Great headline, totally false, but great!

It's just a small detail at the start of the news story, right? Not even 20 words, so maybe one shouldn't complain. But for integrity's sake, someone has to correct the record. So here goes:

Please, Gazette editors: issue a retraction for your latest story about Voyageur Foundation. The headline - which we fear might be the only part some readers read - is false.

Your headline:


Lawyer Richard DeVries was the intended target in a murder-for-hire plot by an angry investor of the Voyageur Foundation.

For the record:

- Mr.  Djokich is not a member of Voyageur Foundation.
- He has never had any dealings with Voyageur Foundation.
- Voyageur Foundation has no connection with any murder-for-hire plot!
- Voyageur Foundation does not have investors.
- Voyageur Foundation is an investor's club - not an investment.

The only link between Mr. Djokich and Voyageur Foundation is the fact that a Gazette reporter has decided to place the two names in the same "news" story.

This is not the first time the Gazette has created a connection to make a great, but false, headline. Earlier this year, the same reporter claimed a "link" between Voyageur Foundation and the ex president of Nicaragua, a connection that is not only untrue, but it is also damaging. The Gazette has yet to publish a correction to this story.

Notwithstanding an honorable mention for a journalism award for investigative reporting, a Gazette reporter continues to publish incorrect information.

The undisputed facts are:

1.  No member of Voyageur has ever invested a single penny in the Foundation.

2.  Voyageur Foundation has never invested any funds in Stoneset.

3.  Voyageur is not, nor has it ever been, a participant in any alleged Ponzi scheme.

Stronger Together

Thanks to the Voyageur members who have pledged their Security for Cost Deposits, recovery efforts are underway in Ecuador and Honduras.

We are now applying our win in Belize and are moving forward, with the hope that assets will be recovered and all member investment expectations will be realized.

We believe the former management of Merendon is counting on all authorities and creditors to give up on the arduous effort to collect in the countries where Merendon formerly operated. We will not give up as "we are stronger together."

Thanks to the dedicated effort of this investors club and its members thus far, we have the potential of making this recovery effort a success.

Thanks for correcting the record

It is noted that The Gazette has corrected the error in its headline of Aug. 18th, which stated Voyageur Foundation was soliciting through its web site.

Due to an editing error, an article published on Aug. 18 contained an incorrect website address for Voyageur, a Costa Rica-based investment foundation. The new website referred to in the article is https: //voyageurlearninggroup.com. As well, the headline on the article incorrectly said the foundation is soliciting Quebecers on the site; the article said a visitor to the password-protected site was unable to determine whether it was being used to sell investments.
The Gazette regrets the errors.
© Copyright (c) The Montreal Gazette

As The Gazette updates the record, two other corrections could be added to the list, the first regarding the newspaper's description of Voyageur as a "banned foundation." Banned by whom, and for what?

To be strictly accurate, the foundation is banned from selling securities, an activity that Voyageur Foundation states that it does not do.  Voyageur Foundation is an investors club, and represents the interests of its members in any dealings with investment companies. It does not sell investments, nor represent investment companies. 

We hope this will become clear as the AMF completes its review of Voyageur Foundation.

Secondly, the newspaper could correct its statement that the AMF "is conducting an investigation into the foundation's activities to determine whether it is a Ponzi scheme." The cease-trade order against Voyageur Foundation, its founder and three of its members, does not state there is an investigation of Voyageur to determine if it is a Ponzi scheme. The Gazette may need to review its sources and document further when it alleges that Voyageur Foundation is being investigated as a Ponzi.

Voyageur Web Informs and Supports Members

Voyageur Foundation is in the Montreal news again, this time because of an international web site it has set up to inform members affected by the ongoing default of Eiger Capital Corp, the former majority owner of Merendon Mining Ltd. Corp.

The Montreal Gazette admits that it isn't sure whether the site is being use to sell investments or not, because apparently no one has actually entered the password-protected site to read the content. But this didn't stop the newspaper from running the Aug. 18th headline: "Banned foundation 'still soliciting Quebecers' through new website."

Side note to Gazette Editor: please read the email from AMF spokesperson Caty Beausejour again. She is quoted in your newspaper as writing: "If it appears that Voyageur Foundation .....[is] still soliciting Quebecers..."  

In fact, she uses that important "if" word several times in the quotes recorded by your reporter, "if" being a conditional statement, not a declared accusation.

So the question is - is Voyageur Foundation selling investments through its web site?

The answer is no: Voyageur Foundation is not selling investments through its web site. 

To clear up that point of doubt and for the public record, Voyageur Foundation has a short statement concerning its web site:

"Voyageur Foundation’s private web site is strictly to inform and support its members. The information it contains is not for solicitation or promotion of investments."

