The missing millions: Following the money in Canada’s biggest tax fraud

Thousands of investors and pensioners lost their life savings in Canada’s biggest tax fraud between 1998 and 2000. But where did the missing millions go? The Fifth Estate and Enquête uncovered documents that reveal how a few Montreal businessmen may have used offshore tax havens to hide the money.
To read more: www.cbc.ca/1.5924470
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About The Fifth Estate: For four decades The Fifth Estate has been Canada's premier investigative documentary program. Hosts Bob McKeown, Gillian Findlay and Mark Kelley continue a tradition of provocative and fearless journalism. The Fifth Estate brings in-depth investigations that matter to Canadians - delivering a dazzling parade of political leaders, controversial characters and ordinary people whose lives were touched by triumph or tragedy.

[@onesilike9838]

This is why average Canadians who play by the rules and are decent citizens get so infuriated. There doesn’t seem to be much penalty for the scumbags who steal millions, but if you stole something from your local gas station, the penalties would be greater. It really is disgusting. Every asset these shysters have should be seized.

[@beccabrown4267]

Passing laws to seize assets would not be difficult. It doesn't take a genius to figure out why this simple solution isn't implemented.

[@LoggyWD]

Why would there be any penalties? They are humble servants to the people in charge.

[@kurtlindal4801]

Never forget that it's your government that makes it possible for these criminals to prosper. If they have stolen hundreds of millions, why should they be allowed to have anything? Ask your government officials they have the answers.

[@bjtaudio]

This is another example of how honest people always come last.

[@honestly679]

It is so all over the world. Frustrating.

[@adnanalamoudi]

There’s investment risk and then there’s theft. Never confuse the two.

[@leelak9763]

That Mateo guy is a gaslighting narcissist who should not be out on Parole. Any income he makes should be snatched should be forced to live on the streets and have a taste of his own medicine and what he did to all those people. Absolutely disgusting

[@toddlavigne6441]

I don't get that once you are convicted you can still be out. I get bail/bond while you are in trial, but once you have been found guilty you should be in jail until sentencing. Or at the very least, electronic monitoring and surrender your passport. IMO

[@DougEarl-jk4nh]

Mateo will need to watch his back for the rest of his life

[@bjtaudio]

@Mary Carroll I doubt that. The criminals will also get away with murder and you're life savings.

[@missrockets777]

Anyone every see his X posts 🙄 a farce of a human

[@claireryan8074]

My condolences to all the Canadians with integrity who lost their life savings to these terrible people.

[@MrPraveenGeorge]

The old adage of "Never put all of your eggs in one basket".

[@cherylsibson8457]

@@MrPraveenGeorge I had three accounts at TD and believed to be safe, they lied told me to nothing refused to audit.

[@lalani888blue]

@@cherylsibson8457 Wow ..Such a disgusting betrayal😣

[@jamesr1703]

NEVER trust anyone who wears pink shorts and a light blue dress shirt! NEVER!

[@OttawaAndy]

The kneesocks are a nice touch.

[@--Skip--]

Not only is he commiting financial crime but crimes against everything that is right and holy in fashion.

[@Brent_Mosey]

LOL. Read the comment immediately, just arrived at that point.

[@sophiedion1738]

Oog yess u nail in the head

[@charsback]

Too bad nobody will listen..Instead we vote one in for P.M.of Canada...Pink shorts,blue dress and Blackface...

[@marleneschulz118]

There need to be more serious consequences to fraud. A convenience store robber would get more jail time than these men did. I am so tired of the rich availing themselves of all the privileges that honest taxpayers pay for. Basic things like roads. It is true that crime pays. Steal millions, spend a couple of years in jail and enjoy life. Sounds like a career and retirement plan to me.

[@ck2503]

"Can I Finish" - Lino Nah bro - we think you've done enough and frankly watching you lie through your teeth here is painful.

[@allandeck257]

You will "Reap what you sow! Keep the change!

