The CLICO US $2 Billion Bailout Hoax
An Astonishing Intensity of Actuarial Moral Depravity
A Disgrace to the Canadian Actuarial Profession
“How Camest Thou in a Canadian Actuarial Pickle, Trinculo?”
Welcome to the Policyholder’s Worst Nightmare
An Actuarially-Sound Frankenstein Monster
Corruption to the Core
Attention Society of Actuaries (SOA) and Caribbean Association of Actuaries (CAA), the entrapment, coercion, and extortion shakedown of 18,000 EFPA policyholders (“EFPA”) to whom you have the duty and the obligation to protect from rogue actuaries are being aided and abetted (1) by the heavy hitter turncoat grifter actuaries to whom they entrusted with their savings and (2) by the kingpin Canadian Institute of Actuaries (CIA).
CLICO hasn’t skipped a beat, only switched feckless grifter Paul Ngai for heavy-hitter grifter Simone (Mini-Me) Brathwaite of Oliver Wyman (OW), consented by Les Rehbeli at OW and Michael Helewa at KPMG Canada and in GORTT’s pocket, is not resiled from valuing the policyholder reasonable expectation (PRE) for the undischarged EFPA obligations, as imposed on the actuary by the Insurance Act (IA) and CIA Standard of Practice (SOP), which shuts that racket down.
This is a dark, shocking story of corrupt and depraved actuaries with a death wish, betraying their raison d’être by planting a ticking time bomb in violation of the IA and CIA SOP and serving as “useful idiot” suicide bombers, putting themselves in harm’s way to protect an EVIL regime as it misappropriates assets and defrauds 18,000 EFPA policyholders (“EFPA”) of 50% of their savings, making actuaries the prized asset of a foreign government committing an atrocity on its own people.
Grifter firms commit crimes punishable in Trinidad, violating the IA, and for their “services” are in “Possession of Property Obtained by Crime,” a Canadian Criminal Code offense, and MUST disclose to ownership their exposure to lawsuit costs, bad publicity, and brand damage ASAP, and record a contingent liability, while the CIA MUST alert the public to roaming rogue grifters and elites not fit to practice anywhere on the planet.
So, I complained on July 29, 2022, to the SOA and CAA elites for grifter and CIA elite misconduct, but they treat me with contempt. Alas, Mini-me is CAA President and SOA elites went wobbly, won’t stand up to protect 18,000 3rd world families, colludes to protect grifters and CIA elites.
Policyholders are the actuary’s first and only priority, so what sort of person, who they pay with policy premium to protect them, betrays them, enables an evil regime to extort 50% of their savings, and then dips into the booty for his continuing “service” in conflict of interest to protect the regime, clutching the booty, from them? That’s the ugly actuary.
I am Gene Dziadyk, short-lived CLICO 2002 CEO (see Sharpening Cutlasses), year-2000 valuation actuary, and entrapped and defrauded Executive Flexible Premium Annuity (EFPA) policyholder.
What it is that we have here is CRIMINAL, a Wolf in sheep’s clothing, waving FAKE MONEY (see The Big Lie #3) and promising “guarantee,” lying through his teeth (*), and a public Praetorian Guard of actuaries, auditors, and regulators opened the gate to Fort Knox, stood guard as the Wolf gorged on more than US $1 billion of the public’s money and covered-up in a bodyguard of lies.
*Finance Minister “Truthless” Tesheira: “The bailout as it has been called was a guarantee“
*Finance Minister “Dooks” Dookeran: “There’s a falsehood to the statement there were guarantees, let us put that to a lie“
This moral depravity arose from the Sept 2008 worldwide financial crisis. The government of Trinidad and Tobago (GORTT) is in dire straits with state-owned enterprises (SOEs) (*) invested in basket-case CLICO affiliates (**) facing massive losses, railroaded Lawrence Duprey, Chairman of CLICO parent CL Financial (CLF) into its illegitimate Jan 30, 2009, Memorandum of Understanding (MOU) for the morally depraved Central Bank (CBTT) running dog regulator to intervene, misappropriate assets, direct CLICO under threat of punishment to defraud EFPA policyholders (“EFPA”) to balance the asset fraud and instruct the actuary to cover by cooking the books, while I was separated from CLICO in April 2008 and back to Canada. Alas, I may have made a difference.
*National Gas Company (NGC) and National Insurance Board (NIB)
**CLICO Investment Bank (CIB) and Caribbean Money Market Brokers (CMMB)
By 100% of the evidence, the key players, and media, are all corrupt and bought off, have conspired to enrich themselves by inflicting pain and punishment on 15,000 “EFPA”, and won’t dare to repudiate me as there can be no other explanation. I have receipts, and a dozen smoking guns but can’t smoke them out in Canada or Trinidad, so my first step was this website before Christmas.
With so many moving parts and all bad hombres, comprehensively contravening (1) the rule of law (constitution, law, contract), (2) the enforcement of the law, and (3) the standards of professional practice and ethics (actuarial, accounting, auditing), it’s quite a challenge to present a tightly focused, clear, and concise picture of how things fit together that do not belong together to captivate a diverse audience, and not to get ahead of myself, so please excuse the colour highlights and some repetition.
Mine is a story within the story, a series of unfortunate events, see Alien vs. Predator for proof I’m not who Ho Sing gangster defamed in a public hatchet job or impolite liar whistleblowing what’s going on in CLICO the Canadian Institute of Actuaries (CIA) spent $400,000 charging me of being.
WARNING: Fraud, Corruption, Evil, and Dystopia: Not Suitable for the Faint of Heart
You Can’t Make This Stuff Up, It’s Too Grotesque
- Corruption to the Core
- GORTT Bankrupted CLICO in a Policyholder Blood Bath
- A Business Based on Trust in the Actuary Sabotaged by the Actuary
- Actuary Covering for Fraudulent Trading in Policies Wears No Clothes
- MOU Is a Con Job
- Coup de grâce
- Lapdog Media Led Enthusiastically by the Intrepid Anthony Wilson
- A Flock of Black Swan Actuaries Detached from raison d’être Swarms Policyholders
- “Useful Idiots” or “Pay for Play“?
