The perfect crime...is professional organized crime

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Re: The perfect crime...is professional organized crime

Postby admin » Wed May 01, 2019 7:38 pm

From: Erica Johnson <erica.johnson@cbc.ca>
Date: Wed, May 1, 2019 at 5:44 PM
Subject: Re: which CBC picture is accurate? what reason did Access to Information use to deny?
To: KDF

image_2.png

Both pics are accurate - the top pic is just the response from the banks. The Access office cited a provision to protect commercial interests. Don’t know exact section - I’m out of the office today!

On Wed, May 1, 2019 at 12:20 PM KDF wrote:
After the FCAC sent the big banks a draft copy of its report on aggressive sales tactics, they replied — every page was blacked out in the documents obtained under Access to Information laws. (CBC)

image.png


More than half the pages of a draft of the report obtained via Access to Information had words or entire sections redacted. (Andrew Lee/CBC)image.png
--
Erica Johnson
Senior Investigative Reporter
CBC News: Go Public
604-662-6818
Twitter: @cbcErica
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Re: The perfect crime...is professional organized crime

Postby admin » Tue Apr 30, 2019 2:31 pm

In the news today are the names of SNC employees, executives behind thousands of dollars in illegal Liberal Party donations were revealed
https://www.cbc.ca/news/politics/snc-la ... -1.5114537 SNC-Lavalin managed to avoid charges by signing what is known as a "Compliance Agreement" with the Commissioner of Canada Elections after promising not to break the law in the future. Yet here we sit today with scandal after scandal appearing in the news.

Not in the news is that Canadians are not protected by financial regulators, in an “SNC-like” manner. In fact regulators seem to be bending over backwards to help big businesses evade justice with such things as: Compliance Agreements, Deferred Prosecution Agreements, No Contest Settlements and Exemption Orders. The Investment Industry Regulator of Canada (IIROC) is busily proposing ways to minimize penalties for perpetrators with their: Minor Contravention Program and Early Resolution Offers. Securities Commissions are focusing their attention on "burden reduction" for the investment industry.

Here is one example to illustrate the size of the problem:

Mutual fund assets in Canada totaled $1.53 trillion at the end of March 2019. https://www.ific.ca/wp-content/uploads/ ... pdf/22258/
Yet just yesterday in the news it was reported that “More than nine in every 10 funds underperformed their respective benchmark over the 10-year period. https://www.investmentexecutive.com/new ... scorecard/
Why do Canadians keep buying them? When they seek financial advice from someone they think is professional financial advisor with a duty to look after their best interests, they usually are just dealing with a commissioned salesperson. Guess what this salesperson sells...mutual funds!

When thousands of bank employees came forward to reveal scandalous behaviour they were engaing in to reach unrelenting sales quotas and keep their jobs the Financial Consumer Agency of Canad was tasked to look into this serious matter. CBC recently revealed collusion between the Big Banks, the Financial Consumer Agency of Canada (FCAC) and the Finance Department! https://www.cbc.ca/news/politics/fcac-b ... -1.5091115

In 2007, a study by University of Toronto Rotman School of Business Pension analyst, Keith Ambactscheer, found that retail investors were suffering returns of 3.8% less than the returns that professionally advised investors received, a “haircut” of about $25 Billion dollars at a time when Canadians held $700 Million in funds.
Now it is 2019 and Canadians hold about $2 Trillion in funds, making it possible that the “haircut” to Canadian investors is considerably higher than the $25 billion found by the U of T in 2007. https://docs.google.com/file/d/0BzE_LMP ... yOTkw/edit
Keith Ambachtsheer is Director Emeritus of the Rotman International Centre for Pension Management (ICPM)

In comparison:
it is estimated that organized crime costs Canadians $5 billion every year; that translates into $600 a year for a family of four. Source: http://www.rcmp.gc.ca/soc-cgco/index-eng.htm


Here is the Billion Dollar Question: WHAT IF…collusion and professional “co-operation” between politicians, regulators, and the people they are supposed to regulate and protect the public from..., could be costing Canada multiples of the RCMP estimates of organized criminal activity?



==============

Footnote:
The Criminal Code (467.1) definition is as follows: “Criminal organization” means a group, however organized that

(a) is composed of three or more persons in or outside of Canada; and (b) has as one of its main purposes or main activities the facilitation

or commission of one or more serious offences that, if committed,

would likely result in the direct or indirect receipt of a material benefit,

including a financial benefit, by the group or by any of the persons
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Re: The perfect crime...is professional organized crime

Postby admin » Tue Apr 30, 2019 8:13 am

image.png


At 1:20
"if you really do start a business model that says, my clients aren't my clients, they are really counter-parties that I can make money off of....you shouldn't be surprised if you end up with a culture that is a greed culture that really doesn't do the right thing all the time…”


https://www.youtube.com/watch?v=23xWWsGp6vU

In a total time of about 3 min and 20 seconds, TD’s Ed Clark and Tony Robbins sum up the bait and switch that clients are subjected to at every major form, where the firm and the broker says “trust me I am your advisor”, while dishonestly hiding from clients the fact that they are mere salespersons and can (and do) treat their customers like a “counterparty" that they can make more money off of….by leading them astray.



======
Neil Weinberg, former Editor in Chief of American Banker Mag puts it into his own words in this OCT 18, 2013 article in American Banker Magazine:

“Financial Advisor Chicanery: Imagine a two-tiered health care system in which some doctors were legally obligated to do what's right for their patients and others, like snake-oil salesmen of yore, could recommend whatever treatments made them the most money, as long as they didn't kill patients outright.”


“Now imagine that the shysters did all they could to blend in with the real doctors.
That's effectively the type of system we have today among the people Americans count on to tell them how to invest their life's savings. Registered investment advisors must, by law, put clients' interests first. Many thousands of other "advisors" at places like Morgan Stanley, Merrill Lynch and smaller shops are held to a much lower "suitability" standard.”

“In essence, even though these people often refer to themselves as "financial advisors" or by some other comfort-inducing title, they're really glorified salesmen. Some do a great job serving their clients. Others don't. It's up to them. Under the law, as long as they avoid putting an 85-year-old widow into an exotic derivative with a 20-year lockup, they're bulletproof.”

