"The brokerage's behaviour was both reprehensible and irresponsible."
|Why didn't CIBC World Markets go to the police as well? Why didn't they just settle with the Markarians in 2001 instead of forcing them through 5 years of hell?|
CIBC World Markets withdrew their appeal and paid the $1.5 million in punitive damages one month after the court decision.
Noonan and the lawyer never uttered a word to the elderly couple about Migirdic’s fraud or confession. Markarian, sixty-eight years old at the time, went into shock. At the end of the meeting, he was unable to stand up, and had to be helped out of the room. He could not speak for fifteen minutes, then began asking his wife, “Is it a dream, Alice? Is it true?” Once home, a doctor was called to his bedside.
See more at: http://maisonneuve.org/article/2010/09/6/incredible-true-story-mr-makarian/#sthash.bF9xEUaC.49esihtK.dpuf
"IN THE END, Migirdic turned himself in. Stressed by his growing web of deceit, he contacted Wood Gundy head Thomas Monahan in February of 2001 and admitted there were “problems” with certain accounts. Monahan told Migirdic to write down the details of the fraud, and Migirdic indicated he deceived Markarian about the documents he was asked to sign. When Migirdic met with his superiors, he reiterated that Markarian never knew he was guaranteeing the debts of perfect strangers."
- See more at: http://maisonneuve.org/article/2010/09/6/incredible-true-story-mr-makarian/#sthash.bF9xEUaC.dpuf