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Pace Securities
September 21, 2020
8:21 am
Yaftica
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Dave_1 said
From my very limited viewpoint as a PACE CU customer for decades & also a screwed over PACE Securities customer, this is what, a $50M-$60M problem ? Then there's the lost revenue + growing lawyer fees + pain & suffering + whatever else the courts allow.

Sure there's a legal difference between PACE CU & PACE Securities, but wake up PACE. PACE is PACE is PACE.

Which brings me to "Options". Just what are my options should PACE CU make us whole on Oct 15th ? or conversely give us the shaft on Oct 15th ?

From my crystal ball I'm seeing 2 options --

a) PACE CU makes me whole - me & my money continues to stay with PACE CU indefinitely.

b) anything less than whole - I won't be waiting for years of litigation. My family & I will pull every remaining dime we have and move it to another financial institution. And I hope every one of the other 39,996 PACE CU members do the same.

The new board of directors has a tough job, cleaning up from Joseph Thomson & the Larry / Phillip Smith, father / son duo. It's never a fun time inheriting someone elses horrific work.

George Cooke and Barbara Dirks, I want you to be successful. I want PACE to survive this ordeal. A mass exit will hurt too many people. I hope your listening. Allow me to pick option a). Otherwise I see no alternative for me.... option b). Then me & my money are gone.

I hope other PACE CU members will plot their course of action and go public with their opinion.  

Fairly certain that risk is being looked at while they consider a remedy here. Many of the people who are affected by this scam are within the largest public sector unions in Ontario. Warning notifications have already gone out through many different channels. If a poor decision is made by the CU then Communications will go out to the memberships as a stern warning of whats taken place and how their funds are at risk within this organization. There is likely a substantial amount of investment portfolio, general accounts, mortgage and other loan business which given notice of a response that the CU has decided to hang their membership out to dry over this will no doubt cause a run on that business like nothing experienced before, and it would certainly build off that with much more once the general public becomes more aware.

Many parties affected here I'm sure intend to repay such a grand gesture by the organization with many years of bad press through whatever avenues exist to them, or as stated - remain customers and sing only praise moving forward. It is the least everyone can do in either case, so let's remain hopeful here that this CEO intends to be the ultimate savior of this Corporation and this Board intends to be known as the one who ultimately extracted the reputation of the brand out of the toilet for good because that is where it sits firmly at the moment whether they think there is any value in that - we shall see. If not they may as well change the logo now and everything else that has been marketed along with it.

I'm sure we all remain patiently awaiting and look forward to the Fall Town Hall meeting...

September 21, 2020
8:47 am
gicjunkie
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I am sure that a lot of Pace members, like ourselves, who were "lucky" in that we invested in real GICs with Pace, have taken our money and run. Our GIC matured during the summer and we were none too eager to escape, funds intact.

I do believe in giving second chances to individuals and organizations, and if Pace can somehow make things right with its aggrieved members, this would be a major turn-around and I would possibly consider returning as a member at some point. Making reparations goes a long way in securing goodwill for both remaining and prospective memberships. I am neither an optimist nor a pessimist. I can, however, still remain hopeful that somehow Pace will be able to do the right thing and give these investors their money back. Good luck to all of you who have lost your funds and your trust.

September 22, 2020
11:56 am
Elaine
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gicjunkie said
I am sure that a lot of Pace members, like ourselves, who were "lucky" in that we invested in real GICs with Pace, have taken our money and run. Our GIC matured during the summer and we were none too eager to escape, funds intact.

I do believe in giving second chances to individuals and organizations, and if Pace can somehow make things right with its aggrieved members, this would be a major turn-around and I would possibly consider returning as a member at some point. Making reparations goes a long way in securing goodwill for both remaining and prospective memberships. I am neither an optimist nor a pessimist. I can, however, still remain hopeful that somehow Pace will be able to do the right thing and give these investors their money back. Good luck to all of you who have lost your funds and your trust.  

