GET YOUR MONEY BACK!

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Re: GET YOUR MONEY BACK!

Postby admin » Mon May 30, 2011 7:37 pm

images.jpeg
images.jpeg (2.97 KiB) Viewed 19727 times
Principles of common law say that if your represent yourself to others in some fashion, lets say as a financial "advisor", then you have assumed a duty to act in such a manner. If on the other hand, you are simply utilizing the path of least marketing resistance, namely fooling people with a professional and accountable sounding name or title, and then duping them into commission sales tricks for your own benefit..........if that is the game, then........hey, wait a minute, that IS the game in Canada.

Get a lawyer, and get your money back. Don't even bother with the industry lineup of highly paid and highly loyal "self regulators". Self regulation involving money pretty quickly turns into some form of decriminalization. Correct me if I am wrong on that.
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Re: GET YOUR MONEY BACK!

Postby admin » Tue May 03, 2011 8:32 am

images.jpeg
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S

Won $450,000 case today without trial .[ 100% recovery + interest]
Case involved unauthorized trading,fund churning and wholly unecessary borrowing to invest in high MER mutfunds..
The 85 year old widow 's eyes said Thank You . Her voice siad God Bless You.
What a high and great feeling. Took 14 mos. and many letters ,statistical analysis and spreadsheets!

Have to sign gag order but it's finally over..

The dealer capitualated at the 12th hour.

With Bin Laden finished off, today was a day to remember.

K

(advocate comment......it is unfortunate that our trusted Canadian investment firms will practice this kind of financial bullying towards their customers when they get caught causing financial violence upon them. An 85 year old widow is an easy target for financial predators, posing as professionals. Adding insult to injury is the failure to make her whole once caught and pushed into court.........finally forcing a gag order seems like an industry blackmail deal to give her own money back in exchange for silence...........it prevents the public from being informed or warned and allows the financial predator to repeat this process again and again upon others. How many crimes must our investment industry be allowed to "perfect" before we lift a finger? Buyer Beware in Canadian investing)
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Re: GET YOUR MONEY BACK!

Postby admin » Fri Apr 29, 2011 6:11 pm

Screen shot 2011-04-06 at 10.50.18 AM.png


The images above and below, (CLICK ON THEM TO ENLARGE) describe some of the BEST EXECUTION duties that your investment broker, seller "advisor" must meet in order to be meeting his or her obligations to you to deal fairly. I have NEVER seen these rules enforced. Thirty years of overcharging clients, double dipping, DSC funds, whatever it takes to put the client into the maximum revenue generation scheme. That is part of the "decriminalization" that results from self regulation. Take this info with you into court (not the industry Kangaroo court process) and get your money back if your salesperson has not met his or her obligations to you. If you go into the industry dispute resolution process, you will enter the "decriminalization" zone. Do not go there.

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see also: MFDA rules that you should count on to demand your money back when you discover that your "advisor" has not met these in your case:

“Rule 2.1.1 Standard of Conduct.
Each Member and each Approved Person of a Member shall:
(a) deal fairly, honestly and in good faith with its clients;
(b) observe high standards of ethics and conduct in the transaction of business;
(c) not engage in any business conduct or practice which is unbecoming or detrimental to the public interest
Attachments
Screen shot 2011-04-06 at 10.45.27 AM.png
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Re: GET YOUR MONEY BACK!

Postby admin » Thu Apr 28, 2011 3:34 pm

Screen shot 2011-04-28 at 9.23.01 AM.jpg

The above image comes from the ONTARIO SECURITIES ACT April 2011

Why do "advisors" or "advisers" represent themselves as such when they are in fact most often licensed as "salesperson" (pre 2009) and "dealing representative" post 2009)?

I feel it forms part of the "bait and switch" where the industry does everything possible to lead the public to think they are gaining the services of a trusting, professional advisor (someone who would give advice in your best interests), when in fact 80% to 90% of the time what is truly given to the customer is a sales pitch by a commission salesperson, who does NOT have an advisor license.
This would be a fraud, but a fraud that is aided by the legal minds at the OSC......who are in turn paid for by the investment industry.
I hope to see this legal trickery or attempts to defraud the public through trickery corrected.

