Crime

Beware of investor traps: regulators

Regulators on both sides of the border are warning investors of risky or possibly fraudulent investments promising higher yield or returns.

February 3, 2012

2 min read

Industry

Biggest investment scams

Scam artists looking to ensnare investors are taking advantage of those troubled by economic uncertainty and volatile markets, says The Canadian Securities Administrators.

By John Powell |December 9, 2011

2 min read

Industry

Wells Fargo broker Tom D. Hamsher has been permanently barred by FINRA from working for any member firm for violations related to the sale of securities issued by financial institutions including Fannie Mae and Freddie Mac. From 2006 to 2008, Hamsher misrepresented and omitted material facts in communications with customers who on his advice purchased […]

By Staff |October 4, 2011

1 min read

Industry

Judge tosses Madoff suits

A judge has thrown out several lawsuits by investors who blame hedge funds for failing to detect Bernard Madoff's massive fraud, saying the one-time Nasdaq chairman "cleverly leveraged his considerable reputation" to dupe even the most sophisticated financial entities, including regulators and Wall Street banks.

By Wire services |September 26, 2011

3 min read

Global Partners slapped with $1.4 million penalty

The Ontario Securities Commission has levied $1.4 million in administrative penalties against Global Partners Capital and associated companies. The six individuals involved in the case and other associated companies were asked to give up more than $2.2 million of ill-gotten gains from an investment fraud perpetrated on investors in several countries.

By Vikram Barhat |September 22, 2011

2 min read

Why older clients complain

Most financial complaints in Canada are made by those 60 years of age and older. So in honour of Seniors’ Month, the Ombudsman for Banking Services and Investments has released a list of common financial issues affecting seniors. A frequent theme of these complaints is that the faith the senior placed in somebody was either […]

By Melissa Shin |August 10, 2011

2 min read

Top six frauds and scams

The Ombudsman for Banking Services and Investments (OBSI) has issued a list of the frauds and scams that top its Most Frequent Complaints list. Here’s a list you can share with clients—and guard against yourself. 1) Debit and credit card fraud: Keep your cards in a safe place, use different PINs for each card, don’t […]

By Staff |March 31, 2011

2 min read

Awareness helps fraud-proof your client

If you believe the mainstream press, the financial services industry is rife with fraud. While the industry may have a few bad apples, a more plausible explanation for this misconception is that fraudsters see the industry as perfect cover for their underhanded schemes. Pretending to be a financial advisor, a thief can clean out multiple […]

By Steven Lamb |March 10, 2011

2 min read

Crime

Beware of investor traps: regulators

Biggest investment scams

Broker barred by FINRA

Judge tosses Madoff suits

Lawyer denies wrongdoing in Madoff case

Global Partners slapped with $1.4 million penalty

Rogue trader wipes out UBS bonus pool

Why older clients complain

Top six frauds and scams

Awareness helps fraud-proof your client