“Few clients know this fiduciary-suitability gap exists. The suitability crowd has worked tirelessly to keep the standard low and the distinctions murky.
The cost to the public is incalculable but huge.” Full article is found here:
http://www.americanbanker.com/bankthink%20...%20940-1.html
========

Also add Ed Waitzer quote:

========

Wall Street Journal
"...Most people do not realize that financial advisers (also known as financial planners, financial consultants, investment counselors, money managers, portfolio managers, wealth managers and other names) come in two flavours."



http://blogs.wsj.com/experts/2014/10/09%20...%20d-brokers/


=======

CFA Peter Benedek reviews "Is Your Advisor Deceiving You?"
"The professional who is willing to violate his own duty of loyalty and care to his clients is "placing an obstacle before the blind".



http://retirementaction.com/2014/06/13/%20...%20e-16-2014/

======

Ron Rhoades Asst. Professor, Program Chair, Financial Planning Program, Alfred State College, Alfred, NY;
"I believe that holding yourself out as a trusted advisor, and not accepting fiduciary status and its burdens and restraints upon conduct, is tantamount to fraud."



http://scholarfp.blogspot.ca/2014/10/i-%20...%20lieve.html

======

Make advisors work for investors, Financial Post
"Anything else is fraud, because the seller is delivering a service different from what the consumer thinks he or she is buying. "


Edward Waitzer article, Financial Post · Tuesday, Feb. 15, 2011) (Mr. Waitzer is a Bay Street Lawyer and former Securities Commission chair, and this quote ( by another person) appeared in his article.
[url]http://opinion.financialpost.com/2011/02/14/make-advisors-work-for-investors/
[/url]

==========

Jul 5, 2012 INVESTING Wall Street Journal
Should You Go to an Adviser or an Advisor?
By JASON ZWEIG

Associated Press The New York Stock Exchange
Long ago, investors bought stocks from "customer's men," who then became "registered representatives," who in turn morphed into "investment adviser representatives." Financial planners, meanwhile, became "financial advisers" and even "wealth managers."
Much like garbagemen rechristening themselves "sanitation engineers," the folks who flog investments are tweaking their titles to make what they do seem fancier and more impressive than it is.


Screen Shot 2018-11-03 at 7.05.41 PM.png
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Re: The perfect crime...is professional organized crime

Postby admin » Mon Apr 29, 2019 9:15 pm

SIPA
SMALL INVESTOR PROTECTION ASSOCIATION
NEWS RELEASE – April 29, 2019
A Voice for Small Investors Seeking Truth and Justice

On behalf of all Canadians, the Small Investor Protection Association (SIPA) is renewing its call on our Government
· To immediately launch a Public Commission of Inquiry into financial services and investments, and the Financial Consumer Agency of Canada (FCAC)

· To establish an independent National Investor Protection Authority with the sole mandate to protect the Canadian public.
In light of CBC’s latest report revealing collusion between the FCAC, the Big Banks and the Finance Department: https://www.cbc.ca/news/politics/fcac-b ... -1.5091115
An independent public inquiry is necessary to get to the truth. The public’s voices need to be heard and not just the industry and its captured regulators. It is time to review the FCAC as well as the banks.

There appears to be a far too 'cozy' relationship between the banking industry, the FCAC and the Finance Department. The public cannot rely on the FCAC to regulate, or the Finance Department to allow for an independent review of the system, and its regulation.
The FCAC sent early versions of its investigation report to the Finance Department and the big banks with resulting edits occurring to make the report more favourable to the big banks.


Thanks to media, the bigger contextual picture is finally emerging. These revelations, along with the SNC Lavalin affair and the Ontario Finance Minister’s intervention regarding the “independent regulator” Ontario Securities Commission action relative to mutual fund fees, bring the word TRUST into a highly capitalized focus. Will we ever get the objective truth and how much more is being tainted by undue influence?

Canadians are losing their savings due to systemic fraud and wrongdoing by a financial services industry that does not put clients’ best interests first, disregarding laws or rules and regulations.
It has been possible to defraud tens of thousands of clients for up to a decade as indicated by recent No Contest Settlements by paying fines to avoid admitting responsibility and litigation. Where were the regulators?

It is essential that Government acts:
· to revise Statutes to ensure that all firms and individuals offering financial advice are held to a fiduciary standard regardless of their titles.
· to ensure those tasked with over-seeing industry conduct are impartial, willing and capable of effectively sanctioning those who persist in unfairly harvesting Canadians savings. They must levy appropriate financial fines and incarceration when warranted.
· to ensure victims are paid restitution when warranted without having to turn to costly civil litigation.
· to create an independent National Investor Protection Authority with the requisite authority to properly protect Canadians from fraud and wrongdoing by the financial services industry.
With so many highly paid regulators across Canada tasked with consumer protection mandates, the question arises why is it left to the media to break these stories? The implications here for Canadians are enormous. Given the potential extent of continuing financial harm to Canadians, it is essential that our Government takes positive action without undue delay. It must not be Caveat Emptor in a relationship that is based solidly on trust. Canadians are entrusting their hard-earned money, savings and futures with what should be trusted institutions and individuals.
SIPA – website: http://www.sipa.ca – e-mail: sipa.toronto@gmail.com

SMALL INVESTOR PROTECTION ASSOCIATION
A Voice for Small Investors Seeking Truth and Justice
About SIPA: The Small Investor Protection Association (SIPA) was incorporated (Ontario corporation number 1327366) as a national non-profit organization at the end of January, 1999. SIPA is a voice for small investors and advocates for the interests of investors.
SOURCE: Small Investor Protection Association
For further information:
Stan I. Buell, President, Small Investor Protection Association email: stanbuell@gmail.com or sipa.toronto@gmail.com
tel: 902-213-3124
http://www.sipa.ca/library/pressRelease/SIPA_PressRelease_0429_2019.pdf
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Re: The perfect crime...is professional organized crime

Postby admin » Mon Apr 29, 2019 3:20 pm

SIPA proposed a National Investor Protection Agency as far back as 2004 but Government has failed to respond. Studies, Reports, Conferences and Requests for Comments have not led anywhere.

Screen Shot 2019-04-29 at 4.19.07 PM.png


Recent revelations by the media indicate the Financial Consumer Agency of Canada is colluding with the Big Banks and the Finance Department to deceive the Canadian Public rather than reveal the truth:

https://www.cbc.ca/news/politics/fcac-b ... -1.5091115

SIPA will issue a Press Release later today to publicly ask the Government of Canada to establish an Independent National Investor Protection Authority that is not compromised by industry to ensure the welfare of Canadian citizens.

The Press Release will be available on our website http://www.sipa.ca.
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Re: To unravel the perfect crime...