It always seems impossible until it's done

If you want to be a success at everything, predict failure. Tell yourself, “this will never work,” and most likely, you will be 100% right.

When Eiger Capital Corp. first defaulted, and then denied its default and mounted a defense based on court process in Belize, it was tempting to throw in the towel. A recovery effort against a company with holdings in different jurisdictions is not simple or easy.

In this case, Voyageur members have taken to heart a saying made famous by Nelson Mandela: “It always seems impossible until it’s done.”

Voyageur has maintained constant communication with the membership through this whole process. Its only goal is the recovery of assets. Actions are underway to apply the judgment won in May in jurisdictions where Merendon has operated in the past.  Giving up is not an option.  

Article “Judgment payout unlikely” by Alison Macgregor, The Montreal Gazette, July 8, 2011

Alison Macgregor quotes Florida lawyer Ivan Reich as saying: “I think the money is gone, to be honest with you. I don’t know where the other assets are.” 

Here are the facts - We respect the view of Mr. Reich, but we have a different opinion. We believe that further actions towards recovery are worthwhile, at least in the jurisdictions where Merendon did business.

Alison Macgregor also quotes Ivan Reich as saying: “You can get a judgment in another country but if they don’t have assets there, what do you do with it?” 

Here are the facts - We agree, and that is why we wonder at the value of these judgments in the US and Canada. There are no assets of Merendon Mining in either country.

Alison Macgregor wrote - "Voyageur claims it is unable to return $65 million invested by close to 1,000 Canadian members, mostly from Quebec and Alberta, in a clutch of offshore funds."

 

Here are the facts - Voyageur members have not invested $65 million. That being said, regardless of the amount, Voyageur is committed to recovery.

Alison Macgregor wrote - "The Jarmans, the family that controls Voyageur, have trumpeted the May 24 Belize court ruling as a major step forward in their purported attempts to recover the missing investments."

Here is a question - Is it “trumpeting” to privately inform concerned members about the court judgment? Voyageur went public with the fact that it had won a judgment, only after this reporter stated she could find no evidence of any ruling.

Alison Macgregor wrote - "Although the ruling appears to be a victory, of sorts, it is only one of a growing list of court rulings against Sorenson and his assets, which have been frozen by U.S. and Canadian court orders."

Here are the facts - The May 24^th judgment is the first ruling in a jurisdiction where Merendon actually has assets.

Alison Macgregor also quotes Ivan Reich as saying: “Why would Gary Sorenson turn money over to these people instead of anybody else?” ... “Why not to the Alberta Securities Commission to get him off the hook? ... Why wouldn’t he turn it over to the SEC in the U.S.?” 

Here are the facts - The judgment in Belize did not involve Gary Sorenson “turning over money”. The court case was hard-fought, taking over 12 months and requiring more than $120,000 in legal fees. The court case was the result of a standard legal procedure to get a debt recognized in the proper jurisdiction, when the debtor refuses to acknowledge the debt owing.

Alison Macgregor wrote - "He said (Ivan Reich) the Jarmans would have trouble enforcing the ruling in the U.S. or Canada, where courts have given control of the assets there to Reich and Quilling."

Here are the facts - He is right! But, there are no assets in Canada or the US as far as we know, which is why we haven't wasted money trying to litigate in either of these countries.

Alison Macgregor wrote - "He (Ivan Reich) was equally skeptical of the Jarmans’ purported plan to take control of Merendon’s operations in Ecuador: “To be quite honest with you, unless they’ve got the equivalent of the mob or the ability to bribe public officials down there, I don’t really see a whole lot going on.” - Ivan Reich

Here are the facts - Ecuador has been a member of the World Trade Organization since 1996. Business is not conducted with the help of the mob, and one doesn’t take over companies through bribery. The “Superintendencia de Companias” in this country recognizes registered contracts and rightful legal claim.

7. Light at end of legal tunnel

Reading through all of the press generated by one newspaper, it has been easy to lose perspective as to what is really at the heart of this story.

With all of the claims made by this one particular reporter and her largely unnamed, uncorroborated sources, we have had two different pieces of advice. Say nothing – too many issues are still open before the courts and authorities in different jurisdictions; or launch a law suit and sue for defamation. So what is the best course of action to take for the Voyageur members? 

The real question is - What is at the heart of this matter?

An investors club was founded in 2000 to help people keep track of their money. We followed it as it went into international investments - we followed it as it came back. In some cases between 2000 and 2010, following the money trail for our members turned into forcibly recovering it - acting in the strength of a club and doing what no individual investor could do when it comes to applying legal pressure internationally.

In this case, we're still chasing the money.

Voyageur members lent money to our two companies, for the express purpose of financing Merendon.

We made sure the loans were documented, and registered. We also tried to make sure there was meaningful, enforceable security.

