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Sep
07
2018
David Michaels, a former mutual fund salesman, was found by the BCSC in 2014 to have illegally sold $65 million worth of high risk exempt securities to 484 investors, mainly seniors. He collected approximately $5.8 million in commissions and had sanctions imposed by the BCSC totalling $23.3 million ($17.5 million fine and repayment of the […]
Aug
30
2018
The Ontario Securities Commission’s Investor Office has recently published research to better understand and address investor needs and issues. Recent studies include Taking Caution: Financial Consumers and the Cryptoasset Sector; Getting Started: Human-Centred Solutions to Engage Ontario Millennials in Investing; and Encouraging Retirement Planning through Behavioural Insights. We encourage everyone to take a look.  
Aug
29
2018
Sandro Contenta of the Toronto Star describes how an elderly TD Bank client was defrauded through the grandparent scam. This case demonstrates that Canada needs to implement training and education of staff and make appropriate materials available for staff and for customers so there is greater awareness of the red flags of fraud and front […]
Aug
14
2018
Fortress faces further legal action: A receiver has been appointed to take control of a Fortress Real Developments Inc. project on the waterfront in St. Catharines, Ont., adding to the growing list of legal problems facing the development company.
Jul
24
2018
Danny Bradbury of the Financial Post writes of the risks to investors of investing in Fractional Mortgages Shares that uses that blockchain technology and how these may be akin to syndicated mortgages, and should be subject to Ontario securities laws.
Jul
24
2018
Janet McFarland of the Globe and Mail writes that, according to a search-warrant application filed in court in April, companies affiliated with Fortress Real Developments Inc. misled syndicated mortgage lenders about the value of land earmarked for real estate development projects, putting investors at risk of losing their money if the loans could not be […]
Jun
21
2018
One of the tragedies of this is that about 900 Advisors were corrupted by getting involved with the “ 10 bps scheme”. We estimate $22.5 Billion in sales were generated by this enhanced commission compensation plan. Prof. Cumming’s research is once again validated. Hopefully this is an isolated case and good news is coming re […]
Jun
14
2018
According to this article, more than $1.1 Billion U.S. stolen in crypto-currency thefts since December 2017.
May
15
2018
Nouriel Roubini writes for The Globe and Mail that ICOs “serve little purpose other than to skirt securities laws that exist to protect investors from being cheated.” Roubini states that if you invest in a conventional business, you are afforded a variety of legal rights with issuers being required to disclose accurate financial information, business […]
May
07
2018
James Langton writes for the Investment Executive on the U.S. Securities and Exchange Commission launching a new online search tool that will provide easier access to information on securities law violators. The new tool, SEC Action Lookup for Individuals (SALI)  is intended to assist the public in making informed investment decisions and avoiding financial fraud […]