Postby admin » Sat Apr 27, 2019 3:44 pm

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Blog article by Peter Sommer: (written in 2017 and he was years ahead of the rest of us in his understanding)

http://www.weizhentang.today/2017/11/28/when-things-go-wrong-they-can-go-so-wrong-especially-when-there-is-collusion/


When things go wrong, they can go so wrong – especially when there is collusion

November 28, 2017

Not many people have had the “fortunate” opportunity to get sued by a company that they had no contractual relationship with, were never served and then had a default judgment ruled against them which caused numerous bank accounts to be garnisheed 7 years ago which are still garnished to this day. This became the catalyst to 5 more law suits that were filed because of a malicious situation created by a vindictive plaintiff.

I would not wish this on my worst enemy but this is exactly what happened to me and is still ongoing. This is not the ideal way to learn about the wrongs of our legal system that no longer works for the average person as stated by our own Chief Justice. This also taught me about our banking system and the role that the government should be playing but they totally abuse this duty. Seeing I lost everything I ever owned because of this, I have had hours upon hours and years upon years to delve into and research the flagrant abuse of power by those who control our legal system, our banking system and our government who are without doubt all in collusion with each other.

In Canada we have a 2 tier legal system one for the rich and powerful and one for everybody else.
The one for the masses is sole destroying, time wasting, confusing, biased, unfair and far too expensive, hence the dramatic increase in Self Represented Litigants (SRLs) we see filling our courts today at all levels. This legal system will never change unless the government gets involved in changing this excuse of a system by firstly making sure that SRLs do not have to face the abuse of lawyers and judges alike and then fix everything else that is so wrong. I have learnt over the past 7 years that the government has no intention of making much needed change because in some nefarious way it suits them not to.



The above case forced me into a banking problem which gave me the opportunity to see the very worst of our banking system as well.
The CBC discovered that banks are using unethical sales practices to sell products that customers do not want or need. Even though thousands of customers and employees have come forward agreeing that this is happening, the banks and the government vehemently disagree. Would you expect anything different seeing they are in collusion with each other? The banks don’t give a damn about their customers, they are just a means to a greedy end while making absurd profits at the expense of their customers. The banks will put up one roadblock after another in order to avoid responding to customer’s complaints and problems, hoping that they might die first before they have to deal with the problem.

You need to wonder who controls who, does the government control the banks or do the banks control the government?
It does not take much research to see and understand that it is the banks that control the government. One does not need to look much further then what is currently going on with our Finance Minister, Justin Trudeau’s friends and the many other politicians regarding the offshore banking scandals. One just has to look at how the chair of The House of Commons Finance Committee, who is known to defend the privileged, handled the KPMG – Isle of Man off shore banking affair by doing absolutely nothing, as opposed to their US counterparts who put executives of KPMG in jail and fines were levied to the tune of a half a billion dollars for doing the exact same thing in the US. Why did Canada do nothing? Who were they trying to protect and cover up for?

This is the same House of Commons Finance Committee that is currently looking into the CBC’s report on the unethical sales practises of Canadian banks which will once again probably achieve absolutely nothing other than show that the government is going through the motions.

(Investor advocate comment April/2019 “this prediction came true...Committee did nothing, FCAC allowed banks to redact the report before it was released to the public)

We are already starting to hear reports like, “So far, there has been no evidence of systemic misconduct at the major banks” – 22/8/17. The Finance Minister is resisting making key changes, claiming that the, “bank watchdog agencies are fine as is.” No, Mr. Finance Minister, they are not close to being “fine as is.” Again we just have to look at the news media everyday to see what this same Finance Minister, has done, is doing and will continue to do unless a completely independent bank watchdog is put in place to stop the banks and the government’s shenanigans. (Nov 23, 2017 – Morneau sides with shareholders, not Canadian Workers in Sears closing).

“Effective regulation is required to ensure that banks do not abuse the interests of their customers in the pursuit of profit.
Unfortunately, those mandated with protecting the Canadian public have repeatedly failed to do so. Consumer protection in Canada suffers egregious problems that can and must be fixed. When it comes to regulatory power, Canada is a lightweight and processes for dispute resolution are fundamentally flawed.” Canadian Association for Retired Persons (CARP)

This behaviour of the banks, the legal system and the government do not seem to concern most citizens as long as it does not affect them directly.
This is because they only get to see part of the big picture on rare occasions. Things are very different when you get exposed to all of this at one time because you get a front row seat in seeing the corruption that exists and how the general public suffers while senior executives and the “higher ups” get away with “murder.” Listen to what Elizabeth Warren, a US Senator, had to say when she hit the nail on the head when speaking about the wrongs of the US legal and banking systems. Unfortunately this is exactly how it is in Canada as well, if not worse. Listen to her speech here.

The problems with our banking system

Corporate America places their personal agenda for greed ahead of its customers, all the while presenting a public façade of social, community responsibility and awareness, while the customer is greeted by silence, avoidance, indifference if not open hostility!

Banking and dishonesty go hand in hand. Banking culture is likely to fuel bad traits such as greed and dishonesty.
Accusations that the world of banking is corrupt are common, but now scientists have actually proven that banking breeds dishonesty. Read Here: is cheating a part of banking culture

Shame on you, TD Bank, for your shallowness, your insensitivity, your hypocrisy and most substantially, your greed!

Screen Shot 2019-04-27 at 4.48.30 PM.png


As Ed Clark past President and CEO of TD Bank said after he retired, “if you start a business model that says, my clients aren’t my clients, they are really counter-parties that I can make money off of….you shouldn’t be surprised if you end up with a culture that is a greed culture that really doesn’t do the right thing all the time…” To listen to this conversation click here: https://www.youtube.com/watch?v=23xWWsGp6vU

The solution is relatively simple if those in power really wanted to look after the people first before looking after themselves. It is basic human decency to NOT be abused by persons who are in positions of trust or authority.
A proper complaints process has to be set up and be administered by a completely independent group of people without ties to the government or the banks. Their findings must be enforceable and they must have the power to fine the banks for improper and unjust enrichment, as they have in England through The Financial Conduct Authority (FCA).

The problems with our legal system

After attending the (SRL) Awareness Day at Osgoode Hall Law School within the past month, I was shocked to see what damage our very broken legal system has done to regular people and what it has cost all of them in time, money, quality of life, health issues and much more.
Something has to be done about this NOW, not when some politician decides that maybe they should start looking at the issue more seriously.
“Justice degrades with delay. The parties’ position of personal safety may be compromised and the damage may be irreparable. People whose legal issues are not resolved face ongoing difficulties. Problems spread to other areas of their lives, at significant individual and social cost.” – Canadian Bar Assoc. “Justice delayed is justice denied.”

