Civil or Criminal Actions against companies or regulators

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David Brown OSC Town hall sid he would welcome OSC audit

Postby admin » Thu Jun 09, 2005 7:50 am

why does ASC fear audit? what are they hiding? Certainly not what they
say...........confidentiality of clients. This would be much to easy to
solve.
Appears to be hiding a failure to do the job..........from my perspective

Here's what could be happening in my scenario

1. assume that the ASC receives dozens, hundreds, perhaps thousands of
customer complaints each year, choose any number you wish until an audit
fills in the exact number.
2. Assume that some of these complaints pertain to bank owned (under IDA
membership) firms.
3. I predict that close to 100% of these complaints (about IDA members)
have been referred to the IDA itself.
(with or without legislative authority to do so) (with or without follow up
on the compalints)
4. I predict that the vast majority of those complaints that are about IDA
members, that are handed to the IDA to investigate......get dismissed or
deflected without fanfare by informing the client they have no case. An
audit would tell us this.
(referring abused clients to the IDA is like sending abused young boys
to complain to the north american M/B/L association)

I look forward to public audit or freedom of information requests that will
answer a few of the outstanding assumptions made in this scenario.

Imagine, if this scenario were in any way accurate, how many members of the
investing public, have been misled, misinformed, and left to fend for
themselves while the government funded agency responsible for protecting
them abandoned their role.

Every complainant if this were the case would be able to participate in a
class action against the ASC to recover losses and double and triple
commission charges in the billions.

Abused clients should file suit against the ASC, or alternately, investigate under the access to information act to obtain answers to some questions.

Such as how many complaints, IDA firm complaints, how were they handled? What authority powers the IDA to enforce the act, they feel they do not have such authority etc., etc.
Last edited by admin on Mon Oct 08, 2007 12:22 pm, edited 1 time in total.
admin
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Civil or Criminal Actions against companies or regulators

Postby admin » Mon May 16, 2005 8:32 pm

once again, private forum to allow advocates to move forward ideas of mutual interest. Speak your mind.

Larry feels that class action suits are the only way to generate some results. Failure to perform duties, placing firm interests ahead of client interest against industry policy and promise etc., failure of regulators to follow securities law.

you name it, it is being used successfully in the US. Why are the same indiscretions in Canada considered "standard Industry practice?"
Last edited by admin on Sat Oct 29, 2005 2:58 pm, edited 2 times in total.
admin
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Posts: 3007
Joined: Fri May 06, 2005 9:05 am
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