[@jannettb7930]

Money only flows one direction, from people with less money to people with more money. That's it.

[@c.a.greene8395]

Yes, this is true... Its a little game my grand dad liked to call 'pulling paper ' as the banks twist the rules to pull paper from your wallet, retirement and savings

[@jannettb7930]

@@c.a.greene8395 truth! My old bank ripped me off for over $1400, and when their active were deemed illegal in a class action lawsuit I got $90 back. I use a local bank now

[@fongponto]

you´d probably wouldn´t have taken it so lightly and simple if you had lost your life savings (ment for your kids and grandkinds) - let alone the feeling to have been so utterly ripped off

[@jannettb7930]

@@fongponto who says I'm taking anything lightly, and how do you know I haven't also been ripped off in a similar way?

[@fongponto]

@@jannettb7930 I don´t know - I´m only going by your comment. Did you mean the 1400 dollars you lost (minus 90 dollar refund)? Because if I´d have lost a similar sum - was just pissed off and went on my life. it sucked but it was not really a biggy. and I am not rich at all. But I wouldnt put myself in the same category as these two women.

[@jancelabobo8238]

"Victims are names and numbers" - this is so true and so sad

[@tevman69]

And they say, ‘Crime doesn’t pay’.

[@--Skip--]

That adage only works in Movies & TV programming. In real life, it is far more complicated, and yes, crime can pay... momentarily.

[@tevman69]

@@--Skip-- - My comment wasn’t meant for dissection, just humor.

[@maryronan9758]

Just look at the BIDENS

[@cheezheadz3928]

@@tevman69 But it wasnt funny, hence, Fred Astairs reply.

[@jocoder-williams4306]

@@maryronan9758 absolutely true. Unbelievable. The hair on the back of neck stands up when I hear any of the Biden’s condemn others

[@johnpatrick1588]

Parole should be revoked if the fine not paid.

[@JasRaymond1]

They are still living so I'm going to make a guess. The mobsters were paid back :)

[@wasupfool5692]

No theyre alive because they're not mentioning names of all the Canadian politicians involved

[@juniorjohnson5961]

Makes you wonder, there had to be some kind deal with the Mobsters , or maybe there just waiting for the right time .

[@kpizzleforizzle5541]

@@juniorjohnson5961 mobsters... politicians... same difference, no?

[@kanadianbacon7733]

B i n g o

[@ew4932]

I would extremely like an update on this story whenever it is available.

[@Atite_Lometen]

You are getting the update, this happened years ago.

[@cheezheadz3928]

Google!

[@c.a.greene8395]

KPMG should loose any business liecence and be branded criminals, put in prison right next to the crooks, given bread and water until every cent is returned

[@c.a.greene8395]

@@gabrielpaternoster7418 auto correct, unfortunately it does whatever it wants. Has changed words and sentence after I wrote it and this app will not allow me access to fix it.

[@maryogie1941]

@@gabrielpaternoster7418 a person could spend all day, every day correcting grammar and improper word usage on KZbin.

[@mangotwiss]

don't worry about grammar, I understood what you meant. WHY the government hasn't done this! KPMG should be NOT operate anymore.

[@wasupfool5692]

@@Islandwaterjet The PMO office is probably involved

[@lalani888blue]

@@wasupfool5692 ...no doubt. WE...

[@jaywan5553]

The shouldn’t get parole until the money is found and given back. If the money isn’t returned then they spend their lives in jail. Simple.

[@remlatzargonix1329]

I do feel bad for these people. However, one basic rule of thumb in investing is DIVERSIFICATION....never have too large a proportion invested in any single entity, asset, or advisor..

[@terryshea7408]

Arrogance ...when faced with finding the truth ....DISGRACEFUL!!!