When Eiger Capital Corp. defaulted, RHD and Balmain sought to collect on the security pledged against their loan, namely the Merendon shares.

There was one small but serious wrinkle: Eiger Capital Corp. denied there was a default.

RHD and Balmain were forced to go to court in the jurisdiction where Eiger is registered. As a result, we're now concluding our 4th trip to Belize in 10 months, and things are finally looking somewhat optimistic. We have one important win behind us, and a few more procedural questions underway.

Legal procedures in any country can seem like a long, dark tunnel. We're finally getting to the end of that tunnel now. In what should have been headline news (in my humble opinion), our two companies were awarded a judgment against Eiger for over $70 million as of May 31st 2011. The amount keeps climbing, because we are owed interest until the debt is paid.

Belize doesn't have an online system for posting judgments, as far as I know, so if you want to see a copy of the judgment, you will have to contact me personally. Our members have already received a scanned copy. Of course, one legal victory is not the end of the matter - recovering the money is what it's all about!

So while we have proved that Eiger owes Voyageur members the money (which should put to rest the insinuations that "the Jarman family" has done other things with the money, like start a school for 65 students) now we have to collect enough Eiger assets to repay members what they are owed.

That story still goes on, and our job as far as Voyageur members are concerned, is to keep reporting "just the facts" on our private web site. That's what an investors club is all about, and that's all we are going to do until we've followed the money to the end.

6. Innuendoes, Lies, and Half-truths

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods concerning Voyageur Foundation and the Jarman family. It also tries to show how the media can manipulate information to foster it own view of a situation and act as judge and jury instead of reporting the facts as it should.

Article “All that glitters”by Alison Macgregor, The Montreal Gazette, June 3, 2011

Miss Macgregor wrote “…Merendon Mining Ltd – the same gold mining and refinery firm at the heart of the Ponzi scheme…”

Here are the facts – Merendon Mining Ltd. is not charged with anything related to a Ponzi scheme; Merendon CEO Gary Sorenson is personally facing charges for theft and fraud over $5,000.

Miss Macgregor wrote “Despite being unable to retrieve an estimated $65 million in investments, Voyageur Foundation members continue to pump money into it….”

Here are the facts - Voyageur Foundation does not receive and has never received funds from members. Voyageur Foundation is not an investment company.

Miss Macgregor wrote "The AMF is investigating Voyageur to see if it is operating a Ponzi scheme."

Here are the facts - The order by the AMF from Feb. 28th does not state that they suspect Voyageur Foundation of being a Ponzi.

Miss Macgregor wrote “Documents suggest the Ponzi scheme and Voyageur both had their genesis in Calgary approximately 11 years ago.”

Here are the facts - Voyageur Foundation was founded in Panama in March 2000. The establishment of Voyageur had nothing to do with Milo Brost or Gary Sorenson.

Miss Macgregor wrote “Like Voyageur, the Ponzi scheme operators used a multi-level marketing model…”

Here are the facts - Voyageur did not have a multi-level marketing model.

Miss Macgregor wrote “…the ‘deluxe’ investment program promised potential returns of more than 100 per cent.”

Here are the facts - Voyageur Foundation is not an investment company and did not promise any returns. The reports on the Voyageur site stated expected returns based on past performance.

Miss Macgregor wrote “Furthermore, the internal Voyageur documents reveal that an accountant hired to carry out “independent” due diligence on debenture funds that funnelled investors funds into Merendon counts that very firm as one of his main clients.”

Here are the facts - RHD never stated that it hired the accountant in question. RHD stated that it had received statements of value from this accountant, and further disclosed to members that this accountant had been hired by Merendon. RHD clearly disclosed to members that it had no access to audited financial statements for Merendon Mining Ltd.

Miss Macgregor wrote “…both the Ponzi scheme and Voyageur flogged investments in the same Honduran gold mining refinery…”

Here are the facts - Voyageur Foundation is not an investment company. Voyageur does not sell investment. Members who wanted to meet Gary Sorenson and learn about his business went to Honduras directly and reported back to members on their findings.

Miss Macgregor wrote “A librarian at the Belize Supreme Court Library was not aware of the alleged May ruling, and was unable to find a record of judgment for the reporter – even though she said she would normally have heard of a $72-million award.”

Here are the facts - Voyageur Members were provided with a copy of the May 24th ruling by Justice Oswell Legall, in the case RHD and Balmain Trading Ltd. vs. Eiger Capital Corp. Too bad Ms. Macgregor has a tendency to leave her sources anonymous or we could inquire further about her inability to find someone to verify the judgment.

5. A distorted view

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods concerning Voyageur Foundation and the Jarman family. It also tries to show how the media can manipulate information to foster it own view of a situation and act as judge and jury instead of reporting the facts as it should.

