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Wealth Professional | 08 Jul 2015, 09:00 AM Agree 0
The OSC has overturned an IIROC decision and banned an advisor caught selling off book.
  • paul P | 08 Jul 2015, 09:57 AM Agree 0
    completly agree with bob roby's comment, the need to truly punish offenders will do more to clean up the industry than anything else, the rules are in place, but they need more teeth
  • Barry Geen | 08 Jul 2015, 10:19 AM Agree 0
    OSC talks tough when it comes to squashing a puny advisor for a victimless "crime". (excuse me she didn't tell her brokerage she was moonlighting, poor them). When it comes to taking on someone like Ernst and Young for their facilitation of corporate fraud, (Sino Forest, latest example) or the principles of Sino Forest, now spending their ill gotten gains, or indeed Conrad Black who arguably has made a career of looting companies, they don't have the nerve or the competence to act .
  • Robert Roby | 08 Jul 2015, 05:13 PM Agree 0

    I understand your frustration but get a grip. This advisor sold unapproved investments, filtered them for personal gain to her husbands corp then flipped those assets and I am under the understanding that the 3 million dollars that she did is nowhere to be found.Puny I don't think so!
  • Heidi | 09 Jul 2015, 03:19 AM Agree 0
    @ Barry Geen

    The OSC's settlement with Ernst and Young is a big mistake, such no-contest settlement should never be allowed in severe fraud crime cases like the Sino-Forest case.

    As a matter of fact, it is reported that Ned Goodman made a speech on PDAC 2013, revealing that the OSC had found no evidence to prove fraud allegations against Sino-Forest. That might be the reason why the OSC wants to settle with E&Y, and it was such a good deal for E&Y for it is even covered by Sino-Forest's insurance.
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