- The Race to the Bottom of Actuarial Moral Turpitude
- The Conniving Mini-Me Creature and CLICO’s 2021 Financial Statements
- The Big Lie #1: Fake Policy Liability
- The CIA vs. Mr. Neville Henderson, CIA Past-President
- The Big Lie #2: Fake Surplus Assets, Proof in the Pudding of Actuarial Depravity
- Laugh-riot Grifter Gomez-Miller and Running Dog Dr. Hilare Vile Clown Show
- Theft of CLICO’s Assets May Exceed US $2 billion
- The Big Lie #3: Fake Capital Financing Hoax
- The Nature of the Life Insurance Company
- The Big Lie #4: The CIA, “No Evidence of Any Illegal Scheme“
- Check Your Professional Ethics at the Door to the Statutory Trust Fund
- The Big Lie #5: Churning the Public’s Money in Collusion with Central Bank Regulator
- The Big Lie #6: Fake “EFPA Investment Contracts”
- The Big Lie #7: Fraudulent Accounting Is Grounds to Derogate Rights
- 5-Alarm Fire of Actuarial Corruption, Dziadyk Is a Liar, Pants on Fire
- The CIA Carried Water for KPMG to Put Out the Fire
- Note to Black Swans: Preserve Your Documents
- An Astonishing Intensity of Actuarial Moral Depravity
GORTT Bankrupted CLICO in a Policyholder Blood Bath
The FACTS: asset misappropriation fraud, fraudulent trading in EFPA policies, fraudulent EFPA policy liability reporting, and a blood bath of:
“unimaginable hurt and pain… heavily based in law” (*)
entrapment, coercion, and extortion are not in dispute, what may be disputed dear gentle reader is morality and human weakness (“useful idiots” or “pay for play”) in a Godless descent to hell.
*CBTT Governor “Rambo” Rambarran
*“Truthless” Tesheira: “If there was no guarantee, these people would get nothing“
*“Dooks” Dookeran: “It amazes me when I hear those cries in the wilderness“
GORTT guaranteed nothing, defrauded “EFPA”, and made out like a bandit in a zero-sum game.
The Companies Act (CA) ramifications in liquidation for “any persons who were knowingly parties to defrauding creditors are personally responsible, without any limitation of liability,” for CLICO’s debts and subject to prison; ALL must disgorge the benefit of the fraudulent conveyance and undo the loss to CLICO’s assets, running at US $2 billion.
In a nutshell, it’s a coup d’état illegal seizure of power, rights, and property: the brutal regime BANKRUPTED CLICO, (*) won’t pay the demand liability (**) or put CLICO to liquidation. Yet, non-EFPA policies, foreigners, creditors, sweethearts, and SOEs got paid in full (***).
*Finance Minister Imbert calls CLICO CFO Carolyn John a liar: “Claim $6 billion missing from CLICO’s [statutory trust] fund INVALID.” Alas, VALID, $6.054 (US $900 million) due from CIB in Oct 2011. See her letter. Plus GORTT operated CLF, which was heavily indebted to CLICO, out the CLICO back door and in the shadows. See financial statements.
**“This [EFPA] policy is non-participating… no dividends payable… may be surrendered at any time [for its guaranteed cash surrender value (CSV)] before annuity payments commence.”
***”Truthless” Tesheira: “Have you heard anyone from CIB complain? No one complained… they all got their money… it cannot only be about policyholders… GORTT had committed to protect the securities market… and CMMB investors [Err, it’s the Mother of Insanity to protect investors with policyholder money (see The Big Lie #3)]… the money was safe.”
Was CLICO insolvent before being looted by MOU? Well, there was not and could not under the circumstances be financial due diligence, yet 100 cents on the dollar of what was owed appeared to be within reach for resident policyholders in liquidation, including an immense Republic Bank share control premium. Alas, GORTT is a kid in a candy store with coveted privately-held trophy assets, “national treasures” (i.e. bank, insurance, marine, drinks, energy and methanol plants, real estate, vast vacant lands). Dooks won’t sell assets (*), they’re off-limits, “assets that belong essentially to the people,” and derogated “EFPA” down to 50-65 cents in time value.
*Assets acquired with policy premium.
A Business Based on Trust in the Actuary Sabotaged by the Actuary
Can we stop right there, before we go any further? For God’s sake, CLICO is a life insurance company, the actuary’s bailiwick, so it’s simply common sense, just on the face of it, that such unprecedented fraud, corruption, and moral depravity would not be allowed to occur in a business based on trust unless the CLICO actuary is egregiously incompetent or unethical.
Just for starters, the governing legislation is the Insurance Act of Trinidad and Tobago (IA) and directs: “a company… shall not in any way invalidate a policy issued by the company” and entrusts the public to the actuary to safeguard their family, their retirement, the education of their children and the many other personal and important reasons people save for:
- “Place a proper value upon the policy liability” and
- Guard the statutory trust fund assets supporting the policy liability.
And Bob’s you uncle, dear “EFPA”, they had their way with us: CBTT directs CLICO to defraud us and instructs lap-dog actuaries (*) to weaponize GORTT by back-stabbing us while the CIA (**) is the dog that won’t bark, took its time and finished the job in broad daylight as we were “rolled over” and GORTT executed viciously the greatest hoax of all time in the life insurance industry.
*A cabal of CONIVING grifters (Paul Ngai, replaced by INTREPID Simone (Mini-Me) Brathwaite at Oliver Wyman (OW) led by Leslie Rehbeli, with the consent of KPMG Canada led by Michael Helewa) facilitated the fraud and injured the public by committing brazen fraudulent EFPA policy liability financial reporting and brazen deliberate misrepresentation of its malfeasance in financial statements, (grifters cooking the books and abasing EFPA contracts) in violation of the law and the CIA Rules of Professional Conduct (Rules) to serve the public interest.
As every dollar paid by CLICO post-MOU is stolen, for their “service,” the cabal in a REPELLENT DOUBLE-Whammy dip into assets entrusted to it to protect by putting up a fence between policyholders and “their” assets in liquidation and is thus in “Possession of Property Obtained by Crime,” a Canadian Criminal Code offense.