Thank You-you did the right thing.The comment I made for the West Mall branch on google reviews won't show up-but it has been liked by over 100 people-so don't know who is able to see it.The fact that someone actually is blocking a comment instead of responding is sort of creepy for a Credit UnionNot sure who is responsible but Pace if you are reading-give me a call.
.I switched all my GIC's so that they would be protected in case of Pace going under.I detest that our money is being spent on lawyers.
When I got my GIC-it was the first time I had gotten a GIC at Pace as I had been transferred from AllTrans-the rate I had from AllTrans was 3.35% so that 5% (with 2% bonus) was not that much of a difference and the person said it was a special -expiring that day.I had no idea that Pace sold Securities as I NEVER purchase anything where my principal is not protected.So until May I had no idea I had bought security bonds.When I went to renew a GIC in 2019 I was really confused as to why I was not taken to the "special " room to do it-just over the counter.And was even more confused a few days later when someone called from Pace and asked if I had money to invest and I said I had just bought a GIC-and he said" but you now we are the ones with the good rates"I said that you had said that it was a special that had expired.he then said-he would talk to Pace and try and get it transferred as they work together.(I have no idea who it was I was speaking with as they did not say their name)That was the first clue that there was a separate section in Pace.That transfer never happened(Thank God) but WTH-I am appalled that AllTrans sold me out to a scammy company and I got taken by a con an inside a credit union.And he was was not IIROC certified (as I have found out recently)along with his name and along with the contract with signatures that don't look like mine.Like WTG-on the contract it says that I am to get a copy and have 48 hours to cancel.Never got a copy until this crap-and now I know that I did not buy a GIC.When I explained all this to Barbara her first response was that maybe there was some liability to the credit union and that I would be treated separately(in writing the last part)Since then-nothing.I guess she was acting too human for all the other players.Glad you did what you did.I am so thankful for this site as it gives us a chance to offload some of the anxieties.i
I feel so bad for others who have not found this page and just sit at home and blame themselves for being conned.

September 22, 2020
12:51 pm
Dave_1
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How you manage your money is your business, but I'll put this out there --

FYI..... your Credit Union deposits & GICs are insured by FSRA and the Deposit Insurance Reserve Fund. Some accounts have certain limits (like a max of $250,000 & zero for foreign $ accounts) and other accounts have no limits (like RRSPs & TFSAs). You can read about it here.

https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance/deposit-insurance-reserve-fund-dirf#covered

September 24, 2020
3:59 pm
Elaine
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September 24, 2020
4:38 pm
Shelley Mackie
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Good evening

I did sign into the hearing on September 10. Did anyone else?

September 24, 2020
9:19 pm
Bud
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How much in total is owed to the disgruntled Pfd holders? How many holders in total were sold these pfds?

September 25, 2020
5:09 am
Dave_1
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Shelley Mackie said
I did sign into the hearing on September 10. Did anyone else?  

I did not.

From what I read at IIROC this AM, I'd guess the hearing just got moved over to Oct 22 at 10am.

If you wish maybe you could enlighten us on what really took place ?

September 25, 2020
6:18 am
Shelley Mackie
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the lawyers met with the Judge to much sure everything was getting exchanged documents and everyone was moving forward with everything. So Oct 22nd is to make sure that there is enough time slotted to go to court. Feb 1st, 2021 is the start of the Court proceedings for two weeks.

I have registered for the Oct 22.

September 25, 2020
6:42 am
Dave_1
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Bud said
How much in total is owed to the disgruntled Pfd holders? How many holders in total were sold these pfds?  

In my world PFD = Personal Flotation Device. lol. I could certainly use one (a Personal Flotation Device) to keep me afloat during this PSC disaster. I'm drowning out here. PACE, are you listening ?

How many Investor Claimants ? and how much was lost ?

To answer your questions I would guess no one really knows the precise numbers other than the main parties like E&Y and MNP liquidators, PACE & the various lawyers.

I gave you my best guess on "how much" in Post # 437. A link to #437. That guess was based on my reading of various Financial Statements, and Motion Records from E&Y and MNP. But it's only a guess. I have no real knowledge.

"How many" ? I've heard all kinds of numbers from 400 to 1000 PACE Securities customers were screwed over. I can only guess the actual number is somewhere in between. Again, I have no real knowledge.

September 27, 2020
8:20 am
i_got_smucked_too
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Bud said
How much in total is owed to the disgruntled Pfd holders? How many holders in total were sold these pfds?  

Dave_1 said
In my world PFD = Personal Flotation Device. lol. I could certainly use one (a Personal Flotation Device) to keep me afloat during this PSC disaster. I'm drowning out here. PACE, are you listening ?

While we're all struggling and drowning, I must admit I too briefly wondered what PFD meant. I like your definition better. The irony of your joke was not lost on me.

In Post # 437, Dave_1 said
..........
Sure there's a legal difference between PACE CU & PACE Securities, but wake up PACE. PACE is PACE is PACE.

Which brings me to "Options". Just what are my options should PACE CU make us whole on Oct 15th ? or conversely give us the shaft on Oct 15th ?

From my crystal ball I'm seeing 2 options --

a) PACE CU makes me whole - me & my money continues to stay with PACE CU indefinitely.

b) anything less than whole - I won't be waiting for years of litigation. My family & I will pull every remaining dime we have and move it to another financial institution. And I hope every one of the other 39,996 PACE CU members do the same.
..........

Like many many others on here, I've lost a life time of savings. Plus this year, 000's in lost revenue. I trusted the PACE brand. I trusted my investment advisor, Harry Mahesh. I believed the "fiduciary duty" preachings presented to me by Harry and the brand he represented. In any event, leaving is a decision I've struggled with too.

