The Expert Podcast

• A $300 million Ponzi scam in Canada shows how third parties—especially banks—can unknowingly assist fraudsters.
• Victims discovered a bank allegedly made it easier for the scammer to operate.
• The Royal Bank of Canada (RBC) is being sued for not performing proper oversight.
• Banks and professionals (accountants, attorneys, advertisers) often enable scams by breaking rules or ignoring red flags.
• Importance of KYC (Know Your Customer) policies and other internal controls in detecting suspicious activity.
• If these protocols are neglected, banks may unknowingly help scammers extend fraud operations.
• Victims in large Ponzi schemes often recover money from third parties, like banks, rather than directly from the scammer.
• Lawsuit claims RBC ignored clear red flags such as:
  • Unusual high-volume deposits.
  • Account behavior inconsistent with legitimate mortgage broker activity.
• Banks often alert customers of suspicious activity—why didn’t that happen here?
• Key advice: Victims of scams should investigate potential third-party liability to recover lost funds.
• Investigations should include a thorough review of any professionals or institutions involved, even indirectly.
• Encouragement to explore other videos for further information and insights.