**The CIA Professional Conduct Board (“at least 10“) esteemed elites, with the duty and the obligation to serve the public interest and to protect the public from rogue actuaries, led by Louis Martin, executive Michel Simard, and CIA directors charged with due diligence oversight of esteemed elites provided compelling evidence of astonishing incompetence or perversion of integrity and public responsibility, got the EFPA contract, the law, and the IFRS 4 Standard 100% wrong, violated of the Rules by mishandling my complaint, exonerating cabal misconduct and authenticating fraud in violation of the CIA Mandate to protect the public from rogue actuaries, and on being called out on March 5, 2021, CLICO hasn’t skipped a beat and Mini-Me is unstoppable, esteemed elites doubled down, aiding and abetting the fraud.
This is synchronized en mass moral turpitude (See Race to the Bottom of Depravity).
The cabal of repellent grifter actuaries is a morally corrupt instrument of evil
Esteemed elites and directors are either corrupt and evil or corrupt and totally incompetent
Actuary Covering for Fraudulent Trading in Policies Wears No Clothes
These repellent black swans run from cooking the books (*) to hide defrauding “EFPA” of at least US $1 billion to balance Wolf’s voracious asset fraud (see The Big Lie #1 and #2) and to cover up there’s a zombie in the closet but it can’t hide the trail of spectacular irrepressible US $2 billion “unusual profit,” indisputable evidence of fraud, the release of undischarged EFPA CALM liability to income, as it morphed on steroids into the actuarially-sound CLICO Frankenstein monster.
*Pre-MOU, CLICO actuary Paul Ngai had valued the EFPA policies in accordance with the CIA Standard “CALM” specified “methods and assumptions,” as was consented by the PWC auditor and CIA Past-President Neville Henderson
MOU Is a Con Job
MOU is a bait-and-switch “policy bailout guarantee” intervention in CLICO to usurp policyholder rights to assets and pull off an inside-job backdoor asset misappropriation fraud to bail out panicking SOEs (see the Big Lie #5) that had invested the public’s money recklessly, and apparently in collusion with the CBTT running dog regulator, in basket-case CLICO affiliates, and facing massive losses in liquidation, claimed “systemic risk,” and went on to balance out the fraud by defrauding “EFPA”, all in excess of US $1 billion.
Dear “EFPA”, we were led down the Primrose Path. Follow the real money, our money, the only money, and the truth shall set you free. Our premium dollars paid for CLICO’s exotic assets and the Praetorian Guard to protect “our” assets but Clowns and grifters luxuriate in our money (see The Big Lie #2), and steal with both hands: every $1 CLICO zombie has paid post-MOU is STOLEN; The Grifter Going Concern Steal, including the cost of actuarial “service” runs at US $240 million.
“Truthless” Tesheira: “CLICO policyholders showed confidence in GORTT by not having a run [Err, you lied to them, “roll over, do not seek withdrawals”]… without their support [Err, you mean “their money”], I do not think we could have avoided the systemic risk [Err, GORTT alone had systemic risk, you had them rolled over to pull off The CIB Big Steal for GORTT to avoid systemic risk]… if we did not stabilize the situation [Err, see Big Lie #5, the public learns that you, CBTT, and SOEs churned its money in CIB and CMMB]… nothing would matter… we wouldn’t be here!!! [Err, you’d all be in JAIL]”
Coup de grâce
The “EFPA” nightmare took hold on Sept 1, 2011, with Dooks Dookeran unwittingly giving the game away: “On the possibility of persons opting to go to the courts [rejecting his entrapment, coercion, and extortion] to force GORTT to pay their full deposit (sic*) … the natural outcome of a court decision would be the liquidation of CLICO.”
- Dooks knew the legal demand liability is the EFPA (*) guaranteed cash CSV while what he had in mind was a “0% 20-year IOU,” worth about 50 cents on the CSV dollar.
- Dooks knew that insolvency requires CLICO’s assets to be liquidated and proceeds distributed legally among its creditors, with resident policyholders being the highest liability class.
- Dooks knew the intent of the IA is to protect the public’s rights.
- Dooks knew that only a liquidator may alter a policy contract.
- Dooks knew the GORTT “preference shares” financing of the MOU is in fact “debt securities” that are secured loans, masquerading as GORTT capital infusion, and rank senior to policies.
KPMG and actuary Ngai like everyone else knew the willful intent was to defraud “EFPA” as Dooks won’t pay the CSV legal demand liability or put CLICO into legal liquidation, but he paid sweethearts in and out of CLICO, foreigners, and creditors in full from “EFPA“ assets.
The policyholder Coup de grâce: Dooks played brilliantly the Parliament into a temporary stay on legal action against CLICO by lying that taxpayer capital was at risk, which provided cover enabling him (1) to operate CLICO as a “going concern” as facilitated by the fraudulent actuarial financial reporting of the “policy liability,” with the CIA stamp of approval, (2) to obstruct liquidation and “EFPA” right to assets, (3) to abscond with trophy assets, and (4) to thwart a liquidator from recovering assets that GORTT had already misappropriated.
Lapdog Media Led by Intrepid Anthony Wilson
Lapdog media (Guardian, Express, Newsday), who ought to know better, won’t report the truth and carries water for GORTT, and keeps this “genie” in the bottle, as evident in a spectacularly incriminating rhetorical fantasy (*) from a man who claims he can read financial statements.
*Anthony Wilson, in the Express May 4, 2022: “The remarkable profitability of CLICO should be noted and celebrated [Err, it’s the prima facie evidence of fraudulent trading]… recall GORTT injected $5 billion by acquiring ordinary and preference shares [Err, 99.86% of shares are not capital but debt security investment, no-risk secured loans underwritten by “EFPA”].”
A Flock of Black Swan Actuaries Detached from the Raison d’être
The website draws on a book that is in the works, here’s the book Prologue. It’s either a comedy or a farce. Still, it’s a non-stop laugh-riot of stone-cold lies, spin, hysteria, malarky, and buffoonery, an Actuarially-Sound CLICO Frankenstein Monster Ponzi Scheme on Steroids that begs to be made into a movie. See the list of characters. Move over, The Big Short, even Alfred Hitchcock.
It’s a blood bath of “unimaginable hurt and pain,“ entrapment, coercion, and extortion, which makes The Birds play like a romantic comedy, “a series of sudden and unexplained violent attacks” by a flock of black swan actuaries detached en mass from the raison d’être, as “instructed” by the morally depraved Ho Sing gangster birdkeeper and de facto actuary to reanimate the zombie by bleeding the howling “EFPA” and transfusing into the living parts of the CLICO Frankenstein Monster to repugnantly block them from “their” assets in liquidation.