My preference is to stay and support the new management team. They have a tough job. Make me whole and I'll stick around and do my part to help pull the brand from the toilet.

But rest assured, should I get screwed over a 2nd time by the PACE brand, I'll be gone in a heart beat. A large bunch of bread crumbs thrown in my direction won't cut the mustard. Every dollar I have left, GONE. My measly CPP / OAS pension deposits, GONE. My daughter will be looking for a mortgage next year. GONE, GONE, GONE.

September 27, 2020
8:42 am
Elaine
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I am with you.
The manager's knew stuff was going on in 2016 but all nice and normal.AlTrans sold me down this crappy rabbit hole when they ought to have known the company they were selling us out to.
Anything less than whole and I am out.
Along with my son's money.
And maybe Pace can say in one of their nice little updates how many credit union offices were used for this stuff,which ones ,and what has happened to staff that participated.
But anything less than whole and I am gone.
As much as I hate looking for other banking options-sticking with Pace would be just wrong on so many levels

October 7, 2020
3:01 pm
Dave_1
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PACE update #9.....found here

Rather sad, actually:
- no updates on Oct 15
- no updates on the Fasken survey results
- no nothing
- just suck it up and wait

Meanwhile any 3rd QTR dividends that would have been due, GONE. I guess its Kraft Dinner again tonight.

October 7, 2020
4:25 pm
Elaine
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Dave_1 said
PACE update #9.....found here

Rather sad, actually:
- no updates on Oct 15
- no updates on the Fasken survey results
- no nothing
- just suck it up and wait

Meanwhile any 3rd QTR dividends that would have been due, GONE. I guess its Kraft Dinner again tonight.  

You can afford Real the real Kraft dinner??????
Not the no -name crap that is my diet.
Well Happy Thanksgiving to you.Maybe we will each find a goose that just happened to get hit in front of our houses(or tents).legal to keep the stuff that gets hit now.Life is good.(Maybe it will even lay a golden egg before it passes)Bet Barb and gang aren't hoping for a poor,dead,mangled goose for Thanksgiving.

October 7, 2020
5:39 pm
Yaftica
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Don’t short change yourself just yet. Splurge the extra $2 on the good stuff for now. Surely the CU would want us to.
C0AEE4A7-4081-4494-AE08-520F538D4892.jpeg

October 8, 2020
10:12 am
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Hello everyone,

PCU wants people to “share” their PCU story for international credit union day which “just so happens” to coincide with the settlement deadline.

I think everyone should share their PACE Credit Union story on their site!

Here is the link: https://www.bankwithpace.ca/mypcustory/

October 9, 2020
10:33 am
Dave_1
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Wow 2 updates in the same week. 1 from PCU & 1 from PRRR. Neither really said much, (PCU said less) but I guess there working on something behind closed doors.

The countdown is on. 6 days to Oct 15th & counting.

Tonight's dinner is takeout, Fish & Chips..... but hold the fish. I'm approaching the limit on my "line of credit" @ PCU. I have to cut back somewhere.

October 9, 2020
2:30 pm
Elaine
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Usually there is a fish or two on the shore of Lake Ontario.The sea gulls don't seem to mind.Water so cold like a fridge.
We will have to manage the best we can.I saw someone eating sweet potato fries and was almost tempted to buy but no way.I have some Jerusalem Artichokes growing that I can pretend are fries.
The bedbuds in my son's assisted living home might make a yummy thanksgiving stir fry.Add a few dandelion greens(hope not too many people have peed on them ) and a gourmet meal for someone.

October 11, 2020
11:33 am
i_got_smucked_too
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Nothing really new that we didn't already know. But for those that might not have their finger on the pulse:

This defunct "Thomson" web site looks & smells like a synonym for PACE Securities, but who am I to judge ?

http://elshamekh.com/thomson/careers/

A few items cherry picked from the "careers" page: (did you feel you were targeted ?)

    your role is to independently attract the financial assets of financially successful individuals and families

and

    What we offer:
    Internal referrals to high-net-worth prospects

My interpretation of "Internal referrals" suggests referrals from PACE CU.

Your investment advisor is likely listed here:
http://elshamekh.com/thomson/services/

Management pics & resumes (lol. ok, so it's this BS that burned my a$$. I'm not really laughing) here:
http://elshamekh.com/thomson/management/
(nice to see Thomson is connected with the Cayman's. I can only imagine how much of our money was siphoned off & landed there.)

And the branch office shares the same physical address as FHH:
http://elshamekh.com/thomson/branches/

October 16, 2020
7:06 pm
Billsmythe
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Heard settlement offer postponed until the 30th, no deal yet

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