Publication
“AI and sustainability - cure or curse?”
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
Canada | Publication | October 2019
Golden Oaks Enterprises Inc. was advertised as a “Rent2Own” business and promoted to investors as a means to turn a quick profit through short-term loans. In reality, the business was a Ponzi scheme and from 2009 to 2013, 85% of the money collected by Golden Oaks came from investors. The scheme collapsed in July 2013 as Golden Oaks went into receivership.
In 2013, Doyle Salewski Inc. was appointed as receiver, manager, and trustee in bankruptcy of Golden Oaks. During its investigation, Doyle Salewski found that Golden Oaks had made payments to certain individuals in its final year. In 2015, Doyle Salewski brought several lawsuits against creditors, including individuals and companies who received payments from Golden Oaks in 2012 and 2013. These 17 actions were consolidated and heard together.
The court in Doyle Salewski Inc. v Scott, 2019 ONSC 5108 granted claims of unjust enrichment for recovery of usurious interest against most of the defendants as well as statutory claims under sections 95 and 96 of the Bankruptcy and Insolvency Act (BIA) against three defendants.
Key take-aways from the decision include the following:
Claims against beneficiaries of Ponzi schemes involve complex issues of pleadings, limitations, fraudulent preferences, and equity. Early and focused investigations by a receiver or trustee, followed by skillfully managed claims, are essential to effective recovery in bankruptcy.
Publication
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
Publication
With the Court of Final Appeal (CFA) decision of Tam Sze Leung & Ors v Commissioner of Police [2024] HKCFA 8 being handed down on 10 April 2024, the legality and constitutionality of the use of “Letters of No Consent” (LNCs) by the Police has been finally confirmed.
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