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Wealth Professional | 06 Nov 2014, 12:08 PM Agree 0
B.C. advisor and radio host ordered to pay $23 million, $5 million of which will go to BCSC.
  • Chet Brothers | 06 Nov 2014, 02:25 PM Agree 0
    Is it just me or is there a direct correlation between the amount of radio time an advisor buys and the likelihood that charges will be laid ?
  • Jeff Sanford | 06 Nov 2014, 02:47 PM Agree 0
    Ha! Good point Chet B...
  • Harley Lockhart CLU CHFC | 06 Nov 2014, 06:58 PM Agree 0
    The good news is that this case is " finally wrapped up, at least for regulators" and BCSC has claimed $5,000,000 of the fine. Not such
    good news for the clients who have lost at least $40,000,000.
    Some questions:
    1. Michaels lost his license in 2006. Why did it take 5 years to shut him down?
    2. Why does it take 3 years for the securities commission to announce a fine?
    3. Will this be another hollow fine that never gets paid?
    4. Why would the victims not have first charge on any fine that is paid?
    5. What about criminal charges?
    6. Where are the questions in the article about the gross ineffectual actions of the regulator in protecting these 480 victims?
  • Jeff Sanford | 07 Nov 2014, 04:13 PM Agree 0
    Harley, these are excellent questions. We'll follow up on this, and put these questions to the regulators in B.C. It really is absurd that those commercials could run for years and no one did anything. Ridiculous.
  • Tom Manion CFP | 18 Nov 2014, 07:21 PM Agree 0
    Victoria being so small they should of flagged that right away. There's a history on the Island of scams. This guy wasn't an advisor he's a crook
  • Dieter Hartmetz | 23 Aug 2015, 12:13 AM Agree 0
    I lost $78,000 of my RRSP savings but the Commission did not bother to contact me or to interview me. Where can I got additional information? I should like to be notified if there are follow-up comments or information.
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