When this is understood by all of those who govern, we will finally be making progress in some way to getting Access To Justice (A2J) for the masses because the above quote is exactly what happened to all of those I have met and spoken to including myself.

Once a litigant finally gets to court, they have to hope that they will have a competent judge who shows no bias, shows some courtesy and respect to those they judge and will make as few mistakes as possible. Unfortunately I have seen way too many judges who are incompetent and make far too many mistakes while being downright rude. Seeing judges come with outrageous privileges, they are almost immune from all forms of action.
“Judges have judicial immunity and bear no liability for their judicial errors”- Lawyer Alan Shanoff. One just has to look at how many judges have ever been fired, they are conspicuous by their absence.


At the same time the governing bodies like the Law Society of Upper Canada (LSUC) who are supposed to protect the public from overzealous, unethical, money driven lawyers who are often, “Juggling many cases, doing little work on each while churning the file for billable hours can be a best practice for generating revenue for a law firm.” – Canadian Justice Review Board (CJRB)
. The LSUC must protect the public as per their mandate instead of protecting the lawyers as I have now witnessed twice in my own cases. If you complain about a lawyer, it can take 11 months plus to get an assessment hearing and over a year to get a response from the LSUC. What is worse, is that the LSUC is immune from lawsuits by virtue of s.9 of the Law Society Act?

The same applies when it comes to protecting the public from unscrupulous judges by the Canadian

Judicial Council (CJC) and the Ontario Judicial Council (OJC).They have to stop showing bias in favour of their own instead of making the public their scapegoats, as I have witnessed as well.

It is of no use to the public to hear from the most senior politicians, minister and others as I have: “thank you for writing and I am sorry to hear this” or “it is not uncommon to hear this” or “I apologize for this happening to you” or “I appreciate you taking the time to share your experiences with the justice system” or “my ministry always welcomes input from the public regarding ways to improve our justice system” or “I sympathize with the situation you describe and realize that this has been distressing for you.” Well, if these people are so apologetic, why the hell are they not doing something about it?

This is just pure BS and lip service, admitting that there is a problem but doing nothing to solve it. There is absolutely no reason if there is the will and desire to make change that it cannot be done. This might involve stepping over those who resist change and who might become collateral damage in the process but that is just too bad. If we can put man on the moon, we surely can make the lives of Canadian citizens a lot better, should they land up with a legal problem in this litigious society. “Canadians face 35 million legal problems in any 3 year period” – Action Committee Can. So as you can see, this is a major problem, we need to see real and serious action by those in charge to make these horrendous problems and issues go away now and not in years to come.

When judges, lawyers and their relative associations become accountable to the public and are regulated by a completely competent, independent body that can enforce the rules and penalize those who are guilty, only then will we see real change and A2J
. Because at this time, “Who pays when judges screw up?”

Below are 43 of the 72 people I have written to, some more than once, about the above matters. Not one of them has had the common decency or the courtesy to respond.
Silence is the norm because those who have something to say about these matters will stay silent for fear of reprisal by their peers. They all know that all of the above is badly broken but they also know that there is no benefit, financially or otherwise for them to make these changes. They all seem to be one big happy family. Those left off the list did respond, such as Jody-Wilson-Raybould – Justice Minister and Attorney General of Canada, Thomas Cromwell Retired Supreme Court Justice and a very few others.

From the Federal Government

Justin Trudeau – Prime Minister

Beverley McLachlin – Chief Justice

Bill Morneau – Minister of Finance

Jessica Prince – Senior Policy Advisor for Justice Canada.

From the Ontario Government

Yasir Naqvi – Attorney General of Ontario

Charles Sousa – Minister of Finance Ontario

From the Legal World

The Law Society of Upper Canada (LSUC) – various people

Canadian Judicial Council (CJC) Ottawa

Ontario Judicial Council (OJC)

From Banking Associations and Watchdogs

Terry Campbell – President Canadian Bankers Association

Darren Hannah, Vice-President, Canadian Banking Association

Jeremy Rudin – Superintendent of Banking

Lucie Tedesco – Commissioner Financial Consumer Agency of Canada (FCAC)

Brigitte Goulard – Deputy Commissioner FCAC

Wayne Easter – Chairman of the House of Commons Finance Committee

Pierre-Luc Dusseault, NDP MP initially proposed hearings into the practices of Canada’s big banks

Dan Albas – Conservative MP part of bank hearing

The Banking Ombudsman – ADRBO

From TD Bank

Edmund Clark – Past President and CEO TD Bank

Bharat Masrani – CEO TD Bank

Daria Hill – Media Relations, Corporate & Public Affairs TD Bank

Brian Levitt – Chairman of the board TD Bank

Norie Campbell – currently Group Head and Chief General Counsel, TD Bank Group

Colleen Johnston – Group Head Marketing and Corporate & Public Affairs TD Bank Group, retiring 2018

Melissa Tzimas – Manager Customer Experience TD Bank

Tim Hockley – Group Head Canadian Banking TD Bank (now TD Ameritrade)

Ellen Patterson – currently Executive Vice President and General Counsel, TD Bank Group

Michael Rhodes – Executive Vice President, TD Bank Group and Head of Consumer Banking, TD Bank US,

Leo Salom – currently Executive Vice President, Wealth Management, TD Bank Group

Alison Ford – Media Relations, Corporate & Public Affairs,

Mohammed Nakhooda – Media Relations, TD Bank Group

Gillian Manning – Head of Investor Relations

Riaz Ahmed – Group Head and Chief Financial Officer, TD Bank Group

Greg Braca – currently President and CEO, TD Bank, America’s Most Convenient Bank,

Mark Chauvin – Group Head and Chief Risk Officer

Ajai Bambawale – will become Group Head and Chief Risk Officer, TD Bank Group, February 1, 2018

Teri Currie – Group Head, Canadian Personal Banking, TD Bank Group

Bob Dorrance – Group Head, Wholesale Banking, TD Bank Group, CEO & President, TD Securities

Paul Douglas – Currently Executive Vice President, Canadian Business Banking,

Frank McKenna – Deputy Chair, TD Bank Group

Legal Department – TD Bank, TD Ombudsman’s Office



Some examples of recent abuse by TD Bank

October 10, 2017, Bal Brach, CBC News reported more cover ups and refusal by TD to do the right thing.

