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WHERE ARE THE MISSING MILLIONS? BY RIP TOFF BANKRUPTCY TRUSTEE MARK ROSEN, OF BDO DUNWOODY GOODMAN ROSEN, ADMITS “RECOVERY IS QUESTIONABLE” FOR THE MANY CREDITORS OWED OVER $12.3 MILLION BY THE LATE HALIFAX BIZMAN AND PONZI SCHEME OPERATOR GLENN ALAN MACARTHUR. Documents filed at the Office of the Superintendent of Bankruptcy indicate that Barring & Company owner MacArthur — found dead in a Quality Inn Airport hotel room last May — collected at least $10 million from investors, which he guaranteed with promissory notes. In federal documents, the official reason for the estate’s bankruptcy notes: “Deceased estate may be subject to significant debts arising out of his investment activities.” In addition to the sum cited in the promissory notes, MacArthur also collected $2.3 million from a numbered company, 3020331 Nova Scotia Ltd., headquartered in 30 Troop Ave. in Burnside. The Registry of Joint Stocks lists Datarite exec Tom Rose as the company prez. Tom did not return my message. The Bank of Nova Scotia and Canada Revenue Agency are two additional creditors, whose debts are listed at a token $1. Wheeler-dealer MacArthur, who enjoyed strong ties with his fellow alumnus at Saint Mary’s U., obviously had more victims who may never come forward. Anecdotally, I’ve heard there are numerous other investors too embarrassed to admit they were suckered by the gregarious con man, who was known to promise a 90-day return, with 10% interest. In the end, deals too good to be true proved to be just that. My earlier estimates that MacArthur may have scammed upwards of $20 million from his victims may still be correct. Trustee Mark tells me each claim is investigated and verified as legitimate, but would not divulge the number of victims, nor the dollar range of individual investments. “It’s an unfortunate circumstance for the family and for the investors,” he remarks. Mark does say the identity of any creditor who is reimbursed will be on the public record, but he can not give me any sort of timeline. “We are investigating and are reporting to the estate accordingly,” he says. With total debts of $12.3 million, MacArthur’s 14 ATLANTIC CANADA FRANK DECEMBER 7, 2010 estate declared bankruptcy on Oct. 12, listing $186,213 in assets. These assets are: $10,000 in furniture, a $150,000 life insurance policy, and $26,212 in RRSPs. When asked, Mark suggests MacArthur’s financial malfeasance went on for “years,” and says no answers have yet been found, to explain the missing millions. As previously reported, the MacArthur estate is the subject of a $48,470 Supreme Court lawsuit filed in September by Tracy Sherren, which appeared to be ongoing at press time. Bruce McLaughlin of Dartmouth’s Weldon McInnes (Premier Darrell Dexter’s old firm) is handling the estate’s complicated affairs. As I reported, the police fraud investigation was practically over before it started, and MacArthur’s death, reportedly by a mixture of booze and pills, was deemed “non-suspicious” (Franks 588-592, 594, 596). dan@atlanticfrank.ca Glenn MacArthur GLENN MACARTHUR’S BACHELOR PAD BY ALL ACCOUNTS, THE LATE GLENN MACARTHUR DID NOT LIVE IN BERNIE MADOFF- STYLE LUXURY, BUT HIS RENTED DIGS IN SUITE 104 OF 1881 BRUNSWICK ST., SUGGESTS THE PONZI SCHEMER KEPT HIMSELF WELL-PAM- PERED. His two-bedroom pad in The Plaza - a building which also houses several out-of-town MLAs - is described as “a bachelor apartment... tidy, well-organized, and not at all dirty or sloppy,” according to a source, recently there to make an offer on MacArthur’s furnishings. According to bankruptcy trustee Mark Rosen, liquidating MacArthur’s personal belongings is his “immediate issue... returning (the apartment) back to the landlord,” a Vancouver-based realty firm. I understand Mark hoped the furniture would fetch at least $5,000 for the lot, which included a black leather chesterfield, a fancy dining set and MacArthur’s bed, mattress and bedspring. “Nobody would want that,” my source opines. The $1,070-a-month apartment, whose patio faced Brunswick Street not the harbour, featured a stainless steel barbeque, and a bedroom MacArthur had converted into his den with the help of a futon and TV. MacArthur — who also owned a Montreal condo in the trendy Lachine Canal area below the Atwater market — had his office in a smaller room that was perhaps meant for storage, which held two double filing cabinets full of neat and organized paperwork. Two more double filing cabinets stood in the hall outside the office. I’m told the contents of each cabinet were hauled off-site for Mark’s investigation. CONTINUED ON NEXT PAGE