Let us begin with the actuary’s raison d’être: policyholders are the first and only priority.
This flows naturally from CLICO’s raison d’être: to issue and administer policies, not to acquire trophy assets, which pose a danger to policyholders (i.e. exposure to illiquidity, asset default, and asset depreciation) and result in capital costs. Policyholders are “third-party” beneficiaries of contracts entered into that are intended to their benefit (i.e. actuary, auditor, officer, director) and policyholders can sue if the contract promise isn’t fulfilled, which obviously none of these were.
Dear gentle reader, what it is that we have here is black and white, no shades of grey, obviously a violation of the contract but also the overarching principles of common sense and the governing legislation, the IA, which drove a stake in CLICO’s heart, turning into a Frankenstein Monster clown-show laugh-riot blood-bath (i.e. entrapment, coercion, and extortion):
- Policyholders are not subordinate to the CLICO enterprise: “shall not invalidate a policy.”
- Policies have statutory rights: seniority and equality (see #1), and statutory trust fund security.
- A statutory trust fund supporting EFPA and non-EFPA policies cannot fail in parts (see #1), yet these yahoos “ring-fence” assets within a “ring-fenced” statutory fund.
- Only a liquidator may alter a policy contract (see #1).
- CLICO is not resiled from its undischarged obligations (replaced CSV with coerced, absolutely insane GORTT 20-year 0% IOU, worth 50 cents on CSV and funded indirectly by CLICO).
- If you do not accept #5, it follows that you do not accept #1, so laws and contracts are a joke.
- Actuary, auditor, regulator, officer, or director is not resiled from the duties and the obligations imposed by the IA, the Companies Act, or professional standards “to serve the public interest.”
“Useful Idiots” or “Pay for Play”
Now, dear gentle reader, you’ll surely be amazed to know that there really is a CIA Playbook (see “The Best Kept Secret in Trinidad”), and you are the judge, but be warned, you’ll be hard-pressed to argue with a passion that this flock of black swans called that play and ran that play, as all the evidence points to playing either out of their league or for the other team, if not both.
Well, is the cabal a bunch of feckless useful idiots, synchronized swimmers without the foggiest idea they’re “instructed” to put up a fence between “EFPA” and “their” assets in liquidation and in a double whammy, for criminal “service,” they’re dipping into stolen assets entrusted to them to protect or repellent grifters who didn’t have the guts and took “pay-for-play?”
Well, see Coup de grâce, GORTT declared publicly willful intent to defraud the “EFPA”.
Is the CIA to this day carrying water for KPMG and now also for Oliver Wyman?
Race to the Bottom of Actuarial Moral Turpitude
Alas, we have two distinct species of black swans, with the latter suffering from one blind eye (*):
*Lightening bolts flashing “unusual profits” across the sky
(1) The cabal of egregiously incompetent or unethical grifters reports and deliberately misrepresents a fraudulent policy liability shrowded in an astonishing onslaught of conniving actuarial disinformation purposed to abase the EFPA contract, all in contravention of the IA.
Is there a bottom to this depravity?
Ngai is a boy scout, Mini-Me a master disinformationist, a fraudster, hang on to your hat (The Big Lie #6), “Actuarial Certification of fake [unilaterally unlawfully altered, unamended, renamed] “EFPA Investment Contracts” (*) in accordance with the Act and IFRS 4″ has a sporting chance, as does my personal favourite, assuring users that “methods and assumptions” used to verify [fake] EFPA data for [fake] EFPA Investment Contracts “fulfill the acceptable standard of care,” to professionalize and divert from the fact that neither methods nor assumptions are being used to determine the [fake] EFPA “policy liability,” violating “the acceptable standard of care.”
*“EFPA Investment Contract benefits are mainly based on the return of assets”
Dear gentle reader, the actuarial farce rests on fraudulent IFRS 4 accounting derogating contractual and statutory rights, which were fixed and crystalized when contracts were entered into (see The Big Lie #7) and implicate CIA Past-President Neville Henderson with fraudulent financial reporting.
(2) The CIA esteemed elites, “at least 10,” provided compelling evidence of their astonishing incompetence or perversion of integrity and public responsibility by mishandling my complaint of Ngai’s conduct and taking three years to issue an astonishingly negligent July 29, 2019, wrist-slap reprimand, exonerating Ngai and authenticating the fraud and corruption by getting the EFPA contract, the law, and the IFRS 4 Standard 100% wrong, and calling me (and 15,000 Trinidadians) a liar who is in violation of the public interest, “false or misleading,” and a disgrace to the profession for impolite whistleblowing as I was looted without providing a scintilla of such evidence.
Dziadyk is a liar: “The CIA did not find any evidence Ngai participated in any illegal scheme“
What we have here is a policyholder house of horrors blood bath, playing out in a perverted “Actuarial Gong Show” with the inmates running the CIA asylum, giving all “thumbs up” to the “change” from CALM “methods and assumptions” to absolutely no “methods or assumptions.”
Black swans: preserve your documents and explain to an entrapped and defrauded policyholder, inter ala how it is that “those values” the Ho Sing gangster fed to the cabal comply with the CIA standards and the IA “proper values,” which both require a valuation of the specific terms of the EFPA contract and impose “policyholders’ reasonable expectations” (PRE) on the actuary. Everyone, policyholders, and Dooks knew the EFPA legal demand liability is the guaranteed CSV, and everyone “expected” the CSV to be paid in cash, yet the actuaries refused adamantly to recognize the legal liability and planted time bombs in the CLICO balance sheet for the day the stay on legal action is lifted.
Black swans: the defrauding of policyholders and ensuing misappropriation of statutory fund asset fraud is prima facie evidence you injured “EFPA” and failed in your duty and obligation to serve and to protect the public interest:
“willfully committing or aiding and abetting fraud and criminal offenses, illegal acts, and wrongful acts, including errors, omissions, misleading statements, and neglect or breach of duty.”
