What the hell is going on at the NIBC? Is this really a scam?
They sent out initial instructions after changing the dates of the competition around twice, then saw this response.
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UBC student here. I have friends who were on the team and they confirmed some senior members of NIBC were hired for pay but were not paid and that NIBC is fraudulently misrepresenting as a non-profit. The students running it tried to cancel the competition weeks ago and they all left the team. Now someone is still marketing and saying these kids work for them and the competition is still on.
Where does it say they cancelled this years competition?
The whole group of UBC students running it did. Apparently the founder is now trying to run it on his own after all the students quit.
Imagine failing in banking so you turn to scamming students for a living.
I heard from one of the students who was on the nibc team that they all left to start their own club to actually do the shit they thought they were signing up to do in nibc
what club?
ya heard the winners last year had to beg for months and only just got paid
can confrim
Confirming this is false. There was a delay in awarding the NIBC 2024 winners, but to make up for it, the winners were awarded more than any team in the past (10k USD vs 7.5k CAD for NIBC 2023 winners).
7.5k CAD is about 5.3k USD so the NIBC 2024 winners got a prize pool of basically double the amount the NIBC 2023 winners won.
Hey Phil!
So you finally paid them what you said you would pay them, how late? Wow, how reassuring.
Phil relax. I confrimed.
How can this not be illegal? Has anyone tried to get a refund or pursued other action?
The information in this thread is false. For people viewing this thread, I encourage you to look at the profiles of the posters -- they are all new accounts with zero other comments (@green3_1, @wso12_1, @marketing10, @finance1_1). They running a defamation campaign because some team members were asked to leave the organizing team.
I am a current team member and we are releasing the case today. Competitors were also notified of this via email. Good luck to everyone that signed up!
Did last years winners get paid out
Yes, as mentioned in my comment above, will repaste:
There was a delay in awarding the NIBC 2024 winners, but to make up for it, the winners were awarded more than any team in the past (10k USD vs 7.5k CAD for NIBC 2023 winners).
7.5k CAD is about 5.3k USD so the NIBC 2024 winners got a prize pool of basically double the amount the NIBC 2023 winners won.
Hi, UBC student here, I can confirm that NIBC will not be organise by the students this year rather Phil, the founder of NIBC, will run the competition by himself under a fake organising team. In my opinion, the reason for the establishment of NIBC was for students to gain hand on experience in finance through the case competition. However, the founder, Phil, has decided to utilise students 4-5 months of hard work for his own purpose such as spending the majority of the sponsorship money for night club. For any students who have signed up for the NIBC competition this year, please know that NIBC is a scam and no longer operate by the students.
That’s crazy, how’d you find out he spent the money at a nightclub?
UBC has to be the single most dramatic university in all of Canada despite having ~5-10 placements/year.
And of all the companies he picked Bumble for the case
UBC student here. This thread is blowing up and I exposed the last UBC scam (check my profile) so I'll give my two cents.
Long story short, I have friends in NIBC and know NIBC alumni, and this thread is bs. Basically there's a few disgruntled team members that are spreading rumors in this thread because they didn't get return offers to join the club for NIBC 2025.
For anyone new to this thread, just look at the profile of anyone saying negative things...its the same few accounts with zero other comments / posts... pretty obvious this is defamation.
Anyway, just my two cents.
UBC graduate here. NIBC is a fraudulent and for-profit organization used by the founder, Phil, to fund nightclub purchases in Vancouver.
The vast majority of the 2024 management team resigned over the ethical, and often times illegal, conduct of Phil. This included using sponsorship money for non-competition uses (nightclub purchases), being a for-profit entity yet advertising themselves as non-profit, withholding winnings ($5,000+) from last year's team for several months until they got sued, and withholding compensation (again) from summer analysts at Phil's own advisory shop until they got sued.
You can verify this information by reaching out to any of the 2024 management team on LinkedIn. I've saved a copy on WayBack machine to prevent NIBC from scrubbing proof from their website: https://web.archive.org/web/20240709112248/https://www.nibclive.com/abo….
Fraud aside, the competition is just not that good. I think a comment from Bananaboat12 on this thread sums it up well: https://www.wallstreetoasis.com/forum/investment-banking/national-inves…
"The vast majority of the 2024 management team resigned" is just inaccurate. NIBC 2024 already finished, look at the archive you linked, NIBC 2024 ended in March 2024.
So no, they didn't resign, the competition literally just ended. Like every other student club, there is turnover and the seniors graduate while the juniors get promoted. What you're confused about is the NIBC 2025 team, which on your own link, does not exist.
Additionally the thread you linked is majority positive for NIBC. Your comment is just inaccurate and you should consider deleting it.
I am curious as to who you know is still on the team? I know for a fact at least ten of those that NIBC is claiming are on the team are not on the team. See NIBC's 2025 advertisement materials for reference which seem to have been scrubbed from online as of this morning. Are all of these people aware they are even on these materials? I feel bad they are being used like this.
The pictures you posted are of the NIBC 2024 team, not the NIBC 2025 team. This can be verified on their website.
Also, you're posting libel on a public forum, just fyi. Libel not towards NIBC, but towards these students and their careers, especially if these students do not want to be associated with NIBC as you claim.
If NIBC is a fraud as you're arguing for, then you're just causing damage for innocent students by posting their faces and names.
Have some respect for them. I would highly recommend you delete this comment.
I'll leave it at that.
Have it on good authority that they graduated after organizing the competition in march 2024, just confirmed with a friend who was on oversight when the competition was actually running. He said they did not consent to these materials and are no longer affiliated with NIBC
Broadly would still agree that this is libel from the posters of these images. Should be taken down, as these students all graduated after organizing a legitimate competition.
Can confirm all of these students quit and the competition is being ran by Phil, he is using their names without consent to promote nibc 2024-2025
UBC acc the biggest cesspool of Wastemans lmao. Yall got that weirdo scamming kids for tutoring who didn’t get a return from moco LA, now yall scamming kids who tryna compete / gain xp in finance??? And this Phil character using the money on nightclubs?! LMAO wasteyutes
The only cope us West Coasters have is not having to hear "wasteyutes" used in casual conversation.
How do we find the case?
They sent it out
how does anyone know if the original email picture is legit or not? why believe it?
Because everyone who was cc’d got the email…lol
It's not real, one of their ex-team members left to start his own case competition and is defaming NIBC in the process.
The case was sent out, the competition is going ahead as scheduled, the fake accounts in this thread are just causing drama (look at their post histories, they're all new accounts with zero comments in any other threads).
The case was sent out a month late, and it went from giving us 8 weeks to 30 days exactly… seems like a scam
Why are you spreading misinformation in support of a fraudulent organization?
The email is clearly real and all the competitors received it. If you can provide an email, I'm sure someone can forward it.
im in the program never got that email
Well I’m not the only one who got it lol. But could also be that maybe he recalled it when he saw it was “reply all” and if so it would only recall for those who haven’t read the email
How many people were copied?
UBC student, I heard that a club called high finance institute has hired all NIBC students and is giving all NIBC competitors free access.
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