Hal (Mick) McLeod, mastermind of the multimillion-dollar Manna Ponzi scheme, was arrested earlier this month by the BC Securities Commission (BCSC), which is issuing a warning against giving McLeod money.
The BCSC’s criminal investigations team arrested McLeod earlier this month for breaching the lifetime ban against selling securities that it handed down in 2009. He was released on bail March 16.
On Tuesday, the BCSC issued a press release asking that anyone who may have given McLeod money to come forward.
“Given his previous misconduct and the severity of the sanctions that were brought against him, we feel it’s important to warn investors not to give any money to McLeod,” Lang Evans, BCSC’s director of enforcement, said in the release. “We encourage anyone who has had recent dealings with McLeod to contact the BCSC.”
McLeod was the architect of the Manna scheme, which bilked more than 800 investors out of $13 million. Also fined in that scheme were David Vaughan, Kenneth McMordie (aka Byrun Fox) and Dianne Rosiek.
The BCSC imposed $26 million worth of fines against them for their involvement in selling fraudulent securities through Manna Trading Corp. Ltd. and related companies. (See “BCSC imposes $26 million penalty against four Ponzi scheme operators” – BIV Business Today, 27 October, 2009.)
McLeod was fined $8 million and handed a lifetime ban from selling or trading securities.
On March 7, the BCSC’s criminal investigation team arrested McLeod at his home, with the help of the Surrey RCMP, following an undercover investigation conducted by the BCSC. A BCSC press release does not state the nature of the alleged breach.
Investors who may have had dealings with McLeod are asked to contact the BCSC at 604-899-6854.
