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Wealth Professional | 02 Dec 2015, 11:12 AM Agree 0
An advisor whose clients have used social media to air their grievances has been handed a lifetime ban by regulators
  • Ross Birney | 02 Dec 2015, 11:36 AM Agree 0
    ... and yet not a dime of these fines will ever be collected nor will the investors recover any of their losses.
  • Murray Schultz | 02 Dec 2015, 12:23 PM Agree 0
    Don't know the details of this case but do know that the BCSC (and other regulators) are doing their job when crooks take money from innocent investors and then re-purpose that money for use in other businesses (on which no return or return of capital is generated) and for use as their personal piggy bank. In the USA these white collar crimes are also generating significant jail time (in excess of 10 years). I wonder how many of Canada's fraudsters would be willing to trade the money they stole for 15 years in a federal prison?
  • Ken MacCoy, CHS | 02 Dec 2015, 01:04 PM Agree 0
    Good news Nick.

    But, what are the odds that the British Columbia Securities Commission (BCSC) will ever collect?

    If the BCSC is anything like the MFDA, then their bark is worse than their bite.

    It would be nice to know if the worm was ever charged for fraud and did any jail time.
  • Bev Lucas | 03 Dec 2015, 01:22 AM Agree 0
    Maybe people will believe me finally.
  • Arnold Earl | 03 Dec 2015, 08:25 PM Agree 0
    The following is on the BCSC website under "Criminal Enforcement".

    "The British Columbia Securities Commission's criminal investigation team investigates and refers cases to Crown Counsel for prosecution.

    In BC, the decision about whether or not to lay charges rests solely with Crown Counsel. The courts can then impose penalties, including jail terms and fines, which can act as deterrents for those for whom administrative penalties are not a deterrent."

    If this isn't a case for criminal prosecution then I don't know what is.

    It is apparent that $5 million that was collected from investors is unaccounted for and yet Wharram doesn't appear to have to show any accountability for it. He has probably got plans for that, I'm sure

    If he doesn't pay the fine to the BCSC, unlike the criminal courts, they cannot impose jail time, that is why he HAS to go through the courts. Otherwise he will walk away scot free.

    We lost a significant amount of money to this fraudster and because we are seniors we will never have the chance to make it again. And as if that was not enough, we lost almost half of our belongings in the 2013 Alberta floods.

    The fact that he has received a life time ban probably mean nothing to him. These kind of people usually land on their feet.

    I wonder if anyone has considered a class-action law suite against him?
  • Will Ashworth | 04 Dec 2015, 09:41 AM Agree 0
    A class-action suit is exactly what's needed in this situation.

  • Jeff | 11 Apr 2016, 12:17 PM Agree 0
    Would a group of involved investors be interested in a collaborative effort to discuss this issue and come to some resolution? Would anyone be interested in forming a group effort to gather ideas to comatose this issue. Please let me know. Thank you.
  • Jeff | 11 Apr 2016, 12:25 PM Agree 0
    Resending as one word was entered wrong...

    Would a group of involved investors be interested in a collaborative effort to discuss this issue and come to some resolution? Would anyone be interested in forming a group effort to gather ideas to combat this issue. Please let me know. Thank you.
  • Arnold Earl | 11 Apr 2016, 12:56 PM Agree 0
    Jeff, yes we would be interested in a group effort that you mention, just to discuss ideas. Please let us know what you have in mind and how you plan to go about it.
    Thanks.
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