[@EY_YES]

thank you for having the courage to keep comment section open...W5 and other outlets do not ...i love freedom of expression..and to voice my feelings in a public forum...we are slowly approaching real democracy

[@emmaz.luedemann213]

Wow this man actually said the money is "dissipitated" ? And he's so aggressive and rude, that's textbook for guilty people. Hope they rot in jail, feel so bad for the investors 😞

[@jimmyzhao9748]

When he said it, I had to look it up. Dissipated: *indulging in or characterized by excessive devotion to pleasure; intemperate; dissolute.*

[@emmaz.luedemann213]

@@jimmyzhao9748 right? And dissipated would have been right, but he actually said dissipitated OMG!!! Hilarious and sad at the same time.

[@sayyestofairness4266]

The Bernard Madoff of Canada. As for Ronald Weinberg, he's the Canadian equivalent to Jeff Skilling of Enron.

[@johngablesmith4671]

"Why don't you pay it (the fine)?" Lol - That Lino is the worst.

[@elbt101]

Lino is a thug, just like she said

[@juniorjohnson5961]

Yup !

[@Rzds8]

Oh what a surprise! Corruption, big corporations involved, Ottawa as always clueless and keep repeating that we need to do more to not let such things happen 😏 Yeah another documentary with no resolution! Amazing.

[@raelenebarney7040]

Corruption everywhere!!

[@eleayeproctor9490]

Hedge Fund Managers, fancy name for common gamblers.

[@jordanh5312]

Where’s the fifth estate special on the Trudeau’s money??

[@juniorjohnson5961]

I'm not familiar with this is he accused of some type of crime ?

[@jijic3447]

Yay! Biggest con man on the planet.

[@Rzds8]

Waiting on the WE foundation scam which he and his family is a part of. Lavalin scandal one too needs to be made. They would have content enough to last his term lol

[@stoptrudeau42]

@@juniorjohnson5961 look into his foundation logo and compare to the fbi ledo logos. Watch fall of cabal on bitchute.

[@Bongofurry]

What a great way to end the video showing the small investors how their stolen money was spent. Heartless

[@user-lt1ky5wd9c]

Frauds of this kind is everwhere in every country. An enormous amount of money that victims lost vanishes into the air.

[@littlebobbystrong4143]

The fact that one of them also collected CERB payments is an added slap in the face.

[@williaml3300]

Its real simple,they stay in jail until all the money is recovered. If it takes 50 years and they die in prison so be it. If the courts did this once this kind of crime would take a nose dive.

[@tariqulmajumder9145]

I would rather go to a fancy casino and try my luck on a roulette wheel than hand it to some investors or hedge fund manager. Canadian version of Bernie Madoff.

[@vapete1237]

Lock them all up in the same 7’ x 7’ room and throw away the key !!

[@elainakosmidis8657]

I agree! I’m furious!!

[@elainakosmidis8657]

The reporter asks, “What can they do to get closer to finding out where that money went?”, and the response is, “They can start litigation...”. We all know how long “that” process is, & you usually do not get favourable results. So frustrating & infuriating!

[@phetso9744]

Banks need to be held accountable also

[@hemaleite6331]

Seriously they give him parole?? Why would any judge give paroled to this man.

[@vix_xie]

These people who committed the fraud are HEARTLESS!!

[@elainakosmidis8657]

That’s an understatement.

[@angelariley5403]

They would likely rate on a psychopath test.

[@northernfoxtraveler9646]

It would be tragic if the mob picked this guy up and used their persuasion technics until he talks

[@ancientbear3280]

Soft sentences for massive fraud, you have to hold the government accountable as well.

[@SuperReznative]

.. but some of the gov. actors have a part in the scene... I suppose. Imagine the degree of obscene fraud with this here planned emmik 🏥🤔⌚

[@nickiewilson6985]

If Mateo can't pay the 5 million he should be in jail and his assets sold along with the rest of them. Government corruption for sure other wise it would be stopped or investigated more. Who's running Ottawa now adays not Trudeau .