Article “Voyageur’s due diligence false”, by Alison Macgregor, The Montreal Gazette, May 12, 2011

Miss Macgregor wrote “The Jarmans, the Canadian family behind the foundation, told Canadians who invested their savings in firms recommended by the organization that it used independent third-party firms to perform “due diligence” on the investments. That claim has turned out to be false.”

Here are the facts - Voyageur Foundation was at all times independent to the companies that it reported on its web site. Voyageur Foundation did not receive money from these companies, in return for listing them on the web site. Before listing them, Voyageur Foundation hired professionals to comment on the business plans and arranged visits to their installations. After members got involved, Voyageur reviewed the companies on a quarterly basis. Statements issued by the companies were reviewed by Voyageur each month.

Miss Macgregor wrote “A Gazette investigation has found evidence that undermines the claim that Balmain Trading Corp. and Life Resources Inc. – two Panamanian firms charged with verifying and accrediting investments for the foundation – are independent of the Jarman family.”

Here are the facts - Voyageur Foundation has never stated that Balmain Trading Corp. or Life Resources Inc. is separate from Voyageur Foundation! It has never claimed that either company is independent of the Jarman family either.

Miss Macgregor wrote “Panama corporate registry records and internal Voyageur documents obtained by The Gazette reveal the Voyageur employee Christian White Hernandez, the husband of Voyageur director of Member services Angela Jarman, is also the president of Balmain…”

Here are the facts - Christian White has signed on Balmain Trading Ltd. loan contracts since the company was formed, and is listed as president of the company on all reports related to Balmain Trading. In May 2011, Balmain was awarded a judgment against Eiger Capital Corp. in Belize.

Miss Macgregor wrote “The Gazette has reported that Angela Jarman, the daughter of Voyageur founder Philip Jarman, is the president of Panama-based Red House Development Inc. … Red House shifted members’ money to Eiger Capital Corp., the major shareholder of a firm controlled by Ponzi scheme mastermind Gary Sorenson.”

Here are the facts - Once again, the Gazette is discovering something all members know! Angela Jarman has signed on Red House Developments Corp. loan agreements and is listed as president of the company on all reports related to Red House. In May 2011, Red House Developments Corp. was awarded a judgment against Eiger Capital Corp. in Belize.

Miss Macgregor wrote “A Gazette source has also disclosed that the Jarman Family received a commission of up to 6 per cent on investments made by Voyageur members.”

Here are the facts - Debenture companies borrowed funds from Voyageur members and lent them to specific companies. Members were advised how the funds lent to the debenture company would be used. The debenture companies charged 6% and disclosed this fee to members up-front. Fees were not hidden as they are in most conventional funds. Of the 6% fee, 2% was put aside in a legal defense fund, should the company default and the debenture company need to take action as has been the case with the Eiger situation.

Miss Macgregor wrote “That means that the Jarmans could have received close to $4 million in commission on the $65 million invested by Voyageur members. If 1,000 members paid between $1,000 and $2,000 in annual membership fees to Voyageur over a 10-year period, the Jarman family would have pulled in $10 million to $20 million from these fees as well.

Here are the facts –  There aren’t 1000 members. There aren’t annual fees of $1,000 -$2,000. And there hasn’t been $65 million invested! 

Miss Macgregor wrote “In essence, the advice provided by a company controlled by Philip Jarman’s son-in law urged investors to invest in a firm run by Philip’s daughter, netting the Jarmans a generous commission. The daughter’s company then handed investors’ money over to a company controlled by a Ponzi scheme mastermind – and investors weren’t able to retrieve their investments.”

Here are the facts – In essence, Voyageur Foundation ensured that members could:

• Access reports about different investment companies and see what was known and what was not known about the company;
• Meet other members who had invested in the same company, and compare notes;
• Talk to investment company managers;
• Visit the installations of the company;
• Lend to those investment companies, without committing tax evasion and in a way that could be legally enforced in the jurisdiction where the company was based;
• Learn upfront about any fees and costs (no hidden fees);
• Receive contracts stating where money was invested;
• Receive monthly statements and annual tax reports.

4. Redressing the facts

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods concerning Voyageur Foundation and the Jarman family. It also tries to show how the media can manipulate information to foster it own view of a situation and act as judge and jury instead of reporting the facts as it should.

Article “Companies connected to money-laundering scandal” by Alison Macgregor, The Montreal Gazette, May 12, 2011

Miss Macgregor wrote “The extended family behind Voyageur Foundation runs 69 corporations in two Central American countries.”

Here are the facts – Only 5 of the 69 companies named by the Gazette are actually active and have links to Voyageur Foundation. Many of the 69 companies show up on the registry as cancelled. The extended family of Christian White and Angela Jarman have nothing to do with the management of Voyageur Foundation.