“TD Bank customer frustrated with fraud investigation leaving him owing thousands”
“Three TD Canada Trust bank customers who claim they were the victims of fraudulent credit card and debit card transactions are accusing the bank of denying their claims without a thorough investigation”

“TD Canada Trust offered Mr. X a “one-time goodwill” gesture in the form of $2,569.68 but Mr. X declined, arguing that more than $5,000 went missing from his account. (CBC News)”



“The bank refused an interview with CBC News, but in a statement said “TD’s fraud investigations team thoroughly reviews all reported customer fraud claims in a fair, equitable and transparent manner.”- Who do they think they are kidding? “They did the minimum criteria that they had to prove to not pay me the claim and then just walked away” Mr. X said. “I think it’s a little insulting to get that offer, to be honest.”



A second case reported on the same day states,
“When CBC News inquired about this case, the customer was contacted by the bank within days and was told she would not be responsible for the charges if she agreed to a settlement which included not discussing her case publicly”
– why?

TD did the same to me twice. I have never yet to this day got a response from TD as to why they made me the 2 insulting offers which in effect was really a bribe. This seems to be standard procedure for TD. What is TD scared off by going public? Is it their reputation or are they more concerned about making less profit?

After living through this nightmare with the banks and the problems caused, the following animated video depicts

EXACTLY how our banking system works which is condoned by the legal system and government Watch here.

https://www.youtube.com/watch?v=keRwjYmtf0U&feature=youtu.be

Thanks for reading,

Peter Sommer

http://www.weizhentang.today/2017/11/28/when-things-go-wrong-they-can-go-so-wrong-especially-when-there-is-collusion/
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Re: To unravel the perfect crime...

Postby admin » Tue Apr 16, 2019 8:06 pm

Peddling Influence

What if the OSC is the provincial government equivalent of SNC....?


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With news coming out of late that Ontario is going to set the stage for "new rules” (meaning lower standards:) for persons who give financial advice, I ran across this today, and thought I would share it:

Sent to me from an investment industry expert who is deeply concerned about the watering-down of public protections:

"Yes they are siblings!"
Victor Fedeli was born in North Bay on August 8, 1956. He is married to Patty (Kelly), another North Bay native. His mother Lena still lives in North Bay. His brother Peter, wife Elizabeth, and their daughter Maggie also make North Bay their home.His sister Teresa and her family live in Montreal. http://fedeli.com/meet-vic/extended-biography/

The Minister of Finance in Ontario has a brother who is a Financial Advisor with CIBC.
From a published online profile of Peter Fideli:
Peter Fedeli
Titles & Designations
Investment Advisor
Bachelor of Commerce
Master of Business Administration
Canadian Investment Manager

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The problem with this is that Peter Fedeli, who claims to be an Investment advisor with CIBC, is only registered in the category of a “Dealing Representative” which is the registration of a salesperson (a representative for CIBC) and not an “Advising Representative” (with a higher duty of care for investors)

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click on image to zoom in, click on “back” button to go back


The key difference of course is that selling products is NOT giving impartial advice, and giving impartial advice is NOT selling products....and never the twain shall meet...however CIBC and Peter Fedeli would prefer to not inform investors of this particular aspect of the business.


Notwithstanding that it is not allowed under Ontario Securities Law, to misrepresent ones license or registration category (much less under principles of honesty and good faith)

Screen Shot 2018-04-23 at 6.53.29 PM.png

click on image to zoom in, click on “back” button to go back

The problem is that these investment sales agents, legally registered as “Dealing representatives” (agents who represent the dealer) can take in more money from clients if they give clients the impression (mistakenly or otherwise) that clients are dealing with a trusted, regulated, (perhaps fiduciary quality) financial professional. Clients hope and expect that someone like this would treat them like a “Doctor” treats their patient's, and not like a commission sales agent.

Commission investment sales agents often hide their true credentials behind false titles since it makes more money for the banks...or rather it makes getting trust and money from the public easier, even if it a false representation, and even if it is against the law. This is just plain wrong and the word fraud comes to mind, but when was the last time you ever heard or saw of a bank being held to the law...in public.

Vic Fedeli is working very hard to change things so that people (like his brother) can further confuse the public, with new government proposals coming soon, on credentials so that people like his brother can have their cake and eat it too. They will soon announce that all persons formerly known as “dealing representatives” (which was the “salesperson” category until the word “Salesperson” was deleted in Sept 2009 by the CSA)...will be granted a new, professional sounding name/title, which will allow them to further confuse the public into giving their money and trust away to people who pretend to have a professional duty to protect the client...when nothing will be further from the truth.

This crony, self-dealing game of government minsters being handmaidens to financial corporations is getting more comedic every day.


Screen Shot 2019-04-16 at 9.03.03 PM.png

https://www.youtube.com/watch?v=qH0UGSG2wX0

CBC Comedy writers cover the laughing-stock that foreshadow what we can expect more of...from Finance Minister Fedeli in 1 min 40 seconds. See how it looks today (before Mr. Fedeli enshrines the fraud into law...) in under 2 minutes at the YouTube link above. What a gift to comedy writers of the world. Have fun and enjoy your soon to be crafted Ontario financial...advisoir’s?
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Re: To unravel the perfect crime...

Postby admin » Mon Apr 15, 2019 3:24 pm

https://www.cbc.ca/news/canada/nova-sco ... -1.4357154

Critics question settlement program for banks that overcharged fees

Some say the process isn’t transparent and doesn’t act as enough of a deterrent
Yvonne Colbert · CBC News · Posted: Oct 18, 2017 6:00 AM AT | Last Updated: October 19, 2017

Screen Shot 2019-04-15 at 4.16.00 PM.png

Questions are being raised about allowing settlements with the banks and other investment firms that overcharged Canadians $354M (CBC)

As investors await refunds from banks and other financial institutions for hundreds of millions of dollars in excess fees and unpaid interest, critics are questioning the process around how the unwarranted charges were dealt with by their regulator.

Scotiabank, Royal, TD, CIBC and BMO, along with others, have all come forward to disclose they accumulated a total of $354 million in excess fees or unpaid interest on mutual funds and other investments.

TD had been charging the excess fees for 14 years, CIBC for 10 years, while others had been charging them for six to eight years. The largest amount of investor compensation came from CI Investments, which failed to pay $156 million in interest on some clients' mutual funds over a six-year period.

Canada's big banks admit they overcharged customers — what went wrong?