[@beatricefaria-clendinning8943]

“I don’t know and I don’t like your behaviour!😂... says the dirt bag..well I don’t like your blue shirt and pink shorts with black socks!, yet here we are!!😂😂😂🇨🇦

[@lesliesmith5797]

Trudeau is an idiot puppet

[@jimmyzhao9748]

I bet he is a big money Donor to the Liberal party

[@juniorjohnson5961]

I'm not familiar with Trudeau is he a crook ?

[@pa1sley08]

@@juniorjohnson5961 Really?

[@brianrapson2433]

There's only one way to deal with these convicted people but for obvious reasons I can't write it💀

[@pensans1]

👌

[@angelaortiz3406]

That money is close to him he’s probably in his house

[@xxx-not666]

Still think this world is not run by a malevolent group of demons?

[@silentkilla14]

If you mean the evil people as demons then yes

[@xxx-not666]

@@silentkilla14 Fallen critters and their minions

[@danwag71]

The real crime was how William Maycock was dressed.

[@juniorjohnson5961]

William thought he was looking good 😅

[@shippymcship364]

Let me guess these ppl are probably friends with Justin

[@klank67]

Lino Matteo should still be in jail. His hubris is unmatched. 'Nobody lost more money than me' - how is this thief a victim?

[@randolfo1265]

'Where is the money?' 'Well it's gone now, it's dissipitated.' Never trust someone who makes up words.

[@tracyinnes8840]

Dissipated is a word.

[@hughdennison3013]

Dissipitated not dissipated

[@truthmediarebel5816]

People need to take the law into their own hands, a hit man would be a good idea.

[@Confidentk9sCa]

That’s exactly what so many of the rich and powerful do, so I couldn’t agree more. Why allow the system to be so corrupt to sit back and be victimized repeatedly? Scum like this know Canada’s system is incredibly tolerant so the risk is minimal to them. It’d be a different story if they knew the people weren’t tolerant. If our laws, punishments and prisons were more strict, like Eastern countries, crime in Canada would be very different. We call prison in Canada federal correctional facilities for crying out loud. That might be ok for minor crime and juveniles but not for repeat offenders and major crime like this.

[@agnescassar7604]

All fraudsters should be incarcerated and not released until they say where they hid the money Show no mercy because they showed none to their investors Just my opinion

[@rosesummers5075]

I like your thoughts about this, it should be.

[@Confidentk9sCa]

I’d guess most people feel the same but the system is clearly corrupt.

[@RachelTScott]

Family members of the guilty...... check their financials..... that is how it is done.

[@JayOh]

That guy for real with those pink shorts? 😂😂😂

[@jimmyzhao9748]

18:33 Another guy wearing similar coloured shorts. Maybe pastel colours are a fashion in Bermuda ?

[@juniorjohnson5961]

Can't imagine walking out of the house thinking this looks cool 😎

[@tubetools5627]

He has the money, it didn't just disappear...

[@chriscanada3809]

Wow, these guys are beyond narcissistic.

[@kimbeckett1486]

I love the work that the Fifth Estate does, but why do you never investigate the corruption in the Gov't and the central banking system? Especially after all the money printing that's been going on.

[@claudettemarshall115]

You're expecting the truth from a corrupt media? They're all in it together baby.. .. a handful of very prominent men.

[@kimbeckett1486]

@@claudettemarshall115 The question was rhetorical.

[@claudettemarshall115]

@@kimbeckett1486 but you sounded so sincere... and you were watching the fifth estate. . lol kudos

[@SuperReznative]

ahhmm,. something, about not biting the hand that feeds.. & dogs don't care if the bisqet is morally acquired... Life and times.., #JESUS

[@karia5581]

Can we audit the Canadian government? Wow, what we could find would be staggering.

[@imamachineok]

That Lino guy is such a bully man. Holy.

[@sayyestofairness4266]

CINAR made some great shows when I was a kid, but learned about how rotten they were as a firm when I was a senior in high school. They are the epitome of not practicing what they preached in the kids' shows they produced. Not to mention they did so much damage to the animation industry in Canada with this massive fraud.

