Victims of a massive investment fraud that operated for years out of Montreal and siphoned more than $500 million offshore are calling on federal politicians to resume an inquiry into Canadian shell companies set up in the Isle of Man, a popular tax haven used by global accounting firms.
“On behalf of the victims, I am asking that the federal government reopen this file,” Janet Watson wrote last month to her local MP, Marie-Claude Bibeau, the federal Liberal minister of agriculture.
Watson lost her retirement savings in a fraud engulfing three Montreal companies — Cinar, Norshield and Mount Real — that bilked thousands of average Canadian investors.
The Isle of Man previously attracted attention from parliamentarians after revelations that the accounting firm KPMG had helped set up offshore shell companies for unknown wealthy Canadian clients.
In 2016, the House of Commons finance committee abruptly shut down questioning into offshore shell…