See other forum posts on advisor fraud topic on this web site, to see how well the more than 60 lawyers at the OSC alone can play legal tricks on the consuming public.
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Re: GET YOUR MONEY BACK!

Postby admin » Thu Apr 28, 2011 3:26 pm

Screen shot 2011-04-28 at 9.34.55 AM.jpg
Here is an image copied from the Ontario Securities Commission

If your investment "advisor" has sold you DSC funds, for the higher commission and for the trailing fees, when there were cheaper fund classes and choices available for the IDENTICAL fund you bought.......you must ask yourself if your "advisor" actually gave you the most "suitable" product choice, and the best "advice" he or she could give you, or .............were you sold the most "suitable" product for them, the best "advice" for them.

From MFDA MEMBER REGULATION NOTICE MR-0069 regarding “suitability”. To the extent that there is subjectivity in the analysis, the expectation
of MFDA staff is that the Member and AP take the most conservative
approach and act in the best interests of the client:


How do you (MFDA) explain (or allow) mutual fund salespersons to place mutual
funds product sales into the highest revenue generating mutual fund
class (DSC), when equal and identical mutual fund classes are more
cost effective to the client, and therefore more suitable for the
client?" This practice is forbidden by US regulators, yet accepted or
ignored by yours. Why?


This indicates a failure of the industry requirements to act fairly, honestly and in the clients interest. You should be fighting for your money back. You are a victim of the "bait and switch" described at

http://www.examiner.com/crime-in-calgary/larry-elford
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Re: GET YOUR MONEY BACK!

Postby admin » Mon Apr 11, 2011 9:01 am

http://laws-lois.justice.gc.ca/eng/acts ... ge-43.html

Some unique provisions of the Competition Act of Canada that are NOT enforced by this government agency when it comes to the financial services industry.........net result is that financial services predators get a free pass to violate these laws and violate your financial interests.

from section 52. of the act "False or Misleading representations".


General impression to be considered

(4) In a prosecution for a contravention of paragraph (3)(a), the general impression conveyed by a representation as well as its literal meaning shall be taken into account in determining whether or not the representation is false or misleading in a material respect.
(this means that those persons who give customers a "general impression" of trust, professionalism and reliance, when they are only commission salespeople may be in violation of this provision........see http://www.examiner.com/crime-in-calgar ... and-switch )
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Re: GET YOUR MONEY BACK!

Postby admin » Sat Apr 09, 2011 7:31 pm

B Managers.jpg
If your investment "advisor" has sold you the DSC fund (deferred sales charge) please read the "tricks of the trade" section of this forum and view the enclosed page from the Canadian Securities Institute Branch Manager Training course. (The bottom of page 181 is highlighted in yellow and if you click on it it should get larger and easier to read. It will tell you how your "advisor" took advantage of your trust in him or her.)

From the other posts in this forum (tricks of the trade etc) you will find that your "advisor" is not licensed as an "advisor", has violated the "suitability" rules by selling you the fund class which pays them the highest commission and highest trailing commission, AND they have violated the "best execution rules" of the industry by giving you the poorest cost advantage possible, and the best commission advantage available to them. (Well, not every time, just 80% to 90% of the time according to Canadian Mutual find industry sales stats)

Get your money back from people who fraudulently misrepresent themselves to you and from people who "bait" you with a promise of investment "advice" and then "switch" you by delivering a commission sales relationship. That too is fraud. It is in the criminal code definition of fraud and in the Criminal provisions of the Competition Act of Canada (see topic) on misrepresentation.
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Screen shot 2011-04-09 at 9.18.19 PM.png
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Re: GET YOUR MONEY BACK!

Postby admin » Sat Apr 09, 2011 8:52 am

Fund dealer’s lawsuit against former consultant can proceed to trial, court rules

IGFS seeking $150,000 from McKee for breach of contract, fiduciary duty

Monday, April 4, 2011

By James Langton

Advertisement

An Ontario court is letting a case proceed to trial in which a mutual fund dealer is suing a former consultant over allegedly poor advice provided to two clients.