Financial institutions must issue refunds within two years of their settlement date. That deadline has already passed for some, while the process is ongoing for others.

Canadians learned of the unwarranted fees from the Ontario Securities Commission (OSC) after secret negotiations between the financial institutions and the OSC, the body that regulates them. The disclosures are the result of something called a no-contest settlement program introduced by the OSC in 2014.

No admission of guilt required

Those settlements mean none of the offenders had to admit wrongdoing or guilt; they simply agreed to fix the problem, pay back their customers and pay a fine.

It's a program the OSC's director of enforcement, Jeff Kehoe, calls "a huge success." But some are raising questions about it.


Stan Buell, president of the Small Investor Protection Association (SIPA), says these settlements are one more reason why his non-profit group, created to educate and advocate for consumers, feels there should be a public inquiry into the investment industry.

Stan Buell, president of the Small Investor Protection Association, says there should be a public inquiry into the investment industry.
"These no-contest settlements are absolving the industry of the responsibilities for the last 10 years,"
he said.

"I mean, how can regulators claim that they protect investors when these companies have been doing this for 10 years undetected?"
Buell asks, calling the settlements just a part of the "deception" of the investment industry.

image.png



'An easy out'

A former director of the OSC is also speaking out about the secret agreements.

"I haven't been a fan of [no-contest settlements] because I think it provides an easy out for people who have been involved in misconduct,"
Michael Watson, a former director of enforcement with the OSC, told CBC News. Watson is now a special adviser to the RCMP's integrated market enforcement program.

I think it provides an easy out for people who have been involved in misconduct.
- Michael Watson, former director of enforcement with the OSC
Watson said he has trouble seeing an appropriate resolution to such cases when no one is required to admit wrongdoing.

"I guess I was always concerned that if people were not prepared to stand up and admit they'd done something wrong that they might not see the harm in doing again,"
he said.

An adequate deterrent?

Lawyer Anita Anand, the J.R. Kimber chair in investor protection and corporate governance at the University of Toronto faculty of law, worries these agreements won't stop future wrongdoing.

"That is positive for the financial institution [but] it's not so positive for deterrence in terms of sending a message to the market that a certain type of behavior is simply not going to be permitted in Canada's capital markets,"
Anand said. "The law has to be seen to be fair and it is this perception of fairness that is my main worry."

New investment rules fail to reveal some hidden fees
Anand, like Watson, can see the benefits of the program in that the case doesn't drag on for years and investors do get refunds. Watson calls it a trade-off, adding it depends on what your objective is.

He points out the number of businesses coming forward to acknowledge overcharging clients speaks to the benefit of the program, since these are cases "that probably wouldn't have otherwise" become public.

Transparency issues

Anand wonders, though, whether the process is transparent enough and should be reviewed.

"The process occurs behind closed doors," she said. "It's not a trial. It's not a hearing. It's not a case in which you're going to have the public have access to proceedings in the way that you would with a trial or hearing. So there's less information coming forward on a daily basis about what is the process and the basis on which this no-contest settlement was reached."



Scotiabank, Royal, TD, CIBC and BMO, along with others, have all disclosed that they charged a total of $354 million in excess fees on mutual funds and other investments. (Kevin Frayer/Canadian Press)
Anand acknowledges the OSC does release no-contest settlement agreements, but not all documents leading to the agreements are made public "so again there is a transparency issue or at least a potential transparency issue there."

She said the U.S. Securities and Exchange Commission's decision to pull back from using the settlements indicates "there are valid issues to be discussed here relating to transparency and legitimacy and ultimately the public's interest."

Kehoe says the OSC uses such agreements in limited circumstances and argues they do serve to prevent future problems, adding the settlements were introduced as a way of "getting the case done in a timely way, getting investor harm remediated and fixing the problems."

Royal Bank to pay back $22M in investment fees it overcharged

He said a no-contest settlement has all the hallmarks of every other hearing they do.

"A fine is a stigma and a deterrence no matter how you label it."

Just about every major investment firm has entered into a no-contest settlement.

Financial institutions that have compensated Canadians as a result of no-settlement agreements. (CBC)
What should investors do?

It is now up to the financial institutions to identify affected clients, determine how much each is owed, make "reasonable efforts" to contact those who have been overcharged and reimburse them. There is no established method for those clients to determine on their own whether they are owed money or how much. Investors with questions should contact their bank or investment firm.

Anand said there is no strong reason to believe the amounts that have been calculated are incorrect.

Manulife in settlement deal with OSC after clients wrongly paid excess fees
"They likely are [correct] but the process itself is somewhat disconcerting," she said, adding it doesn't inspire public confidence "given that we have so very little information about the process by which the so-called compensation plans are calculated."

Anand's advice to investors is to become more knowledgeable about their investments and Canada's capital markets. She said while financial literacy is important, it doesn't relieve regulators of their responsibility to protect investors and ensure a fair market.
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Re: To unravel the perfect crime...

Postby admin » Sun Apr 14, 2019 6:40 pm

Re: Securities law "exemptions". A license to steal?
Postby admin » 31 Jan 2019 03:01 pm

510 Exemptions granted by the OSC in 2017 and 410 in 2018 according to OSC staff

(Information as to number of public notices issued, or legislative required tests and documented procedures regarding protection of the public interest when granting exemptions, will be sought, and previously asked questions in this regard have not provided answers. In addition it will be asked how many exemption applications were received and rejected/accepted, numbers for each of these three categories)

From: inquiries@osc.gov.on.ca
Date: January 25, 2019 at 4:36:08 PM EST
To: (Name removed)
Subject: Re: File #20190121-25937 - Request for information

Dear (Name removed)

Thank you for your follow-up email about the number of exemptions granted by the OSC.

The chart below shows information for the previous two fiscal years, shown by OSC branch. The chart shows exemptions granted, with the exception of the Corporate Finance branch information which was for all applications. In the chart below, IFSP is the Investment Funds and Structured Products branch, and CRR is the Compliance and Registrant Regulation branch. More detailed information about each of these branches is available on the OSC website.


I understand your comment about the work required by OSC staff to review applications for exemptive relief, but this is a normal part of our regulatory role. The rules governing the OSC’s activities are designed to help fulfil our statutory purposes. However, the rules themselves also typically provide that exemptive relief may be requested, and, so, contemplate that the rules may not be practicable in all situations.