Miss Macgregor wrote “Many of these companies are connected to a Panamanian money laundering scandal involving former Nicaraguan president Arnoldo Aleman.”

Here are the facts – Voyageur Foundation, its members, founders and administrators have nothing to do with Arnoldo Aleman or any money laundering scandal!

Miss Macgregor wrote “Corporate records show that three Panama based individuals – Francis Perez, Leticia Montoya and Katia Solano – are part of the clandestine team behind Nicstate…one of several Panamanian firms used by Alemán to launder some of the approximately $100 million he was convicted of embezzling during his term as Nicaraguan president from 1997 to 2002.”

Here are the facts – The Panamanian registry shows that these 3 individuals - Francis Perez, Leticia Montoya and Katia Solano – serve on approximately 2,000 other corporations! They were assigned to the company as directors by law firm Mossack Fonseca to satisfy Panamanian regulations. The Panamanian registry not only publicly lists their names (which make one wonder about the choice of the word “clandestine”) it also records that Nicstate went on to change directors in 1999, a year before Voyageur Foundation was formed and several years before these companies were created. 

Miss Macgregor wrote “The same trio has been assigned essential duties at 29 of the Jarman and White Hernandez families’ Panamanian companies.”

Here are the facts –  We don't know what  she's talking about! "Essential duties” for inactive companies? Please consult your sources again and let us know just what these people have been doing for Voyageur, in case they decide to present us with a bill for services rendered!

Miss Macgregor wrote “Charles White Solano worked as a senior manager at a national co-operative organization in Costa Rica, where he and several co-workers were once accused by the government of stealing housing bond money from poor people. (The charges were forgiven after his former boss, powerful politician Rodolfo Navas Alvarado, reached a settlement with the government.)”

Here are the facts – Charles White Solano was not charged in relation to the management of the bond money. The entire event took place one year after he had moved to another organization! He was summoned as a witness. The money was not stolen – the funds were used to finance another housing project for homeless families. Voyageur Foundation is requesting a copy of the judicial report to set the record straight concerning Mr. White’s stellar reputation and high level of personal integrity. 

Miss Macgregor wrote “While many of the close to 1,000 Canadian Voyageur members are teetering on the brink of financial ruin, the people behind the “investment club” have been buy pursuing other business interests.”

Here are the facts - The founders of Voyageur Foundation have dedicated the last year to recovery efforts, funding an expensive court battle in different jurisdictions and informing members every step of the way.

3. Some clarifications

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods concerning Voyageur Foundation and the Jarman family. It also tries to show how the media can manipulate information to foster it own view of a situation and act as judge and jury instead of reporting the facts as it should.

Article “Does Voyageur family own school?” by Alison Macgregor The Montreal Gazette, May 12, 2011

In this article Miss Macgregor wrote “The family that runs Voyageur Foundation – a Costa Rican organization that refused to return $65 million in investments, has managed to pull together enough money to build and staff a private Christian elementary school and campus.”

Here are the facts – Voyageur Foundation is not an investment company and has not refused to return funds. It is diligently working for its members to help them recover assets.

Two founders of Voyageur started Tree of Life International School in 2007 with school teacher Maria del Mar Segovia, and two other parents.

Miss Macgregor wrote “A school that family members claim not to own…”

Here are the facts – The school is owned by Maria del Mar Segovia, Angela Jarman and Christian White. The school was financed by bank loans and loans from family in Canada.

Miss Macgregor wrote “The school is located in the upscale Santa Ana neighborhood of San Jose…”

Here are the facts – The school is located opposite a horse field, down the road from a mechanics shop, next to low-budget housing on one side, and a mid-rent condo on the other.

Miss Macgregor wrote “Christian White Hernandez claimed that his wife, Angela Jarman, did not work at the school.”

Here are the facts – Angela Jarman frequently volunteers at the school.

Miss Macgregor wrote “Tree of Life’s students enjoy a swimming pool, playing field, gardens, library, a Mandarin language laboratory and a Bible Club. Basketball and tennis courts are under construction.”

Here are the facts – The Tree of Life campus was formerly a single-family dwelling that was renovated to hold 6 classrooms plus a small multi-purpose class room that holds the library and gives space for yoga and drama classes. The Mandarin laboratory is a roofed concrete area that serves for basketball and mini-tennis as well. This same space is where children eat lunch and have their afternoon clubs.

