One advisor’s fraud case is a good news, bad news situation where her compulsion for risk has compromised her clients.
Adelia Kaminsky was sentenced to four years in prison March 11 by Provincial Court of Saskatchewan judge Daniel O’Hanlon in Battleford, Sask. Kaminsky, who was charged with committing fraud over $5,000, entered a guilty plea in early January and is said to have cooperated with the crown to the best of her ability.
The bad news in this particular instance?
Between 2006 and 2013, Kaminsky defrauded 12 investors (only 10 suffered any financial loss) of $640,000; most of them senior citizens between the ages of 52 and 86. Operating her own business known as AK Financial, Kaminsky helped these 12 people invest their money receiving a commission for this service.
Registered as a dealing representative with Sentinel Financial Management between 2003 and 2013, Kaminsky used two investment ideas – one entirely fictitious, the other highly speculative foreign exchange trading – to convince her investors to hand over almost two-thirds of a million dollars which she then used for her own personal enrichment.
What’s the good news, you’re likely wondering by this point?
Kaminsky spent a majority of the money gambling at North Battleford’s Golden Eagle Casino except for $124,000 which went to The Shopping Channel.