CRA reports that Damien Reynolds, a 49-year-old dual citizen of Canada and Australia, was charged on April 4, 2017, with fraud under section 380 of the Criminal Code and with tax evasion under section 327 of the Excise Tax Act. Reynolds is a mining industry consultant and stock promoter based in Vancouver. Read: Montréal man […]
TD Bank says it is reviewing concerns about its sales practices in light of reports that some employees allegedly broke the law in order to meet sales targets and keep their jobs. Read: Banks under FCAC microscope after allegations of upselling CEO Bharat Masrani says the bank received “a few hundred complaints” last year regarding […]
Every age, investor skill level and gender has been affected.
CSA’s enforcement report reveals greater jail time for offenders — but fewer overall proceedings and less in fines and penalties. In 2016, more than 23 years of jail time were handed down to 15 offenders for Securities Act violations. That compares to about 10 years of jail time handed down last year. Further, 13 people […]
The British Columbia Securities Commission (BCSC) has permanently banned two people for fraud and breaches of cease trade and temporary orders: Richard Lian (also known as Richard Terry Ruuska) and Enna M. Keller. In the same decision, the panel also ordered permanent bans against EagleMark Ventures and Falcon Holdings for breaching the same cease trade […]
The SEC says a Connecticut-based investment advisor has agreed to admit wrongdoing and pay more than US$575,000 to settle charges that he defrauded a client. The regulatory adds that the advisor then compounded his scheme by attempting to mislead SEC investigators while lying to other clients about the status of the SEC’s investigation. According to […]
Forget market and volatility risks: your client could face more nefarious threats. The top five investor risks for 2017, as identified by the Alberta Securities Commission (ASC), mostly involve scams. Here’s what your client should guard against: Being lured by “the next big thing.” While investing in an emerging industry might sound appealing, it’s important […]
You don’t need a crystal ball to predict a future of more regulation. In 2016, CSA dropped a bombshell in the form of proposed targeted reforms and a best interest standard. Also expected this year but still lying in wait: CSA’s report on mutual fund fees, which may decide the fate of embedded commissions. Read: […]
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How to spot “channel stuffing”