Just for some additional background on the process, as a general rule, applications for exemptive relief are expected to be made in writing and to set out the facts in the matter, the reasons for the application, and all relevant considerations and circumstances, as well as provide any supporting documents. Applications are reviewed on a case by case basis and the determination depends on the facts. The process often involves detailed follow-up discussions with applicants, and exemptive relief, if eventually granted, may be different from the original request and may include terms and conditions to address specific concerns, including appropriate investor protection. The Act and the rules are made with the statutory purposes in mind, as are decisions about potential exemptive relief.


Sincerely,

David DoRego
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555

The information in this e-mail should be taken as a guide. The content is not intended to provide investment, financial accounting, legal, tax or other professional advice and should not be relied upon or regarded as a substitute for such advice. We recommend that you seek advice from a qualified professional adviser before acting on the information or content appearing in this e-mail or any information or content on a web site to which a link has been provided.


From: (Name removed)
To: INQUIRIES@osc.gov.on.ca
Subject: Re: File #20190121-25937 - Request for information
Date: January 23, 2019 11:56 AM

Yes Please send 2017 and 2018 information
As investor advocates we are interested in how much industry participants can deviate from written laws via exemptions.
This creates a burden and extra workload for OSC staff

(Name removed)


Sent from my iPad

On Jan 23, 2019, at 11:32 AM, inquiries@osc.gov.on.ca <mailto:inquiries@osc.gov.on.ca> wrote:



<1D818483.gif>

Dear (Name removed)
Thank you for your inquiry to the Ontario Securities Commission (OSC) about the volume of regulatory exemptions granted by the OSC in 2017 and 2018.

Staff prepared statistics for fiscal years 2017 and 2018, which would be current to March 31, 2018. If you think that information would be helpful to you, please let me know. If you wanted more current information, it would take longer to prepare.

It might also be helpful if you could let me know why you need the information, and if you have a particular concern that I can address.

In addition, some information about exemptions is available on the OSC website (http://www.osc.gov.on.ca <http://www.osc.gov.on.ca/> ), including copies of exemptive relief decisions. If you wanted to review these decisions on our website, open the tab for “Securities Law & instruments”, then open the sub-heading for “Orders, Rulings & Decisions.”

I look forward to hearing back from you.

Sincerely,

David DoRego
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca <mailto:inquiries@osc.gov.on.ca>
416-593-8314
1-877-785-1555

The information in this e-mail should be taken as a guide. The content is not intended to provide investment, financial accounting, legal, tax or other professional advice and should not be relied upon or regarded as a substitute for such advice. We recommend that you seek advice from a qualified professional adviser before acting on the information or content appearing in this e-mail or any information or content on a web site to which a link has been provided.

Screen Shot 2019-01-31 at 3.00.57 PM.png

click on image to enlarge

510 Exemptions granted by the OSC in 2017 and 410 in 2018

according to OSC staff

From:(Name removed)
To: INQUIRIES@osc.gov.on.ca <mailto:INQUIRIES@osc.gov.on.ca>
Subject: Request for information
Date: January 18, 2019 12:44 PM

Can you please tell me what the number of regulatory exemptions granted in 2017 and in 2018 by the OSC?

Thank you

(Name removed)
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Re: To unravel the perfect crime...

Postby admin » Sun Apr 14, 2019 9:57 am

Draft responses to general allegations provided in AB Public Interest Commissioner investigation request of April 14, 2019

1. Ignoring public protective principles, rules or laws which has the effect of enriching the industry, while doing financial injury to the public, to the government itself, and to our society overall.

a) Ignoring registration-category laws (representation) allows tens of thousands of commission sales-agents for the financial industry to misrepresent themselves to the public as if they were investment professionals who are registered and obligated to treat the public with a professional level duty of care, when such is not the case.

b) Alberta Securities Act Sec 100, requires the following, (see image below) which the ASC routinely (perhaps 100% of the time) ignores, resulting in no member of the Alberta investing public (retail investors) being fairly and honestly informed of the type of relationship they are trusting their life savings to.

c) The result is that millions of investors can be baited with a false “trusted professional advisor” promise, and then are surreptitiously switched to having the services of a commission sales agent...or a fee selling agent, one who legally represents the dealer interests...and not firstly the investor. (a "Dealing" Representative, as opposed to the implied promise of an "Advising" Representative)

d) “c” above allows billions of dollars to be harvested from unsuspecting investors who have had their confidence and their trust manipulated by these false representations.

e) A University of Toronto Pension study done in 2007, on one type of investment out of perhaps dozens, discovered that the different rates of return earned by retail investors, as opposed to institutional investors, whom receive the services of truly represented professional advisers, was a difference in return of 3.8% each year. Retail investors earned a return of 3.8% LESS, due to the clever ways the industry has to misrepresent retail investors, and then use industry sales-tactics to harvest too much of their future retirement security.

f) A “shortchanging” of just 2% of returns from (or costs added to) any investor, when compounded over a 35 year time horizon will cut the future value of the investor’s capital in HALF.

g) If retail investors have between $1 Trillion and $2 Trillion in mutual funds alone, this long term reduction in retirement capital available to retail investors could cause an unjust enrichment of the financial industry in amounts of hundreds of billions or dollars, and an accompanying “haircut” given to everyday Canadian investors of a similar amount...all with the clever use of ONE law, willfully and blindly ignored by Provincial Securities Commissions.

Screen Shot 2018-06-23 at 10.10.54 AM.png



2. Allowing laws to be “exempted” for industry participants. Hundreds of quiet permissions to skirt laws are issued or approved by Securities Commissions without any public notice about the removal of those public protective laws, or even a warning to investors who place their money into “investments” which are now exempt from the law. The public is never even informed when this occurs.

Bank-underwriting dumping laws, allows poor selling or defective product to be dumped into bank managed mutual funds, to take mistakes off of the bank's shoulders and put them into the portfolio's of the bank's mutual fund investors.

False “portfolio managers” are created by exempting the lawful requirements to call oneself a portfolio manager. The net result is that Albertans get a commission or fee sales agent, representing the revenue interests of their employer, whilst giving investors opposite and untrue assurances.

