Golden Boy : The Disappearance of Harold Backer - the fifth estate
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Published 2017-02-17
Why did three-time Canadian Olympian turned financial advisor Harold Backer disappear, taking $3 million dollars of his clients' and close friends' money with him? Bob McKeown searches for answers
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About the fifth estate : For four decades the fifth estate has been Canada's premier investigative documentary program. Hosts Bob McKeown, Gillian Findlay and Mark Kelley continue a tradition of provocative and fearless journalism. the fifth estate brings in-depth investigations that matter to Canadians – delivering a dazzling parade of political leaders, controversial characters and ordinary people whose lives were touched by triumph or tragedy.
All Comments (21)
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I'm almost 70 and I've learned 3 things in life: don't lend money (you'll make an enemy when you want it back, especially don't pay someone's bail): don't let anyone move in with you (you'll make an enemy when it doesn't work out; and don't trust most people (they will betray your trust and you will be hurt in the end).
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12:21 the most Canadian thing ever... "I feel like I've been kicked in the, in the , in the..." "You can say it" "Balls"
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I never lend money. I give it when needed. And I even tell them it’s not a loan but a gift. No hard feelings. Except... I have found that most of my family, that holds their hands out to me, unbelievably resent me. Because I have money that I worked for and they don’t. We grew up in the same circumstances. They work hard at not working at all. If only they would just put forth a small effort...
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I don't think you guys understand that he isn't gone with the $3 million. The $3 million is gone.
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"Former Olympic rower Harold Backer received a 13-month jail sentence Wednesday after pleading guilty to fraud, but no answers were provided about his mysterious 18 month disappearance that sparked an international police search. Backer, 55, wearing a grey pinstriped suit and red tie, did not say a word during his sentencing hearing, choosing to let his lawyer, Joven Narwal, speak to the court on his behalf."
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The old guy is the only one taking self-responsibility
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He turned himself in as soon as he realized he'd only be locked up for 13 months. I guess it beats 10 yrs, but you have to feel for the people who got scammed out of everything by a supposed "friend"
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If you lend money to a friend, you'll loose both your money and your friend.
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Walking away from people you ripped off is one thing however walking away from your children is just downright selfish. This guy is despicable.
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My grandmother used to have a sign up in her kitchen that read "It's better to be trusted, than loved" There's something to that...
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I cannot imagine letting a friend manage my money, ever. The cardinal rule. What this programme didn't dare explore is the pain of his family and children, God forbid, and how much they may/may not know.
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So the best lesson to learn here is to manage your money.
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when an old nice Canadian Man says "I feel like I've been kicked in the balls" you know its bad
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financial incompetence gold medal
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Just goes to show that priveleged, talented, highly intelligent, and educated people can have things go sideways too.....
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And the lesson once again is.... Never put all your eggs in one basket! Even if it's your bff, parent, spouse or child!!
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Thanks for the upload - especially in HD ! I really feel for his friends/clients who trusted him. The pain of losing your retirement earnings must be so awful.
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Having been financially duped myself by a trusted friend, the ONLY thing you can do is accept the loss as if it were never there. Betrayal is something else though that canNOT be overcome.🌹
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I thought paying an investor with money from another investor is a ponzi scheme, not a pyramid scheme?
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There are many stories like this and the lesson is always the same: do your own investing and trust as few people as possible (even the banks and the advisors they employ are not entirely trustworthy). In essence victims of these frauds want to make money without having to think and take personal responsibility for the outcomes. Unfortunately, there are no free lunches. So either do it yourself or buy GICS.
