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Wealth Professional | 22 Jan 2014, 12:22 PM Agree 0
The RCMP has charged two Alberta men in a massive investor fraud touching clients from B.C. to Ontario.

  • Kirk | 22 Jan 2014, 01:24 PM Agree 0
    Yet again a great example of unethical individuals praying on the most greedy in our communities, 500% return....really!
  • David | 22 Jan 2014, 01:44 PM Agree 0
    Yes. But the investors have to take some responsibility. They were extremely gullible and very greedy.
  • Ken MacCoy, CHS | 22 Jan 2014, 02:02 PM Agree 0
    I agree 100% with Kirk's comment. More than 1300 gullible or greedy investors; unbelievable!This won't stop until (1) the public starts dealing with 'accredited advisors' who are members of reputable professional organizations & (2) scammers like these are thrown in jail for a 20 or 30 years; with NO time off for good behaviour.
  • aj | 22 Jan 2014, 02:03 PM Agree 0
    I love how they used to run commercials during the show "dragons den"...it gave the appearance that they were legit
  • MCC | 22 Jan 2014, 04:12 PM Agree 0
    Being an industry insider as Financial Advisor, I can't help but feel that all the rules the Securities Comission and MFDA are implementing are a joke. Thieves like these simply placate the authorities and know how to get around the rules while they rip epople off and get away with it. Istead of continuing something that does not work, I say Ken is right and throw them in jail for a long time. Obviously the regulators don't create enough disincentive for fraud. Likely they do 5 years in jail and then skip off to Barbados to enjoy "their" stolen millions.
  • Mac | 23 Jan 2014, 06:41 AM Agree 0
    As a financial advisor, if I get a dollar for every conversation I had with clients or prospective clients about the merits of investing their money into "real estate opportunities with the unheard of returns and no risk of losing money" I'd be happy retired now!!
    This has nothing to do with the investment community of more of the responsibility of the investors!
    How many times do we have to remind them that if it's too good to be true, then it bloody darn is!!!
  • David | 23 Jan 2014, 08:11 AM Agree 0
    Yes, same line of work as you Mac. The investors don't even have to get worked up over Mexico. Lost a good client over 10 years ago 'cos he could double his money in less than 5 years. He is still waiting: and his 'real estate' bonanza is here in Alberta!
  • MQ | 23 Jan 2014, 09:20 AM Agree 0
    Anybody catch the fact that Humeniuk is ordered to pay 3.3 Million for admin penalty. Does this come directly from the Investors that were ripped off. What a bunch of crap. The Securities Commission does not have the brains/power to throw these guys into jail for a long time? These con guys will just keep doing it because they only get a slap on the wrist and then do it again. How lucrative.
  • Lynn | 23 Jan 2014, 12:07 PM Agree 0
    I have a relative that would grabbed on to this like it was the last life jacket on a sinking boat. Oh, if everyone could just be happy with they have instead of spending their lives being unhappy because they are waiting for that "big windfall" which is most surely going to be that "BIG downfall"
  • Carol | 24 Jan 2014, 04:36 PM Agree 0
    IN almost every one of these cases, investors are promised hefty returns, much better than what legitimate advisors, in our regulated environment, offer. I do not feel sorry for these greedy people, but when they lose their money they expect the government to bail them out.
  • Bob White | 27 Jan 2014, 11:45 AM Agree 0
    Stupid is as stupid does! When will people learn that there is no free lunch - greedy people get burnt by other greedy people who are unethical.

    Make it Law that any person selling or promoting any financial services product or service has to have an accredited certification, to offer a product. If it is not proven to be accredited then the consumer does not do business. Advertise that on TV to educate the consumer. Then if the consumer gets ripped off, that is their problem. If the individual doing the crime, should get the ultimate penalty, that will make others think long and hard if they should take on the ultimate risk associated with causing harm to others.

    Our society needs to get some back bone and stop slapping hands, we need to make some serious examples of what happens to those who dare prey on the poor, old and uninformed.

    Cheers

    Bob
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