The Surly Beaver has an interesting story of ACOA gone tragically wrong.
You see, Mike Gaffney used to be the President and CEO of Learnsoft Corporation, a company based in Kanata Ontario. In September 1999, a virtual university was founded in Fredericton, New Brunswick to grant “E-MBA’s.” The university was given $600,000 in taxpayers money - $375,000 from Atlantic Canada Opportunities Agency and $225,000 from Human Resources Development Canada. This private, for-profit university was and is a subsidiary of Learnsoft Corporation. Sometime later, Mike Gaffney sold his shares in Learnsoft for - you guessed it - $600,000.
So lets recap. Michael Gaffney, son of a Liberal MP, Ontario resident and President of a company headquartered in Ontario, applies for and gets a grant from a among others, a federal funding agency whose purpose is to support businesses in Atlantic Canada. He then sells his share in the company for a tidy profit.