Saturday, September 14, 2013

Accused in Simon Fraser University embezzlement case reportedly used false credentials while working for Cultus Lake Park Board

Questions have been raised about the credentials of the man most recently in control of the Cultus Lake Park Board's (CLPB) finances.
Siamak Saidi, who faces a civil suit and a number of criminal charges connected to the alleged misappropriation of more than $800,000 from Simon Fraser University (SFU), has been using a designation he is not permitted to use, according to the Certified Management Accountants of B.C. (CMABC).
And the business he was connected to, Siamak Saidi Ltd., "is not and has never been licensed to carry on the practice of public accounting in British Columbia," according to the Chartered Accountants of British Columbia (CABC).
On Tuesday, the CABC issued a public notice-which appeared as an ad in the Vancouver Sun-that said Siamak Saidi Ltd. is not "entitled to use the designation 'Chartered Accountant' or the initials 'CA'."
Saidi is currently in jail awaiting his next court appearance in Vancouver on Oct. 3. The results of an internal audit in 2012 by SFU were turned over to the RCMP, which led to four charges in August of this year: fraud over $5,000, theft over $5,000, forgery and using forged documents.
Saidi was terminated from his SFU job in January 2012-unrelated to the alleged fraud-and was hired by the CLPB as manager of financial services later that same year.
In email correspondence while employed at Cultus Lake, Saidi put the letters CA and CMA after his name, the latter standing for certified management accountant.
A spokesperson for CMABC told the Times that Saidi was a student member for one year, 2001-2002, and that when the organization found out last month he was using the designation, he was sent a letter ordering him to stop.
After the charges came to light in August, the CLPB put him on leave until further notice. The board said staff had not found any unauthorized financial transactions after a review of accounts and investments was done.
As of Wednesday, the website for Siamak Saidi Ltd.,, had the Chartered Accountants of Canada logo on the site.
A call Wednesday to the phone number listed on the website was answered by a woman who said Saidi "used to use this office." When asked about the CABC's concerns, the woman said the website was in the process of being taken down.
CLPB chair Sacha Peter-who incidentally is a CMA himself-declined to comment on the case as it is before the courts.

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