Email to Mr. James Rajotte, Chair, The Standing Committee on Industry, Science and Technology

It is my opinion that the CSBF program has been captured by some financial institutions and has evolved into a fraudulent conspiracy. Even a cursory but unbiased investigation into borrower outcomes will quickly confirm my, admittedly at first blush, incredible allegations.

The official program loan statistics grossly underestimate the true lending activity. The Dominion’s logo and credibility are being used as bait to induce hundreds of unsuspecting small business investors each year into a devastating debt trap that is officially “off book” to everyone except the hapless investor. Proceeds from this fraud are used to misrepresent the true nature of the scheme.

Essentially, this arrangement acts a self-funded money laundering operation that uses new Canadians and their life savings as cannon fodder.

Email to Mr. James Rajotte, Chair, The Standing Committee on Industry, Science and Technology

To: Mr. James Rajotte, Chair, The Standing Committee on Industry, Science and Technology, House of Commons, Canada
From: Mr. Les Stewart MBA
Date: June 28, 2006

I would like to be added to the list of individuals contributing to the Standing Committee’s deliberations on potential revisions to the Canada Small Business Financing (CSBF) Act and Regulations.

I have some grave concerns regarding fraudulent activity within Canadian financial institutions and its tolerant legislative and self-regulatory framework. Please find attached a paper that I wrote for Industry Canada in February 2005 defining predatory lending.

It is my opinion that the CSBF program has been captured by some financial institutions and has evolved into a fraudulent conspiracy. Even a cursory but unbiased investigation into borrower outcomes will quickly confirm my, admittedly at first blush, incredible allegations.

The official program loan statistics grossly underestimate the true lending activity. The Dominion’s logo and credibility are being used as bait to induce hundreds of unsuspecting small business investors each year into a devastating debt trap that is officially “off book” to everyone except the hapless investor. Proceeds from this fraud are used to misrepresent the true nature of the scheme.

Essentially, this arrangement acts a self-funded money laundering operation that uses new Canadians and their life savings as cannon fodder.

I would appreciate if you would tell me the steps I would take to contribute as an individual as well as acknowledging this request. Thank you.

Mr. Les Stewart
1201 Bayfield Street North
Midhurst, ON L0L 1X1
705-737-4635 Tel
705-737-4950 Fax

cc: Committee clerk


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