[@cecilbdemento7736]

The only way something of this scale is swept under the rug is if you've gov officials that are complicit

[@loumarlin3040]

Ur absolutely right money passed thru some government officials somewhere follow the money

[@kachextrememetal5130]

The demon of greed has got a death grip on these, these...man, I can't even say, what horrible people. I feel so bad for all the victims.

[@latitamontoya]

Wow that Lino man says" this is insulting" and what they did to the investors is what? is not insulting is a very descrefull and low.

[@dougpeck1006]

Sickening

[@daniel213141]

18:28 Where's the fashion police when you need them. This accountant should go to jail for wearing pink shorts and knee high black socks.

[@jimmyzhao9748]

18:33 and what of his friend he passed on the street ?

[@juniorjohnson5961]

And thinking he looks cool 😎

[@deniecedonnafield4749]

What one can only expect from scoundrels....

[@johdo9953]

Why would anyone invest ALL of their life savings in some small firm or advisor? They should have done the research BEFORE, not after. Also, banks and KPMG should be held accountable when they transfer firm's money offshore, or setup help setting up these accounts offshore. The government should ask why are Canadians or Americans are setting up accounts offshore? If banks and KPMG are responsible for money lost, they would be more cautious or even freeze the account instead of sending millions to these doubtful countries.

[@arlenehutchinson9259]

Anyone who steals retirement fund should get the same sentence as murder in the first. You have KILLED SOMEONE'S DREAM 😡😡😡😡😡😡🤬🤬🤬🤬🤬🤬🤬 The Gov needs to do MUCH MUCH MORE INCREACE THEIR SENTENCES

[@nvmanagement6617]

You have to love our Government protecting their own!

[@Kai-qv2ig]

Get him to take lie detection tests and then we go from there. This is when we need government to step in and confiscate all of these criminals assets and return the money to all investors.

[@grocperez6012]

Lie detection results are NOT evidence, and not court admissible, and he has the right to refuse. Of course everybody says, "if he has nothing to hide, why wouldn't he take the test?" Because the results of the Lie Detection Test then become "hear say evidence" and can sway the verdict of the jury.

[@melanieking4357]

Anyone involved should be suspended from doing business until every cent is paid back...period

[@billlord9116]

Who did he pay off in our GOV.And why is he out of prison?This the same as MURDER!

[@aliciarenouf3095]

As soon as he said. Here's what I'm gonna say.... I was done with this video . Out on parole???? Wtf 😮

[@jimmyzhao9748]

I'm surprised he even agreed to an interview. It sounded like he was coached by a Lawyer on what to say or not say.

[@JonH-]

Cannot wait for the Fifth Estate episode on Covid-19....

[@darson9843]

Exactly what I was writing but you say it better

[@jijic3447]

Let’s hope they aren’t to cowardly to say the truth!

[@grant2584]

I read a lot of the comments and agree with them all, but we need to change legislation and get it done now. Everyone remember how you feel and get the people in office who will make the difference.

[@loumarlin3040]

I voted today and Republicans out numbered democrats 20 to 1. The lady would walk out and ask if anyone was democrats because they had separate machines and no one was there ….being republicans we had to wait 45 minutes from when we got there until the time we walked out.

[@maximillion8442]

Omg, how much do we love Janet and Kathy? So fierce, so organized, the strong female protagonists we've all been waiting for 🙌

[@laurelvanwilligen9787]

@8:05 "It's gone now; it's dissipitated." No such word, Einstein

[@catman8670]

Risk documents don’t mention theft by companies officials! 🤭

[@dry_oatmeal_tsunami356]

CBC allows comments on this story but disabled them for the Black students of campus one? 🤫 🙄👎

[@EY_YES]

I noticed this too..kinda sad

[@missladyanonymity]

Sad, but necessary. The bigots will ruin genuine discussion. The hate won't die.

[@DoraDuncan]

If a life sentence was the consequences, how could anyone profit from fraud?