What it is that we have here is en mass moral turpitude: wicked, deviant behavior constituting an immoral and unethical departure from ANY actuarial standards, an offense against humanity in a business based on trust that rests on the integrity of the actuary, a betrayal of the foundation of a safe and sound financial system. The cable connivingly abases EFPA contracts and is knowingly a party to fraudulent financial reporting, fraudulent trading, and asset misappropriation fraud, which are criminal offenses under the Companies Act and is in “Possession of Property Obtained by Crime,” a Canadian Criminal Code offense, as aided and abetted by esteemed elites. Black swans must be expulsed from the CIA, stripped of the privilege to practice (i.e deceit, baseness, vileness, depravity, gross misconduct, immoral conduct), and will be brought to justice.
The legal liquidation of the parent CLF, heavily indebted to CLICO and insurance subsidiaries up the islands, was blocked by the cabal enabling CLICO and thus CLF Frankenstein monster to feed assets to GORTT in the shadows by the illegitimate MOU, instead of legally to policyholders. The entire CLF house of cards rests on the corrupt kingpin CLICO actuary.
The Conniving Mini-Me Creature and CLICO’s 2021 Financial Statements
This is the monstrosity that esteemed elites have imposed on 15,000 Trinidadians and their families and this creature Mini-Me was unleashed to keep them in their place.
Mini-Me follows in Ngai’s footsteps, changing from year to year the wording for the “Actuarial Certification of [FAKE] Short-Term EFPA Investment Contract Policy Liabilities.”
Ngai is a boy scout, Mini-Me is Ngai on steroids, a brazen conniving liar.
This is new for 2021: “I am currently in good standing with my governing actuarial accreditation body.” Now, why put that out when it is presumed? CLICO hasn’t skipped a beat, Ngai was CIA damaged goods, albeit exonerated, and thrown under the bus when the reprimand was issued in 2019. Ngai should be pissed. Mini-Me reminds policyholders that unlike Ngai she has the CIA seal of approval, without explicitly mentioning the CIA. What happened to my complaint of March 5, 2021? Is she telling the world that I’m a liar?
Mini-Me plays fast and loose with “methods and assumptions” for FAKE policy data verification to cover that, as Ngai came clean, “no methods or assumptions are required” for the “policy liability” as Ho Sing gangster is de facto actuary and provides “those values” to Mini-Me.
Mini-Me fixed that in 2021, “the methods and assumptions [Ho Sing gangster] used to calculate the policy liabilities are appropriate to the circumstances of the insurer and of the underlying policies.” Well, the circumstances are: GORTT looted the statutory fund, bankrupted CLICO, and the “underlying policies” are the real policies that were defrauded and Mini-Me abases.
But now this Mini-Me has hit the bottom of moral depravity:
2019: “makes proper provision for the future payments under the Companies’ policies (sic) and meets requirements of the Act.”
2020: “makes proper provision for the future obligations under the Companies’ policies (sic) and meets requirements of the Act.”
2021: “makes proper provision for all policy obligations… in accordance with the requirements of the Act.”
According to the CIA, “methods and assumptions… underlie the accepted valuation,” so it follows that the actuary may determine a range of “liability” values by using various “methods and assumptions” to value the specific terms of a policy, but the obligation is something entirely different, as it is specified by the policy terms and is immutable.
Mini-Me lies about valuing “all policy obligations under” my entrapped, defrauded policy.
CLICO is not resiled from honouring its undischarged “all policy obligations.”
The Big Lie #1: Fake Policy Liability
Ngai: “I DID not value any EFPA… CLICO has to limit what to pay EFPA… not enough assets… those values were provided… I was instructed to include those values… no methods or assumptions are needed… even KPMG did not audit that piece.”
Ho Sing gangster: “Your April 7, 2016 email to Gene Dziadyk… the provision of EFPA values should have been kept confidential in accordance with your Engagement dated March 15, 2016.”
Ngai: “I do not believe my primary role is the advocate for policyholders“
“Those values” ≠ “proper values.” Ho Sing Gangster’s April 29, 2016 letter confirms Ngai entered into an “engagement” specifying he will not determine “proper values” but will be “provided” with “those values” to deliberately misrepresent as being “proper values” “in accordance with the Act.”
I will petition Ngai’s March 15, 2016 “engagement” and Mini-Me’s “engagement” in a contract agreed to by OW and consented to by KPMG.
As for the race to the bottom of moral depravity, esteemed elites detached from raison d’être declare that “Ngai [detached from raison d’être] had the knowledge… to serve as Appointed Actuary… to come up with assumptions.” See The Big Lie #6 for candidates in a laugh-riot.
The CIA vs Mr. Neville Henderson, CIA Past-President
CALM directs: “methods and assumptions… underlie the accepted valuation of policy liabilities.”
It’s a Catch 22: Esteemed elites rule those values are the accepted values vs Mr. Henderson, the pre-MOU PWC actuarial auditor, who consented to “CALM values,” as the accepted values.
As “methods and assumptions… underlie the accepted valuation,” it follows that the actuary determines a “liability” by employing “methods and assumptions” to value the specific terms of a policy, the obligation, and to change the “liability” by dispensing entirely with “methods and assumptions” is quite astonishing, in contravention of CALM and the IA “proper values,” but leaving that aside, there is a yawning gap between CALM values and those values, so both can’t be accepted values without making a joke of the Canadian actuarial profession. So, “who you gonna believe,” Mr. Henderson or Ho Sing gangster de facto actuary feeding Ngai those values?
“At least 10” esteemed elites and directors believe those values “provided” by Ho Sing gangster were the accepted values, indicating that pre-MOU Ngai and Mr. Hendersonengaged in egregiously incompetent or unethical conduct, injuring the public by recklessly ratcheting up reserves, which triggered the MOU and policyholder horror that ensued.
Rules require esteemed elites to initiate immediately in the public interest the disciplinary process against Mr. Henderson and an intrepid Mr. Henderson is obliged in the public interest to do likewise against esteemed elites and directors.
The change esteemed elites consented to, discrediting Mr. Henderson and calling me a liar was not the change in the liability but the change derogating the obligation, a criminal offense.
The Big Lie #2: Fake Surplus, Proof in the Pudding of Actuarial Depravity
CLICO’s Dec 31, 2009 financial position, after asset misappropriation, was a “deficit” of US $1.5 billion. Cabal allowed CLICO to rack up US $2 billion “unusual profit,” prima facie evidence of fraudulent trading in EFPA policies, releasing undischarged pre-MOU liabilities to income, and developing US $500 million “surplus,” that anyone with half a brain knows, and much more, belongs to “EFPA”, but vultures circle, as all amounts “owed” to “EFPA” are provided for in (fraudulent) policy liability; shameless grifter actuaries declare that, whoever gets the “surplus,” it won’t be “EFPA”.