MORE MISSING MONEY NEWS BY T. DOFF MULTIPLE SOURCES TELL FRANK THAT LUNENBURG DEPUTY MAYOR JAMIE “BOO” MYRA RESIGNED AS BUSINESS MANAGER AFTER MONEY WAS DISCOVERED MISSING AT THE BLUENOSE GOLF CLUB. The sum is reported to be in the ballpark of $10,000. According to the terms of Jamie’s exit, the board members signed a confidentiality letter, agreeing not to discuss the matter, Frank has learned. It is believed that the venerable golf club (est. 1923) did receive restitution for the missing sum. I understand at no point were police contacted about the missing funds. President of the board Craig Munroe, of Craig Munroe Financial Services, has not returned my repeated messages. Jamie is understood to have resigned in the late spring or early summer. His departure coincided with the board resignation of treasurer Terry Baker, the former BACHELOR PAD, FROM PREVIOUS PAGE Off the main bedroom was an Imelda Marcos-worthy closet, lined with dozens of well-tailored suits, and a motorized tie rack that held an estimated 50 or 60 silk ties. “He always gave you the illusion of prosperity, even when he was dressed casually,” remarks one longtime acquaintance, when told of the 52-year-old’s wardrobe. No artwork adorned the walls, but in the living room several black & white framed pictures were hung, including an older photo of MacArthur sitting in a cop car, posing beside an officer - possibly his brother Tim MacArthur, a now-retired RCMP officer. “They should have put him in the back seat and drove him to the station,” jokes one of his victims. Vacant since his May 18th death, MacArthur’s apartment portrays him as a man always at the ready for entertaining guests. The epitome of a smooth bizman, MacArthur boasted a wine collection estimated at “a couple hundred bottles,” as well as a 4.5-foot high cabinet humidor, chock full of cigars. Still, acquaintances say his bachelor lifestyle does not jive with his criminal activites. If MacArthur was ripping off everyone in sight — and in the last six weeks of his life he was said to be desperate, hitting up even old acquaintances — what kept him around? “If he scammed that much money, why didn’t he get the fuck out of the country? Why didn’t he jump on a plane, if he had so many people after him? It doesn’t make sense,” one victim CFL star. A source tells me Terry has taken his golfing talents to Osprey. Sources indicate that Terry disagreed with the board’s kid g<strong>love</strong> treatment of the incident. Frank has obtained an email, purportedly sent on August 4 from club officials, stating (quoted in full): “The Executive of the Bluenose Golf Club would like to verify that Jamie Myra was not fired but he did in fact resign from his position as Business Manager of the Club earlier this year. This statement has been issued to clear up some of the confusion that seems to be circulating around the club at the moment regarding this issue.” In late September, Myra competed in the Men’s Club Championship at the scenic course, overlooking Old Town Lunenburg. Displaying a measure of grace under pressure (Pressure? In a game where you strike a tiny ball into a hole? — ed.), Myra finished with the lowest course score. Myra, who runs the Stan’s Dad & Lad clothing shop, did not respond to my detailed Nov. 18 email query. Nor has he responded to multiple The Plaza says. Informed of his estate’s recent $12.3 million bankrupcty, one MacArthur acquaintance simply asked, “How do you get that much money accumulated in debt?” In a nutshell, the mystery is this: what happened to all the money? Jamie Myra, not playing golf. phone messages I have left over the past month, at his house and his business, relating to his Bluenose Golf Club departure. Myra resides in a $171,600-assessed abode on Broad Street with his wife Sandy. His haberdasher father, also James Myra, ran Stan’s Dad & Lad and also the next-door Famous Ladies Town Shop. A long-time councillor, Deputy Mayor Myra is the current serving president of the Lunenburg Board of Trade. dan@atlanticfrank.ca Glenn MacArthur was discovered dead in a hotel room in the Quality Inn hotel, not far from the Stanfield International airport. Friends wonder why he went to the hotel that night, instead of going home to his apartment in the Plaza. dan@atlanticfrank.ca DECEMBER 7, 2010 ATLANTIC CANADA FRANK 15
Page 1 and 2: Fusion self-love! Dead ponzi scheme
Page 3 and 4: ATLANTIC CANADA FRANK HALIFAX, NOVA
Page 5 and 6: IRVING’S PRIVATE FORTUNE BY WILL
Page 7 and 8: � � � Sydney barrister Joseph
Page 9 and 10: THE FRAGRANCE OF HEARTACHE: THE BAR
Page 11 and 12: I’m entitled to... some taxi chit
Page 13: Pictou County deputy sheriff Morgan
Page 17 and 18: WEDDING BELLE, FROM PREVIOUS PAGE C
Page 19 and 20: CRAVING A TINY SLICE OF CUBA BUT CA
Page 21 and 22: THE DOPE ON THE QUEENS COUNCILLOR B
Page 23 and 24: SO, WHAT’S A BRIGHT YOUNG THING D
Page 25 and 26: Royal LePage “realtorextrordinair
Page 27 and 28: FAX ANYTIME: (902) 423-0281 LETTERS
Page 29 and 30: BUT OKAY THEN... I MAY NOT HAVE ANY
Page 31 and 32: FAX ANYTIME: (902) 423-0281 LETTERS

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