Demanding Accountability

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Transcap Corporation of Canada
Scam or Troubled Business?

By Investigative Journalist
Edward Snook

In 2006, four related family members entered into investment contracts with Transcap Corporation. Their 1.8 million dollar investment capital came primarily from the sale of the family wheat farm.

Transcap’s agent Blair Carmichael from Edmonton, Alberta always spoke of Transcap’s principle owner Dale St. Jean as having a very solid and secure track record and they should have the greatest degree of confidence investing their savings with him.

For several years “interest” payments reliably arrived to their accounts and somewhat helped ease their concerns, while the Bernard Madoff and Earl Jones scams were making headlines. In the spring of 2009, a letter from the family’s accountant had expressed several indicators of Transcap being a possible Ponzi, or other such scheme. When confronted, Blair Carmichael had reportedly strongly suppressed and downplayed their worries. He did the same when presented with Dale St. Jean’s past history of being on the board of Arcanum and Vestium (known Ponzi schemes), which has recently filed bankruptcy and holds a bleak outlook for investors.

Carmichael had said the December 2010 payment was to be slightly delayed due to the Holiday Season; this then started the long list of excuses. In January, Dale St. Jean produced a new quarterly payment structure to commence at the end of April. Investors were promised a tantalizing doubling of funds in arrears if they continued to stay signed on. New promissory notes were soon to be issued, though were not received. At that time, Dale was also claiming his daughter was ill and required treatment in Florida. Later, all was held up and hinged upon one particular deal. When this did not occur, it was deemed time to wind down the company and assign a trustee.

This email exert was received from Blair Carmichael on March 3, 2009: “I spoke to Sheri this morning, and she told me that the money is in hand, and they are in the process as we speak of arranging for the disbursements to be made. In regards to the new promissory notes; she tells me that she has them all prepared for Dale's signature, and he will be signing them as soon as he gets the disbursements taken care of.”

In early May, Blair had become very agitated upon seeing the family arrive at his office and demanded to know of the person (family friend) who was present with them. On their next visit, it was most suspicious to see that nearly all the contents of the office had been removed. This fact was commented upon and everything was back in place the following week.

Blair has reportedly stated of now going into retirement, though frequently he had spoken as being “in the same boat” as many financially-strapped Transcap investors. When asked how he could possibly retire under such circumstances, Carmichael had changed his story by saying he was forced to look for a new job.

The current picture of Transcap Corp. isn’t pretty. The US~Observer fully intends to get to the bottom of Transcap and then publish the truth to the world. If Transcap is a Ponzi we can assure Dale St. Jean, Greg Tindall and Blair Carmichael that they will be held accountable.

If you are part of our vast readership, please copy this article and send it to everyone on your email list. If anyone has any knowledge of the people listed above, contact Edward Snook at 541-474-7885…

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