[@debraleehalinda]

Fifth estate. When are you going to find out where the trillions in covid relief has gone. No one seems to know. Justin's not talking and we would all like to know.

[@marieslabbert6009]

This is beyond belief. If I was the judge, I would have sentenced them to a minimum of 5 years and indefinately after that until all the money is back. If they want to get out, they must return the money and that is what I would have done with all fraudsters.

[@stormysocks]

I think a couple thousand and a couple guys could get him to tell them exactly where it all is

[@elainakosmidis8657]

I can’t believe he’s on parole! F#%*!!!

[@martinglasgow1219]

Torture is the only way to get their lips running and recover the money.

[@davidpethick83]

Where is our legal system? Parole!??? This is absurd.

[@JockMacHH]

Who says crime doesn’t pay 😀

[@DavidGS66]

Why is honesty a dirty word???? Why isn't integrity so valuable, police have lists of incorruptible people to be promoted into all positions of trust. Honest people exist, but they hide to go along to get along.

[@geraldineburns1619]

Lock them up until all their Assets are seized and Bank Records turned over in full.

[@kirklamb3270]

Be glad it wasn't my money!! They wouldn't be spending it, no matter where they hid it!!

[@functionalist]

You know you're dealing with a scumbag when the mafia beats him up and you're not outraged.

[@johnpatrick1588]

A grown man wearing Burmuda shorts, long socks, long sleeve shirt, and tie just creepy and boyish. His jacket must be in the car to finish the outfit.

[@juniorjohnson5961]

And he actually thought he looked good .

[@lpete2766]

l live in the us and have found the fifth e on y t . it is a great show . i thought stuff like this only happened in the us . for the life of me i can't understand why these people don't go to jail for life . it would sure make others think twice . but no lets just slap there hands and give them 5 years

[@juniorjohnson5961]

Five years for One hundred fifty million I might do that .

[@janetyeoman1544]

Canadian courts are very lenient. A catch and release mindset. Not really the criminal’s fault. It’s our society’s fault. 🇨🇦

[@grocperez6012]

Jails, prisons, the death sentence, these are minor deterrents to crime and violence. There is no real solution for white collar crimes as there is in persecution of criminal conduct by the average man on the street.

[@NanaPiper]

I hope these people are in jail, with no rights! And in solitary for doing these things.

[@911___________DIVOC]

Surely, crime doesn't pay in Canada? Just ask all the hoods doing serious time in federal lockup for robbing a convenience store.

[@bikinggal1]

Crime pays...just look at Trudeau

[@EY_YES]

or the British Empire

[@elainakosmidis8657]

White collar crime being the WORST!

[@tedtolliver5294]

i would hound them and see how they are financed in there daily lives, and have them account for every dime they spend from here to eternity. that way if you can't have the money they can't either.

[@lancelotdufrane]

Nothing is more repulsive, than a smug, rich, rude Criminal.

[@sarahstauffer1]

This is just a distraction

[@darrendawson1339]

The fellow who wired the money out of the company, is waiting for a pay day...all asset's to the ferm,and personal asset's should be seized...the man who wired money into overseas bank accounts know's where that money's went and going...30 years in prison unless you start talking...HORRIBLE CRIME...

[@june-itsalwaystwosizeofthe2702]

Wow I love that cartoon I was one of my favorite cartoons especially for all my Nordie communities God bless him and family good luck

[@jordanh5312]

These money guys are always arrogant d bags. Never changes

[@rosesummers5075]

Yes it needs to a documented act against the entities of fraud and stealing of individuals assets.

[@fongponto]

that was really a cheap shot to show the two women in the end that real estate video - talking about rubbing it in somebodies´wounds

[@judecassar6914]

Someone needs to find a way to make these guys meet the same fate as the money, vanish, disappear. Shouldn't be too hard considering the foreign countries they frequent.

[@janethompson5153]

Laws are being passed that murders will not get out of jail after they have served their sentences if they do not reveal where the body are, so maybe these crooks should not get out unless they reveal where the monies gone