Laugh-riot Grifter Gomez-Miller and Running Dog Hilare Clown Show
The Clown Show features grifter Executive Chairman Claire Gomez-Miller and shameless CBTT running dog Governor Dr. Alvin Hilare, with a penchant to style themselves as corporate magnates, with so many lies and spin and dead bodies to dissemble while expecting the same respect as Jack Welch for “unusual profit,” a Ponzi scheme on steroids ran on “those values” with “not enough assets” right off the rails and crashed into a wall as it ran out of EFPA to defraud.
Gomez-Miller reports in the Express on Jan 22, 2022: “Her focus was on getting the company solvent… one of her first actions was to establish her leadership team… the work has shown itself in after-tax profit… CLICO has 130 staff, 20 consultants.”
Alas, the leadership Dream Team went to town in an orgy of spending “EFPA” money, The Grifter Going Concern Steal is running at US $240 million.
Hilaire, in March 2021: “CLICO was now solvent… we want out of this thing as fast as possible … our main concern now is that policyholders are in good hands.”
Well, Sir, what about back then when you all lied to “EFPA” with your illegitimate MOU that they will be in your “good hands?” As we know, your “main concern” then was to get your “rotten hands” on their money, so no, Sir, you’re not getting “out of this thing” until your “rotten hands” put back all that money “into this thing” with interest.
CLICO is not solvent; CLICO is not resiled from its undischarged EFPA obligations.
The Loss to CLICO’s Assets May Exceed US $2 billion
CLICO grifter directors serve exclusively GORTT while turning a blind eye to GORTT bankrupting CLICO; insolvency is when they were to focus exclusively on protecting the rights of policyholders, rather than cooking up “rescue plans” to defraud them.
CBTT Governor Ewart Williams on Feb 13, 2009: “CLICO’s statutory fund securities issued by CIB [$6.054 billion (US $900 million)] and CLF [$3.642 billion(US $540 million)]… appear to be of little value,” and were written off. But hang on, CLF is a party to the MOU, and those securities had plenty of value for GORTT.
As every $1 CLICO zombie paid post-MOU is STOLEN, actuaries are in “Possession of Property Obtained by Crime,” a Canadian Criminal Code offense, for their fraudulent financial reporting.
The Companies Act ramifications in liquidation for “any persons who were knowingly parties to “fraudulent trading” are personally responsible, without any limitation of liability,” for CLICO’s debts and subject to prison; ALL must disgorge the benefit of the fraudulent conveyance and undo the loss to CLICO’s assets.
The Big Lie #3: Fake Capital Financing Hoax
On May 4, 2022, Anthony Wilson, who has been studying CLICO financial statements for 10 years and ought to know better, reported in the Trinidad Express:
“The remarkable profitability of CLICO should be noted and celebrated [prima facie evidence of fraudulent trading]… recall that GORTT injected $5 billion into CLICO by acquiring ordinary shares and preference shares.”
99.86% of “shares” are secured, risk-free senior ranking “debt securities” underwritten by “EFPA”
GORTT played policyholders, Parliament, courts, Privy Council, and the public, masquerading loan financing costing CLICO zombie 4.75% per annum as “preference share” capital (*).
All the lies, the spinning, and all the loans in the world by any other name can’t “back a deficit,” which took defrauding “EFPA”.
GORTT lied, bailed out nothing, and made out like a bandit (**).
*Williams on Jan 31, 2009: “GORTT will provide funding to fully back any Statutory Fund deficits.”
**Williams on Feb 13, 2009: “CLICO’s statutory fund securities issued by CIB $6.054 billion (US $900 million) and CLF $3.642 billion (US $540 million)… appear to be of little value,” and were written off.
**Finance Minister Imbert calls CLICO CFO Carolyn John a liar: “Claim $6 billion missing from CLICO’s [statutory trust] fund INVALID.” Alas, VALID, actually $6.054 due from CIB as of October 2011. See financial statements.
The spin is so obviously lies, like the malarky, Imbert fed to the media on July 7, 2016: “CLICO’s unaudited 2015 accounts will demonstrate that its assets exceed its [rigged, fraudulent] liabilities and therefore the claim that $6 billion is missing from the CLICO Statutory Fund is incorrect.”
The Nature of the Life Insurance Company
Life insurance, by its nature, is a highly-leveraged business of borrowing money from just everyday people with complex financial products, a “debt security” policy contract that is not a security for the purposes of securities laws. As it is a privilege to take the public’s money without the stringent requirements of a prospectus, CLICO is governed by the IA and entrusts the public’s rights to the noble actuary to safeguard their family, their retirement, the education of their children, and the many other personal and important reasons people save for.
The actuary’s raison d’être: policyholders are the first and only priority.
The insurance company’s raison d’être: issue and administer policies.
The law of negligence has special prominence in a financial institution, puts on officers, directors, actuaries, regulators, and auditors a duty of care to the insurer, and thus to its 3rd party beneficiaries (i.e. current and future policyholders, creditors, and shareholders), on their performance as it involves a risk of injury, and puts on them a moral duty to perform in that role carefully with the conduct expected of a reasonably prudent person.
The Big Lie #4: The CIA, “No Evidence of Any Illegal Scheme“
So, what’s the contravention of the IA, the Companies Act, and the Canadian Criminal Code?
The first thing to ask, dear gentle reader, is obvious: is it not strange that in a democratic political system where the government does not make law and is not above law, as what it is that government does is that it administers the law, which is intended to constrain government, and yet GORTT took the authority to seize “EFPA” rights granted by section 4(d) of the Constitution of Trinidad and Tobago, “the right of the individual to life, liberty, security of the person and enjoyment of property and the right not to be deprived thereof except by due process of law?”
The CBTT regulator is charged with the administration of the IA. Central Bank Act section 44D imposed upon CBTT a fiduciary duty, “shall, in addition to any other powers conferred on it by any other law, have power… to protect interests, to preserve rights;” first do no harm and manage meticulously property belonging to others.
Check Professional Ethics at the Door to the Statutory Trust Fund
“We [KPMG] are independent with ethical requirements relevant in Trinidad and Tobago.”
