet with other investors to seek legal advice – to be honest I am a little nervous and a non-trusting person as a result of this process – having been burned – but for what it is worth I need to unite with others. Thanks for any help you can give.
Bene – I would also suggest that if Wandering does set up a meeting with investors who were taken in this thing – that each investor should bring with them a copy of their statement prior to getting in – that way we know who is real and who is not – each month we were emailed excel statements.
Hope I can trust you all – terrible thing to get burned – it really melts your trust in Christians let me tell you.
Richard
I’ll pass your email on if you agree and you two can take it from thee.
Since I don’t give out emails I need your permission.:^)
I am an investor as well. Please forward my name to wondering.
Thanks,
Elaine
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