Payment processor to pay $10 million in largest B.C. forfeiture settlement
A Vancouver payment processing company under investigation for alleged direct-mailing scams has forfeited $10 million in a settlement agreement with the B.C. Civil Forfeiture Office — the single largest forfeiture in the history of the office.
The province announced the forfeiture, the result of a settlement agreement with B.C.-based PacNet Services Ltd., on Tuesday.
“Today, the B.C. Civil Forfeiture Office has concluded proceedings that will result in the forfeiture of $10 million from PacNet Services Ltd., a money-service business that was headquartered in B.C. and provided payment-processing services, including to individuals found guilty of or alleged to be running fraudulent scams against vulnerable seniors and other persons in Canada and around the world,” said Public Safety Minister Mike Farnworth in a statement.
“This is the single largest forfeiture of assets in the history of the civil forfeiture program,” he said, noting the forfeiture sends a message that B.C. will take action against suspected proceeds of unlawful activity.
Under the terms of the settlement agreement, there was no admission or finding of unlawful activity by the company or its principals.
The case was set to enter a two-month trial beginning this fall which was expected to run well into 2024.
The Public Safety Minister’s office did not immediately answer questions on why it had decided to settle instead of continuing to trial.
The province had gone after the company and its executives’ assets in previous civil forfeiture filings, including a $2.5-million westside Vancouver home owned by PacNet co-owner Rosanne Day and about $15.5 million in properties and bank accounts belonging to Day and others.
It’s not immediately clear who will be
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