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods

This blog has been created to redress insinuations, allegations, misinterpretations, and falsehoods concerning Voyageur Foundation and the Jarman family. It also tries to show how the media can manipulate information to foster it own view of a situation instead of reporting the facts as it should. These statements are drawn from a series of articles written by Alison Macgregor published in the Montreal Gazette between April and June 2011.
“Teetering on the Edge” by Alison Macgregor The Montreal Gazette, April 9, 2011	Fact
“Voyageur presents itself as an investment club.”	Voyageur Foundation is a non-profit organization registered in Panama, and is an investors club. Voyageur is employed by its members and represents exclusively their interests when dealing with international companies.
“…annual membership fees of up to $2,000 get clients access to privileged investment opportunities.”	Annual membership fees for services range between $205 and $750 a year.
“Up to 1,000 investors from Quebec and Alberta could be out up to $65 million."	Not even half this number of members is affected by the default of this one company, and the capital outstanding is closer to $20 million counting interest accumulated.
“They tell you that if you put $25,000 in Voyageur, in 10 years you’ll have $800, 000,” one disaffected Quebec member said.	The source of this statement can’t be confirmed. Voyageur Foundation has always stressed that past results are no guarantee of future performance.
Philip Jarman manages millions in offshore investments.	Phil Jarman does not manage millions of dollars, and has never represented himself as a financial manager. He is one of the founders of Voyageur Foundation. He speaks at conferences and publishes newsletters emphasizing the need for individuals to get involved in their own financial planning and to be responsibly aware of their financial situation.
“Voyageur is a pyramid scheme.”	Voyageur has no multilevel multi-level payment plan. Voyageur does not pay Canadians for referrals. Voyageur has grown by word-of-mouth, due to recommendations from satisfied members.
“Voyageur would invest money on behalf of members.”	Voyageur is not an investment company. Through its private web site Voyageur presented reports from enquiries made on behalf of the members, on companies that were arm’s length and independent to Voyageur.
“Voyageur has asked members to fork over an additional $460,000 to cover legal fees.”	Voyageur Foundation has covered all of the legal costs from the legal defense fund built by members. It asked members to contribute $460,000 to pay the Security for Costs bond that was requested by the Defendant in a court action taken to recover member’s loans. The Security for Costs bond will be released upon the conclusion of the court case.
“Despite withdrawal problems, the company held an investors conference in February 2010 in Florida, where more than 20 members paid about $7,000 to attend.”	Voyageur held a conference in Florida. The ticket cost was $1,000.
"Voyageur is registered as a charity in Costa Rica."	Voyageur is a foundation registered in Panama, which, by definition is a not-for-profit organization. It is not a charity and has never presented itself as such.
Voyageur claims to advise members on “safe and guaranteed investment opportunities…”	Voyageur Foundation has always stated that it serves members who seek high yield investment on the international market. Voyageur also stated that these opportunities are only for “adventure class” investing.
“Voyageur has not issued a prospectus.”	Voyageur has not issued a prospectus because it is not an investment company and is not a Canadian entity.
“People mortgaged their homes to become involved.”	Voyageur Foundation’s mission was to educate its members on risk-taking strategies. Voyageur has always urged people not to mortgage homes or use credit cards for high-return, high-risk investments.
“Does Voyageur family own school?” by Alison Macgregor The Montreal Gazette, May 12, 2011	Fact
“The family that runs Voyageur Foundation – a Costa Rican organization that refused to return $65 million in investments, has managed to pull together enough money to build and staff a private Christian elementary school and campus.”	Voyageur Foundation is not an investment company and has not refused to return funds. It is diligently working for its members to recover assets. Two founders of Voyageur started Tree of Life International School in 2007 with school teacher Maria del Mar Segovia, and two other parents.
“A school that family members claim not to own…”	In fact, what happened was a reporter named Carolina Acuna called and asked Christian White who owned the school when he was in a meeting. He asked her to call again, but she never called back. If she had, she would have learned that the school is owned by Maria del Mar Segovia, Angela Jarman and Christian White. The school was financed by bank loans and loans from family in Canada.
“The school is located in the upscale Santa Ana neighborhood of San Jose…”	The school is located opposite a horse field, down the road from a mechanics shop, next to low-budget housing on one side, and a mid-rent condo on the other.
Christian White Hernandez claimed that his wife, Angela Jarman, did not work at the school.	Angela Jarman frequently volunteers at the school but is not on payroll.
“Tree of Life’s students enjoy a swimming pool, playing field, gardens, library, a Mandarin language laboratory and a Bible Club. Basketball and tennis courts are under construction.”	The Tree of Life campus was formerly a single-family dwelling that was renovated to hold 6 classrooms plus a small multi-purpose class room that holds the library and gives space for yoga and drama classes. The Mandarin laboratory is a roofed concrete area that serves for basketball and mini-tennis as well. This same space is where children eat lunch and have their afternoon clubs.