The province’s Superior Court of Justice has ruled that there is a genuine issue requiring a trial in a suit brought by Investors Group Financial Services Inc. against a former consultant, Alex McKee.

According to the decision, the action brought by Investors Group is seeking $150,000 in damages for breach of contract and, alternatively, breach of fiduciary duty. The firm alleges McKee provided negligent investment advice to a pair of clients when he recommended a leveraged investment strategy to them. (advocate comment......unless your "advisor" sold you investments without a sales commission, and in the lowest possible cost to you, it is most likely that his or her motivation to tell you to leverage is simple.......to increase his or her commissions. If this has happened to you, you have two practice "infractions" against your salesperson: One is violating the "cost" aspect of the "suitability" rule, and Two is violating securities industry regulations regarding "best trade execution". Add in the third of negligent advice to maximize his or her own commissions and you have a strong case to getting your money back.......just DO NOT enter into the investment industry Kangaroo court process. They own each and every referee)

McKee brought a motion seeking dismissal of the action on the basis that it was commenced outside the two-year limitation period. He argued that the firm became aware of the clients’ complaint about the quality of the advice they had received in October 2004, meaning the statement of claim against him by the firm was out of time when it was served in November 2006.

The firm argued that the limitation period did not begin to run until after its investigation into their complaint was completed in December 2005, as that was the point when it realized it might have a claim against McKee.

After an investigation of the clients’ complaint, the firm entered into a settlement with the clients in March 2006, in which it paid $150,000. It began an action in November 2006 seeking $150,000 in damages from McKee.

In this case, the court found that there is a genuine issue requiring a trial. “I do not accept the defendant’s submission that the plaintiff knew of the clients’ complaint about negligent advice in October 2004, so that the limitation period began to run at that time,” the court said.

Instead, the court said that the essence of the complaint in October 2004 was the amount of the charges imposed on the clients, and that complaint was settled. A second complaint regarding the quality of the advice provided was lodged in March 2005. “There is no indication in that letter that the clients had taken issue with the quality of the advice earlier, or that they had sought compensation from the plaintiff for it,” the court notes.

“The defendant has not satisfied me that the limitation period began to run in October 2004, and, therefore, that the action is statute-barred. As there is a genuine issue requiring a trial, the motion for summary judgment is dismissed,” the concluded, awarding the firm costs of $7,500.00, payable within 30 days.

IE
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Re: GET YOUR MONEY BACK!

Postby admin » Tue Mar 08, 2011 11:02 am

various laws, codes bylaws etc... and some bits of a legal judgement in Quebec (Markarian v CIBC) that speaks volumes about industry fraud

wish you the best in getting your money back........contact me if you need any help..........visualinvestigations at gmail.com

MFDA requirement not to mislead, misinform or misrepresent oneself or ones role as an investment industry employee.
MFDA Rule 1.2.1(e) generally prohibits Approved Persons from using any business name (or title) or designation that deceives or misleads, or could reasonably be expected to deceive or mislead, a client or any other person as to the proficiency or qualifications of the Approved Person. In addition, business titles that deceive or mislead clients or the public as to the Approved Person's category of registration are also prohibited
---------------------------------
MFDA position on license category / title representation of those licensed as "salespersons"


Hello Larry,

The MFDA does not register individuals as mutual fund salespersons and this responsibility remains with the various provincial/territorial securities regulatory authorities. Both MFDA and IIROC Members are required to be licensed as salespersons pursuant to provincial/territorial securities legislation and the MFDA does not have any additional categories of registration.

As noted in my previous email, the use of business titles by Approved Persons is governed by MFDA Rule 1.2.1(e), which prohibits Approved Persons from holding themselves out to the public in any manner that deceives or misleads or could reasonably be expected to deceive or mislead a client or any other person as to the proficiency or qualifications of the Approved Person under MFDA Rules or any applicable legislation. MFDA staff assess compliance with the requirements of Rule 1.2.1(e) through compliance examinations.

