Canadian pension funds to be held liable for pension fraud
Canadian pension plans have been accused of being the guilty party in a major fraud scandal that saw tens of thousands of Canadians lose their pensions.
Pension funds, the federal government and the provincial and territorial governments are all being held liable, with some having already paid out billions in fines.
Sources: CBC News, CBC, CBC News Network, CBCNews.ca, Canadian pension,nations pension,national,pensio source CBC.ca title Pension fraud case has many twists and turns: CBC article The National Pension System (NPS) is the largest federal pension fund in Canada.
Its portfolio is the second largest in the world behind the U.S. Government’s Social Security Administration (SSA).
Its assets include approximately $1.8 trillion in assets, with a value of $829 billion.
Its board of directors is made up of three of Canada’s top political leaders.
The board was appointed by Parliament in the wake of the massive fraud scandal of the mid-2000s, which saw Canadians lose tens of millions of dollars in their pensions in an effort to cover up their fraudulent pension plans.
But the case has now shifted to the provinces.
While it is clear that the Canadian government has been aware of the fraudulent schemes and used the money to cover them up, the Crown continues to maintain the NPS is an asset for the benefit of the public, which is not its intention.
It is unclear what the consequences of a successful prosecution of the alleged frauds will be for the Canadian public.
For more on this story, listen to the CBC News investigation “The Big Question.”
Sources from the Crown’s Office of the Solicitor General can be heard on the “Big Question” podcast, available on the CBC iPlayer.
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