“Companies connected to money-laundering scandal” by Alison Macgregor, The Montreal Gazette, May 12, 2011	Fact
The extended family behind Voyageur Foundation runs 69 corporations in two Central American countries.	Only 5 of the 69 companies named by the Gazette are actually active and have links to Voyageur Foundation. Many of the 69 companies show up on the registry canceled. The extended family of Christian White and Angela Jarman have nothing to do with the management of Voyageur Foundation.
“Many of these companies are connected to a Panamanian money laundering scandal involving former Nicaraguan president Arnoldo Aleman.”	Now this is creative journalism! There is simply no connection between Voyageur and Mr. Aleman, whose name was genuinely unknown by everyone at the office until Ms. MacGregor’s article was published. For the record, Voyageur Foundation, its members, founders and administrators, have nothing to do with Arnoldo Aleman or any money laundering scandal!
“Corporate records show that three Panama based individuals – Francis Perez, Leticia Montoya and Katia Solano – are part of the clandestine team behind Nicstate…one of several Panamanian firms used by Alemán to launder some of the approximately $100 million he was convicted of embezzling during his term as Nicaraguan president from 1997 to 2002.”	The Panamanian registry shows that these 3 individuals - Francis Perez, Leticia Montoya and Katia Solano – serve on approximately 2,000 other corporations! They were assigned to the company as directors by law firm Mossack Fonseca to satisfy Panamanian regulations. The Panamanian registry not only publicly lists their names (which make one wonder about the choice of the word “clandestine”) it also records that Nicstate went on to change directors in 1999, a year before Voyageur Foundation was formed and several years before many of these companies were created.  We suppose it just sounds more exciting to add “money laundering” to the headlines, but journalism is not only about selling papers, is it?
“The same trio has been assigned essential duties at 29 of the Jarman and White Hernandez families’ Panamanian companies.	Hmmmmm. “Essential duties” for inactive companies – we’d love to know more, Ms. MacGregor! Let us know, if you don’t mind, just what these people have been doing for Voyageur, in case they decide to present us with a bill for services rendered!
“Charles White Solano worked as a senior manager at a national co-operative organization in Costa Rica, where he and several co-workers were once accused by the government of stealing housing bond money from poor people. (The charges were forgiven after his former boss, powerful politician Rodolfo Navas Alvarado, reached a settlement with the government.)”	Voyageur Foundation is requesting a copy of the judicial report to set the record straight concerning Mr. White’s stellar reputation and high level of personal integrity. Charles White Solano was not charged in relation to the management of the bond money. The entire event took place one year after he had moved to another organization. He was summoned as a witness. The money was not stolen – the funds were used to finance another housing project for homeless families.
“While many of the close to 1,000 Canadian Voyageur members are teetering on the brink of financial ruin, the people behind the “investment club” have been buy pursuing other business interests.”	The founders of Voyageur Foundation have dedicated the last year exclusively to recovery efforts, funding an expensive court battle in different jurisdictions and informing members every step of the way.
“Voyageur’s due diligence false”, by Alison Macgregor, The Montreal Gazette,  May 12, 2011	Fact
“The Jarmans, the Canadian family behind the foundation, told Canadians who invested their savings in firms recommended by the organization that it used independent third-party firms to perform “due diligence” on the investments. That claim has turned out to be false.”	Voyageur Foundation was at all times independent to the companies that it reported on its web site. Voyageur Foundation did not receive money from these companies, in return for listing them on the web site. Before listing them, Voyageur Foundation hired professionals to comment on the business plans and arranged visits to their installations. After members got involved, Voyageur reviewed the companies on a quarterly basis. Statements issued by the companies were reviewed by Voyageur each month.
“A Gazette investigation has found evidence that undermines the claim that Balmain Trading Corp. and Life Resources Inc. – two Panamanian firms charged with verifying and accrediting investments for the foundation – are independent of the Jarman family.”	This is interesting, because in fact, Voyageur Foundation has never stated that Balmain Trading Corp. or Life Resources Inc. is separate from Voyageur Foundation! It has never claimed that either company is independent of the Jarman family either. We think this freelance reporter may have had a low budget or tight deadlines, or might have had a misinformed source.
“Panama corporate registry records and internal Voyageur documents obtained by The Gazette reveal the Voyageur employee Christian White Hernandez, the husband of Voyageur director of Member services Angela Jarman, is also the president of Balmain…”	Investigative reporting is alive and well. The Gazette is “uncovering” something known to all members who have had any business dealings with Balmain Trading, or have ever read the Voyageur web site. Christian White has signed on Balmain Trading Ltd. loan contracts since the company was formed, and has represented the company on all reports related to Balmain Trading published on the web. Interesting note: Balmain Trading is listed nowhere on the Panama Registry, because it’s not a Panamanian company, so one wonders what “corporate registry records” this reporter is talking about?