The Code of Ethics for Professional Accountants imposes on KPMG “the responsibility to act in the public interest.” The International Standards on Auditing (ISA) warns: “fraud may involve sophisticated schemes to conceal it… auditor is responsible for professional skepticism.”
CLICO hits 100% of the “client issues that threaten compliance with the fundamental principles including involvement in (1) illegal activities, dishonesty or questionable financial reporting practices… (2) accounting policies at variance with industry norms… (3) changes in accounting estimates that do not result from changed circumstances… obtain evidence contracts [i.e. EFPA] are being carried out in accordance with their specific terms… investigate unusual profitability as it may indicate material intentional misstatement of accounting estimates [i.e. policy liability] due to fraud.”
KPMG was unable to detect even one such “issue.”
The best-kept secret in Trinidad: “The CIA holds the duty to the public above the needs of the profession and its members… Rules of Professional Conduct (Rules) identify extremely high professional and ethical standards with which a member must comply… shall act with integrity, not be associated with fraud, deceit, or anything that violates the letter or the spirit of the law.”
The CIA Mandate imposes on esteemed elites the Rules and “above all else” the duty and the obligation to enforce the Rules to protect the public from a rogue actuary and on directors due diligence oversight to protect the public from rogue esteemed elites.
Well, dear gentle reader, does facilitate defrauding 15,000 EFPA policies serve the public interest?
Alas, who will protect the public from rogue directors?
The Big Lie #5: Churning the Public’s Money
It was the policyholder’s worst nightmare:
(1) Intervene with fraudulent bait, (2) usurp their right to assets, (3) misappropriate statutory trust fund assets, (4) abscond with trophy assets bought with their premium, (5) unlawfully distribute assets to sweethearts, costing the zombie 4.75%, (6) switch by entrapping and defrauding stunned “EFPA” of US $1 billion, and (7) avoid liquidation in a “going concern” Actuarial Gong Show.
Dear “EFPA”, it was a lie from the get-go. GORTT had no right to anything, took our money out the back door to cover massive losses by wayward SOEs invested recklessly in basket-case CLICO affiliates, in collusion with CBTT and astonishing conflict of interest with the public to avoid loss in CIB and CMMB liquidation by secretly churning the unwary public’s money.
“Truthless” Tesheira blurted: “I was absolutely shocked on Jan 14, 2009… I couldn’t believe so many SOEs invested in CIB… one had $3.5 billion (US $525 million)… they all got their money… GORTT guaranteed CMMB investors… No one said anything to me… everybody knows CIB is in trouble… concerns go back to 2003… high return equals high risk… I had no personal, formal, or informal information until two weeks after I had made my withdrawal.”
Alas, the Express reports, “the situation is compounded by the fact that it was subsequently learned that both [Ewart and Tesheira] withdrew their CIB deposits prior to the collapse in Jan 2009… he is obviously compromised… the mouthpiece of the Minister of Finance, by his own admission.”
The Express reports: Kamla Persad-Bissessar wrote to Director of Public Prosecutions, Carla Brown-Antoine, requesting an investigation into possible breaches of the Prevention of Corruption Act by Tesheira and Williams. By letter dated March 20, 2009, Browne-Antoine responded as follows, “I refer to your letter of the 13th instant…I am of the view an investigation is warranted. While your letter was also addressed to the Commissioner of Police, I have also referred this matter to the Commissioner for investigation with my advice as to the conduct of same.”
The Big Lie #6: Fake “EFPA Investment Contracts”
Mini-Me cooks books in willful dereliction of duty, and intentionally misrepresents financial statements with an astonishing intensity of depravity:
“Actuarial Certification of Short Term EFPA Investment Contracts in Accordance with the Act and IFRS 4”
*EFPA is a deferred life annuity product, classified in 1995 as an immutable statutory long-term insurance business (LTIB) and in 2007 as an immutable insurance contract within the meaning of IFRS 4.
Had Mini-Me a moral conscience hanging around the CLICO kitchen, sooner or later:
“Geez, I really needed to go to the bathroom, something to read, and the only paper in there was 15,000 EFPA contracts, and soon enough something smelled fishy as I reached for paper and Ho Sing keeping an eye on me pulled out of thin air an EFPA Investment Contract in my hand that, oh oh, too late, I saw right through, then: “Here you go Mini-Me, don’t get up, it’s those values on real paper to certify then scrub that hand.” Well, thank God for real EFPA paper as I screamed at the top of my lungs: it stinks to high heaven, just what the hell have you been feeding me?“
The Big Lie #7: Fraudulent Accounting Is Grounds to Derogate Rights
Ho Sing gangster tricked Ngai, the incomparable independent actuary Michael Hawkins and the PWC auditor and CIA Past-President Neville Henderson messed up, EFPA is really an IFRS “Investment Contract,” and played Ngai into accounting conveying rights, and seeing the light he played esteemed elites with half of his brain tied behind his back into fraudulent IFRS 4 accounting transforming the EFPA contract into an illusory “EFPA Investment Contract,” thereby derogating contractual and statutory rights:
“EFPA being [re]classified as investment contracts under IFRS 4… just does not [after 15 years] belong to LTIB.”
“At least 10” esteemed elites swallowed it, got IFRS 4 Standard 100% wrong:
“Categorization of EFPA was changed, in compliance with IFRS rules, from an insured to a pure investment product”
But it’s IFRS standards, not rules, it’s EFPA classification, not categorization and change violates the EFPA contract, IFRS 4 Standard, and the IA. “Change” ≡ Fraud.
EFPA is not a “pure investment product” but an immutable deferred life annuity, and it is not a “product” that is under consideration, but a “contract.”
5-Alarm Fire of Actuarial Corruption, Dziadyk Is a Liar, Pants on Fire
Ngai admits he’s facilitating fraudulent trading in EFPA policies, and if that didn’t set off an atomic bomb under esteemed elites, he tossed napalm on the fire for an undetected nuclear earthquake:
“I do not believe my primary role is the advocate for policyholders“
Well, it fired up the Ho Sing gangster, confirming that Ngai had been surreptitiously reporting “those values” as his determined “proper values” and opining, “in accordance with the Act.”
I again complained on March 5, 2021, esteemed elites mishandled my complaint, exonerated Ngai, and authenticated the fraud and corruption.
