Fraud

Decorative pattern

Portus settles with OSC

Ontario Securities Commission has approved settlement with Boaz Manor and other key figures in the multimillion-dollar Portus financial scandal.

By Wire services |August 27, 2012

1 min read

Decorative pattern

Portus co-founder seeks settlement

The OSC has reached a tentative settlement agreement with Boaz Manor, founder of Portus Alternative Asset Management.

By Staff |August 24, 2012

1 min read

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Estate Planning

Avoid estate abuse

Lessons learned from the mishandling of miner Paul Penna’s multi-million dollar bequest

By Melissa Campeau |August 20, 2012

4 min read

Decorative pattern

Fleeced investors launch class-action against BMO

From 1999 to April 2002, Salim Damji—who claimed to have invented a new teeth-whitening product for Colgate—defrauded investors out of approximately $77 million. And he used BMO accounts to deposit and transfer the stolen funds. It’s alleged the bank knowingly assisted Damji; according to the Ontario Superior Court’s decision documents, it was aware the funds […]

August 17, 2012

1 min read

Decorative pattern

Former Morgan Stanley advisor goes to prison

A former Morgan Stanley adviser has been handed a nine-month prison sentence for conspiring to evade the bank’s internal controls, reports Financial Times. Garth Peterson—an American who worked at Morgan Stanley’s Shanghai real estate office—was sentenced on Thursday in New York. He bribed a Chinese official to gain profitable real estate investments for both the […]

By Staff |August 17, 2012

1 min read

Decorative pattern

MF Global trustee suing former execs

Trustee James Giddens—who’s overseeing the liquidation of the brokerage MF Global—has decided to sue some of its high-level execs, reports Financial Times. He plans to join existing class-action lawsuits, which were launched against several senior MF Global employees; John Corzine, Henri Steenkamp, and Laurie Ferber are all named in various suits. Read: Giddens seeks distribution […]

By Wire services |August 16, 2012

1 min read

Decorative pattern

Ontario Pastor defrauds clients out of $8 million

A deceitful Ontario-based Pastor—who scammed investors out of more than $8 million—will soon be penalized by the OSC. And it’s about time. Marlon Gary Hibbert, who previously preached in Scarborough, Ontario, ran an elaborate scheme involving a web of non-registered companies starting in 2003. This past April, he was charged by the OSC with fraud, […]

August 14, 2012

3 min read

Decorative pattern

Portus pre-hearing prolonged

On Friday, the OSC held a pre-hearing conference regarding its case against Portus Alternative Asset Management.

By Staff |August 13, 2012

1 min read

Decorative pattern

Earl Jones fraud costs RBC $500,000+

An IIROC hearing panel accepted a Settlement Agreement between IIROC staff and RBC Dominion Securities Inc., Jean-Pierre Ménard and Serge Leclaire in the matter of Earl Jones. RBC Dominion Securities Inc., Ménard and Leclaire have admitted they failed in their gatekeeper duty when they allowed Jones to have numerous trading authorizations for unrelated clients, and […]

By Staff |August 13, 2012

1 min read

Decorative pattern

Should LIBOR be scrapped?

Britain’s financial regulator on Friday launched a quick review of the London interbank offered rate, which has been the subject of a global scandal. Martin Wheatley, managing director of the Financial Services Authority, said Friday he was calling for industry responses by Sept. 7. The proposals submitted will be included in legislation now pending in […]

By Wire services |August 10, 2012

2 min read

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