Aamir Mirza
Senior Legal & Policy Counsel
The Mutual Fund Dealers Association of Canada
email: amirza@mfda.ca / Tel: (416) 945-5128

-----------------------------------------------

With respect to the registration category of "salesperson" within provincial/territorial securities legislation and the use of business titles as regulated under MFDA Rule 1.2.1(e), I note as follows.

The category of registration contained within the various provincial Acts for an individual licensed to trade on behalf of a dealer is "salesperson"

Aamir Mirza, LL.B.
Senior Legal & Policy Counsel
The Mutual Fund Dealers Association of Canada
email: amirza@mfda.ca / Tel: (416) 945-5128

-------------------------------------

False or misleading representations

52. (1) No person shall, for the purpose of promoting, directly or indirectly, the supply or use of a product or ... any business interest, by any means whatever, knowingly or recklessly make a representation to the public that is false or misleading in a material respect.
(this from the Competition Act)

-----------------------------------

PART VII.1 DECEPTIVE MARKETING PRACTICES Competition Act of Canada

Misrepresentations to public

74.01 (1) A person ... who, for the purpose of promoting, ... the supply or use of a product or ... any business interest, by any means whatever, (a) makes a representation to the public that is false or misleading in a material respect.

--------------------------------------

False Pretences

361. (1) A false pretence is a representation of a matter of fact either present or past, made by words or otherwise, that is known by the person who makes it to be false and that is made with a fraudulent intent to induce the person to whom it is made to act on it.

(1) Every one commits an offence who (a) by a false pretence ... obtains anything in respect of which the offence of theft may be committed or causes it to be delivered to another person; (b) obtains credit by a false pretence or by fraud; (c) knowingly makes ... a false statement in writing ... with respect to the financial condition or means or ability to pay ... (i) the delivery of personal property, (ii) the payment of money, (iii) the making of a loan, ... or credit ... (vi) the making, accepting, discounting or endorsing of a bill of exchange, cheque, draft or promissory note; or (d) knowing that a false statement in writing has been made ..
criminal code


------------------------------------

HAROUTIOUN MARKARIAN, ALICE MARKARIAN and 125134 CANADA INC.,
Plaintiffs
v.
CIBC WORLD MARKETS INC., Defendant

(C) MISLEADING TITLES

¶ 263 The defendant attributed to Migirdic fake titles, i.e. "vice-president" and "vice-president and director", in addition to letting him use the title "specialist in retirement investments". Those titles were false representations that misled the plaintiffs, hid reality from them, disinformed them, comforted them in their confidence in Migirdic, reduced their distrust, and contributed to Migirdic's fraud. The defendant committed a fault in terms of its obligation to inform and advise, in addition to misleading the plaintiffs.

¶ 266 In the defendant's operations, the titles are, in fact attributed to many people. In 1995, there were 206 vice-presidents and 44 vice-presidents and directors out of 556 representatives. In 1997, there were 217 vice-presidents and 109 vice-presidents and directors out of 612 representatives. In 1999, there were 197 vice-presidents and 101 vice-presidents and directors out of 725 representatives, the proportions were about the same in 2000. That year, about 300 of the 700 representatives had a title!

¶ 267 The problem is that clients do not know that these titles are simply marketing tools, i.e. a means to convince them that they have an excellent representative, and recognition for the volume of commissions. Clients therefore believe they have a "very special" and "eminently acknowledged" representative when the representative has the title of "vice-president" or "vice-president and director". That was what Mr. Markarian in fact believed, as he testified. Richard Papazian, another witness (and also a victim) thought the same thing. So the titles create a false feeling of trust, comfort and prestige, the role of which is not trivial in the commission of fraud.

¶ 268 The plaintiffs were the victims of these false representations by the defendant in their regard.

--------------------------------------------

(1) No person or company shall represent that he, she or it is registered under this Act unless the representation is true and, when making the representation, the person or company specifies his, her or its category of registration.