Mini-Me cooks with gas the 2019 and 2020 books (See Big Lie #6).
Now, I’m not inclined to make a fool of myself yelling a 5-alarm fire if I’m not confident it’s a criminal conspiracy with esteemed elites calling me a liar, getting the EFPA contract, IA, and IFRS 4 Standard 100% wrong, not getting fired up over Ngai’s smoking gun email or detachment from his raison d’être and then ruling with July 29, 2019, wrist-slap reprimand: “Ngai had the knowledge… to serve as Appointed Actuary… to come up with assumptions.“
There are none so blind as those who will not see that CLICO, with no right to alter contracts, flashed lightning bolts of profit, a Ponzi scheme on steroids, ran on “those values” with “not enough assets” right off the rails, and crashed into a wall as it ran out of EFPA to defraud.
The CIA won’t deign to respond to me and doubled down, aiding and abetting this illegal regime as a purveyor of disinformation.
The CIA Carried Water for KPMG to Put Out the Fire
Nobody cared about Ngai, didn’t even ask his opinion about the EFPA “change,” whose idea he thought came from those KPMG actuaries whom he named, to violate IFRS 4 and use that fraud as grounds to violate the EFPA contract and the IA. With the arrival of the 2019 negligent reprimand, the Ho Sing gangster threw the tainted Ngai under the bus for world-class Oliver Wyman, easily worth the extra stolen “EFPA” bucks and CLICO didn’t skip a beat as Mini-Me moved into the CLICO kitchen, having the negligent Ngai reprimand as a safe harbour. So, who you gonna believe, me or the CLICO balance sheet or KPMG joined by the CIA and Oliver Wyman?
Note to the Black Swans: Preserve Your Documents
- You have all failed your Rule 13 obligations.
- Where else on the planet is policyholder entrapment, coercion, and extortion a “legal scheme?”
- Only a liquidator may alter a policy contract. Explain how you concluded that defrauding EFPA policies ≠ “invalidates a policy issued by the company” and is not “illegal?”
- Explain how you concluded compliance with CIA standards and the IA “proper values,” which both impose PRE on the actuary.
- Ngai’s pre-MOU report, exactly as my Dec 31, 2000 report provides, “EFPA term may be extended at the option of the policyholder” so explain how it is not “illegal” for mine to be entrapped at the option of thugs and goons. The IA warns of “unreasonable delay in the settlement of claims.” The normal processing time for a CSV request is perhaps 13 days, so explain why 13 years is not “unreasonable?”
- I was a CLICO director for about 2 years, so explain why the entrapment of my policy is not “illegal” as the IA provides, “a director policyholder is entitled to all the benefits of his contract.”
- Policy payments or any payments shall not be made from the statutory fund. Surplus assets >“proper values” may be transferred from a statutory fund with actuary certification, so explain how it was not “illegal” (1) to misappropriate those assets, (2) for a statutory trust fund to fail in parts, subordinating EFPA to non-EFPA policies, (3) for assets of a statutory trust fund to set off corporate debt, and (4) to subordinate EFPA policies to creditors and foreigners.
- I will petition the cabal for an “EFPA Investment Contract” in force on Jan 30, 2009.
- Explain why the reclassification of EFPA as an investment contract is not in violation of the IFRS 4 Standard.
- I will petition the cabal for the proof its “certification” of my illegally entrapped EFPA contract is in accordance with, and not in violation of the Act, or the IFRS 4 Standard.
- As every $1 paid by CLICO zombie post-MOU is stolen, I will petition payments to the cabal.
- Users of CLICO financial statements include Sagicor and Maritime, who were lured by OW into time and expense bidding on an illegal transaction with payment to be made in stolen property.
- Other users include grifters, cabal, non-EFPA policyholders, foreigners, creditors, suppliers, state-owned enterprises, and CIB and CMMB clients, who must be notified they will be obligated to disgorge the benefit and undo the loss to CLICO assets.
- The CIA, KPMG, and OW are obliged to disclose to ownership a contingent liability in the order of hundreds of millions of dollars. Of course, the CIA is obliged to file and publish charges.
In Closing, an Astonishing Intensity of Actuarial Depravity
To say actuaries facilitated the defrauding of 15,000 everyday people and their families of their savings, by engaging in fraudulent financial reporting as authenticated by “at least 10” esteemed elites, undersells the intensity of their depravity, having defended every facet of it by omitting or neglecting to respond promptly, sincerely, and completely to my complaint of Ngai’s egregiously incompetent or unethical conduct, injuring the public, and to my complaint of the esteemed elites’ egregiously incompetent or unethical conduct, injuring the public, by mishandling my complaint of Ngai’s egregiously incompetent or unethical conduct, injuring the public, and have shown no interest, courage, or concern for the suffering inflicted, have dug in, and won’t own up to such a humiliating and morally compromising blunder.
“At least 10” esteemed elites were derelict in duty and obligation specified in the Rules to serve the public interest and the Mandate to protect the public from a rogue cabal and the directors were derelict in duty and obligation to protect the public from rogue esteemed elites.
The cabal (1) engaged intentionally in fraudulent financial reporting, (2) was derelict in duty to serve the public, (3) decriminalized the crime of defrauding the public, (4) obstructed the public’s right to its own money, and (5) weaponized, aiding and abetting an offense against humanity.
I have concluded:
The cabal of repellent grifter actuaries is a morally corrupt instrument of evil detached from its raison d’être, puts up a going-concern fraudulent policy liability fence between “EFPA” and their assets in liquidation, facilitates statutory fund asset misappropriation fraud, issues deliberate misrepresentation, “actuarial certification for [fake] EFPA Investment Contracts in accordance with the Act,” and in a double whammy, for its criminal service dips into stolen assets entrusted to it to protect, all of which boil down to “EFPA” bailing out SOEs.
Esteemed elites and directors are either corrupt and evil or corrupt and totally incompetent, got the EFPA contract, law, and IFRS 4 Standard 100% wrong, agreed to the change in the “policy liability” determination from pre-MOU using the CIA’s specified “CALM methods and assumptions” to absolutely “no methods or assumptions,” and have shown absolutely no interest, courage, or concern for the public suffering inflicted by the rogue grifter cabal.
Please leave a comment with impressions and suggestions.
I can be reached at geneD@avenueDconsulting.ca
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