Payment Processor To Pay $10 Million In Largest B.C. Forfeiture Settlement

The province will be getting $10 million from a BC-headquartered company which provides payment-processing services to people running scams against vulnerable seniors.

Solicitor General Mike Farnworth says it’s the single largest forfeiture of assets in the history of the civil forfeiture program since its launch in 2006.

PacNet Services Ltd. will forfeit the $10 million pursuant to a settlement agreement, under which there has been no admission of guilt.

Farnworth says the BC government will continue to go after proceeds of crime and redirect them to community safety and crime-prevention initiatives.

He says this major forfeiture sends a clear message that the province will continue to take decisive action against suspected proceeds of unlawful activity.

It is not clear who will be paying how much and whether defendants will be able to keep properties.

In a statement on a PacNet website, the company said the settlement avoids the “stress and devastating effect” of a trial on “innocent” employees involved and their families.

The company also cited the heavy legal costs of continuing the legal proceedings as a reason it had reached a settlement.

“For almost six year, the director of civil forfeiture pursued the corporate assets of PacNet and the personal assets of some former employees, including their homes, savings and RRSPs. Their assets in British Columbia were frozen for the duration of this case,” said the company statement.