“The Gazette has reported that Angela Jarman, the daughter of Voyageur founder Philip Jarman, is the president of Panama-based Red House Development Inc. … Red House shifted members’ money to Eiger Capital Corp., the major shareholder of a firm controlled by Ponzi scheme mastermind Gary Sorenson.”	More stunning discoveries… for the reporter, anyway. In fact, Angela Jarman regularly updated members in her capacity as the president of Red House. Red House Developments Corp. lent money to Eiger Capital Corp. for use in Merendon Mining Corp. Red House has now been awarded a judgment against Eiger Capital Corp. in Belize, after Eiger defaulted on loan payments in 2010.
“A Gazette source has also disclosed that the Jarman Family received a commission of up to 6 per cent on investments made by Voyageur members.”	Debenture companies borrowed funds from Voyageur members and lent them to specific companies. Members were advised how the funds lent to the debenture company would be used. The debenture companies charged 6% and disclosed this fee to members up-front.  Fees were not hidden as they are in most conventional mutual funds. Of the 6% fee, 2% was put aside in a legal defense fund, should the company default and the debenture company need to take action.
“That means that the Jarmans could have received close to $4 million in commission on the $65 million invested by Voyageur members. If 1,000 members paid between $1,000 and $2,000 in annual membership fees to Voyageur over a 10-year period, the Jarman family would have pulled in $10 million to $20 million from these fees as well.	We can find no fault in the arithmetic! The only problem seems to be the research. There aren’t 1000 members. Voyageur doesn’t charge annual fees of $1,000 - $2,000. And there hasn’t been $65 million invested!
“In essence, the advice provided by a company controlled by Philip Jarman’s son-in law urged investors to invest in a firm run by Philip’s daughter, netting the Jarmans a generous commission. The daughter’s company then handed investors’ money over to a company controlled by a Ponzi scheme mastermind – and investors weren’t able to retrieve their investments.”	In essence, Voyageur Foundation ensured that members could: Access reports about different investment companies and see what was known and what was not known about the company; Meet other members who had invested in the same company, and compare notes; Talk to company managers; Visit the installations of the company; Lend to those companies, without committing tax evasion and in a way that could be legally enforced in the jurisdiction where the company was based; Learn upfront about any fees and costs (no hidden fees); Receive contracts stating where money was invested; Receive monthly statements and annual tax reports.
“All that glitters” by Alison Macgregor The Montreal Gazette, June 3, 2011	Facts
“…Merendon Mining Ltd – the same gold mining and refinery firm at the heart of the Ponzi scheme…”	Merendon Mining Ltd. is not charged with anything related to a Ponzi scheme; Merendon CEO Gary Sorenson is personally facing charges for theft and fraud over $5,000.
“Despite being unable to retrieve an estimated $65 million in investments, Voyageur Foundation members continue to pump money into it….”	Voyageur Foundation does not receive and has never received funds from members. Voyageur Foundation is not an investment company.
"The AMF is investigating Voyageur to see if it is operating a Ponzi scheme."	The order by the AMF from Feb. 28th does not state that they suspect Voyageur Foundation of being a Ponzi.
“Documents suggest the Ponzi scheme and Voyageur both had their genesis in Calgary approximately 11 years ago.”	Voyageur Foundation was founded in Panama in March 2000. The establishment of Voyageur had nothing to do with Milo Brost or Gary Sorenson.
“Like Voyageur, the Ponzi scheme operators used a multi-level marketing model…”	Voyageur did not have a multi-level marketing model.
“…the ‘deluxe’ investment program promised potential returns of more than 100 per cent.”	Voyageur Foundation is not an investment company and did not promise any returns. The reports on the Voyageur site stated expected returns based on past performance.
“Furthermore, the internal Voyageur documents reveal that an accountant hired to carry out “independent” due diligence on debenture funds that funneled investors funds into Merendon counts that very firm as one of his main clients.”	Sources are wonderful things, and should be referenced liberally when making important claims. In fact, RHD never stated that it hired the accountant in question. RHD stated that it had received statements of value from this accountant, and further disclosed to members that this accountant had been hired by Merendon. RHD clearly disclosed to members that it had no access to audited financial statements for Merendon Mining Ltd.
“…both the Ponzi scheme and Voyageur flogged investments in the same Honduran gold mining refinery…”	Voyageur Foundation is not an investment company. Voyageur does not sell investment. Members who wanted to meet Gary Sorenson and learn about his business went to Honduras directly and reported back to members on their findings.
“A librarian at the Belize Supreme Court Library was not aware of the alleged May ruling, and was unable to find a record of judgment for the reporter – even though she said she would normally have heard of a $72-million award.”	Voyageur Members were provided with a copy of the May 24th ruling by Justice Oswell Legall, in the case RHD and Balmain Trading Ltd. vs. Eiger Capital Corp. It certainly takes time and effort to get access to source documents, and this is what this story requires in order to be told accurately.