Fraud

Former NAPFA chairman charged with securities fraud Fallback Image Decorative pattern

Industry

Former NAPFA chairman charged with securities fraud

Mark Spangler, former national chairman of the National Association of Personal Financial Advisors (NAPFA), once pushed financial professionals to act in the best interests of their clients. Now, however, he’s accused of securities fraud; he allegedly diverted $47 million of his clients’ funds into private ventures, and an FBI agent claims he made false statements […]

By Staff |May 18, 2012

3 min read

BC rep fined $50,000 for client neglect Fallback Image Decorative pattern

Industry

BC rep fined $50,000 for client neglect

On April 25, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between the IIROC staff and Syvert Mytting. Mytting admitted he promised to guarantee the future value of one client’s account, and then assumed a personal interest in the account. He also admitted his recommendations to […]

By Staff |May 18, 2012

2 min read

PI Financial rep banned, fined $150,000 Fallback Image Decorative pattern

Industry

PI Financial rep banned, fined $150,000

Following a disciplinary hearing on February 29, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Sammy Shieh Lung Pan liable for breach of IIROC rules. He violated Dealer Member Rules 29.1 and 1300.1(a) in loaning money to a client without the consent of his firm, and failing to make […]

By Staff |May 18, 2012

2 min read

Nova Scotia pair sanctioned for Ponzi scheme Fallback Image Decorative pattern

Industry

Nova Scotia pair sanctioned for Ponzi scheme

The Nova Scotia Securities Commission has reciprocated a Florida District Court order with sanctions against Nova Scotia resident Robin States. States, also known as Gregory Hampton, was operating as Infinity Online Investors Group. The hearing against Bernadette Bowden, also known as Bernadette States, was adjourned to June 14, to give her an opportunity to consult […]

By Staff |May 18, 2012

2 min read