Exempting laws which prohibit the sale of unrated financial products, one example of which allowed unrated sub-prime mortgage investments to be "dumped" into private investors accounts, muicipalities like Hamilton ON ($90 Mil) City of Lethbridge ($32 Mil), PPSP (Judges Pension $1 billion) etc one of the largest single crimes in Canadian history…all so that one Securities Commission executive earned a promotion to a newer $600,000 position…

https://www.osc.gov.on.ca/en/Securities ... aleant.htm

Screen Shot 2019-03-30 at 9.38.19 PM.png

https://www.theglobeandmail.com/busines ... CtNFl6Aoeo


3. Evidence of refusal to interact with the public, preferring to refer the public to industry-paid self-regulatory bodies, which adds further conflicted layers and barriers to prevent fair and honest protection of the public interest.

a) Red carpet treatment exists for corporations seeking approvals to exempt laws, while members of the public are routinely rejected and shunted to industry trade bodies and/or self regulatory bodies whose interests are even more tightly aligned with the very industry that the public may be complaining about, or being abused by.

4. Reluctance and/or refusal to enforce certain Alberta Securities Act Legislation, even when the ASC is notified of violations which are deceiving or harming the public.

a) Written complaint of violation of laws, given to the ASC and followed up on, result in no action. ASC responses simply ceased without resolution. (indicative of an “unaccountability” problem with the public by the Alberta Securities Regulator, ASC)

5. Altering documents on ASC websites, adjusting explanatory terms and definitions for the public, and deletion or revision of historical records to the benefit industry participants, while significantly confusing information available to the public. 

a) changing salesperson registration category so the public are less able to understand the role (2009)


b) later altering the category definition of what the new term for “salesperson” actually means so that there can be more confusion and less clarity as to the redacted role. (Dec 2017?) InvAd.ca

Screen Shot 2018-11-27 at 10.16.45 PM.png

Screen Shot 2018-01-28 at 9.28.37 AM.png


6. Using industry-funded advertising campaigns, to cause the public to assume that the ASC is protecting Albertans, while the public is being given mis-leading information, or marketing puffery under the guise of public protective information.

a) ASC TV ads about Check first imply you should check registration….while clever hiding the fact that the registry check will NOT tell the public HOW they are registered nor WHAT it MEANS….due to #5 above (clever)

Screen Shot 2018-07-04 at 10.36.30 PM.png


Search April 10, 2019 of the Alberta Securities Commission web page found:

10,748 results for the search of the word “Exemptive”

10,748 results for the search of the word “Exemption”

18,153 results for the search of the word “Decision”


Nearly every ASC “Decision" is supported with this statement:

Decision
“Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.”
“The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted.”



Written requests of other securities commissions to ask why no public members are allowed to have input on the granting of exemptions to Securities Act laws, were responded with the comment that
“there is no provision in the Act for input from the public”.


Source:
(John Stephenson? OSC, BOT 2004?)
==========

The following thoughts and images are used as indicators (pointers) only, and not sources or factual conclusions:

To commit the perfect crime, all one needs do is... To arrange the lights, the ballet, the scenery and the rest of the players in his own way...


0]Screen Shot 2019-04-09 at 5.01.14 PM.png[/attachment]
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The perfect crime...is professional organized crime

Postby admin » Sun Apr 14, 2019 8:01 am

The easiest way to set the stage for perfect crimes, is to control all of the actors...



April 13, 2019

Ms. Marianne Ryan
Alberta Public Interest Commissioner (APIC)
9925 – 109 Street, Suite 700
Edmonton, Alberta T5K 2J8   info@pic.alberta.ca 

Re: Request for a Public Interest Commission Investigation into The Alberta Securities Commission

Dear Commissioner Ryan,

This letter is to inform the Public Interest Commissioner of an Alberta government agency which consistently acts contrary to the public interest, resulting in tremendous financial harm to society while the agency wears a cloak of protecting the public interest. These acts appear impossible to justify under the ASC’s mandate and they seem quite inappropriate for a government agency.

In light of the SNC-Lavalin affair and of the former Attorney General's position on the impropriety of deferred prosecutions, etc.,  I believe this request for an investigation may be timely, especially since CBC revealed in this past week that the reporting and results of previous Parliamentary inquiry were allowed to be altered and/or redacted by financial industry participants who were the subject of the public complaints. **

The following are some acts by the Alberta Securities Commission (ASC) which appear to endanger both the principles and the public protection mandate of the ASC:

1. Ignoring public protective principles, rules or laws which has the effect of enriching the financial industry while doing financial injury to the public.


2. Allowing laws to be “exempted” (granting permissions to skirt the law) for industry members, without public notice about the removal of public protective laws, without transparent public process, and without public warning to investors who invest with advisers or in investments which are “exempt” from the law.

3. Evidence of refusal to interact with the public, and instead referring the public to industry-funded “self” regulatory bodies This adds layers and barriers between the public interest and impartial protection of the public.

4. Reluctance or refusal to enforce certain Securities Act Laws, even when the ASC is notified of financial industry/or ASC violations which are harming the public.

5. Altering documents on ASC websites, and redacting of public informative terms and definitions. Revision and deletion of historical records to benefit industry participants, while adding confusion to the information given to the public.

6. Use of industry-funded advertising campaigns, encouraging the public to assume that the ASC is protecting investors, while the ASC misleads the public by deliberate omission of the most crucial details.


Some corporate entities which have received exemption from laws in Alberta include each of the major banks, Bombardier, SNC, Goldman Sachs, Valeant Pharmaceutical, Sun Life, National Bank, Concrete Equities, Sub Prime Mortgage investments etc.. The list runs into thousands of exemptions to laws which the public is not made aware of.

It is proving dangerous to our shared society when our financial industry is allowed to select, to pay and to influence its own private watch dogs.

I offer to assist you in the documentation, substantiation and understanding of issues in this letter, in hopes that regulatory practices which act contrary to the public interest can enter into public and Legislature awareness.
 
I trust that the Public Interest Commissioner will undertake an investigation as soon as possible. If too many institutions fail to act when called upon we run the risk of becoming a failed state, which would be a great loss to this wonderful country.

https://www.britannica.com/topic/failed-state
 “Failed state......it cannot project authority over its territory and peoples....Its citizens no longer believe that their government is legitimate, and the state becomes illegitimate in the eyes of the international community.....A failed state is composed of feeble and flawed institutions.....the legislature, judiciary, bureaucracy,....have lost their capacity and professional independence.....Failed states create an environment of flourishing corruption.....where honest economic activity cannot flourish.
 

Yours Truly
Larry Elford, former CFP, CIM, FCSI, Associate Portfolio Manager, retired
Lethbridge Alberta

** CBC Bank regulator's report on aggressive sales tactics weakened after government — and banks — reviewed drafts
Documents reveal 'cosy' relationship between the government, the banking industry and its watchdog
https://www.cbc.ca/news/politics/fcac-b ... gKc-K-G3p4
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