Jeffrey Fennell
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555

-----------------------------------------------
With regards to your question, under the new National Instrument 31-103 as of September 28, 2009, mutual fund representatives are now called mutual fund dealing representatives and individuals who were an advisor under a portfolio manager are now called an advising representative. Please see this attached link for additional details:
http://www.bcsc.bc.ca/uploadedFiles/sec ... mptions%20[NI].pdf
Thank you,
Kent Waterfield
Senior Registration Administrator
Registration & Compliance Branch
Capital Markets Regulation

British Columbia Securities Commission

Phone: 604 899 6694
Fax: 888 242 9341
800 373 6393 (toll free across Canada)
kwaterfield@bcsc.bc.ca

(and yet all “dealing representatives” are inflating their titles to “advisors” against laws, codes, rules??)

---------------------------------------------

Dear Mr Elford,

Thank you for your message.

With regards to your questions and comments, you are quite right in that the term "advisor" on its own and used loosely, would be inappropriate for a dealing representative to use without having the educational requirements and experience to be registered as an advising representative.

If you are certain that an individual is holding themselves out inappropriately, please feel free to contact the appropriate securities commission or self regulatory body (Mutual fund Dealers Association or Investment Industry Regulatory Organization of Canada ) through our related links available on our website at: www.bcsc.bc.ca our email is inquiries@bcsc.bc.ca We also have a helpful link on our website called Invest-right , which members of the public can use to assist themselves with their investing.

Thank you,


Kent Waterfield
Senior Registration Administrator
Registration & Compliance Branch
Capital Markets Regulation

British Columbia Securities Commission

---------------------------------------------

Ontario securities law does not seek to regulate use of the term advisor in all circumstances. It is a commonly used or generic term. The purpose of subsection 44(1) of the Act is to ensure that people who represent that they are registered under Ontario securities law, do so in a manner that also states their category of registration.

Jeffrey Fennell
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
(Jeffrey’s comments are in total contradiction to those of the BCSC above.....are these guys just “making it up as they go along??”
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Re: GET YOUR MONEY BACK!

Postby admin » Tue Mar 08, 2011 11:00 am

this is too funny.............from the "salesperson or advisor" flogg topic.

(I consider this one of the more interesting bits of evidence to be used to get your money back. If you read it or research it carefully it tells me that the industry is simply "making up as it goes along" whatever brings the most sales revenue, and the rules are often changed, ignored, or "papered over" after the fact.

This post contains two contrasting comments from two different Canadian Securities Commissions. One is honest and professional in my opinion, the other is dishonest and unprofessional. It should be uselful (the dishonesty I mean) for those who have lost money due to the fraud and misrepresentation practiced daily by the industry. I will post some of the laws, codes or rules broken on the next post to sum them up. they are also scattered among the salesman topic.

From previous posts in this forum, I was rereading for a legal case of misrepresentation and fraud against a large bank owned broker and I came across this "contradiction" by two securities commissions.

In the first I get what I consider to be an honest and intelligent appraisal of the questions, followed by Jeffrey Fennell of the OSC giving his "hide and cover" "just following orders" answer. Shame on you Jeffrey for not being a professional, not being honest.
---------------------------------------------------------------------------------------------------------------------------------------

Dear Mr Elford,

Thank you for your message.

With regards to your questions and comments, you are quite right in that the term "advisor" on its own and used loosely, would be inappropriate for a dealing representative to use without having the educational requirements and experience to be registered as an advising representative.

If you are certain that an individual is holding themselves out inappropriately, please feel free to contact the appropriate securities commission or self regulatory body (Mutual fund Dealers Association or Investment Industry Regulatory Organization of Canada ) through our related links available on our website at: http://www.bcsc.bc.ca our email is inquiries@bcsc.bc.ca We also have a helpful link on our website called Invest-right , which members of the public can use to assist themselves with their investing.

Thank you,


Kent Waterfield
Senior Registration Administrator
Registration & Compliance Branch
Capital Markets Regulation

British Columbia Securities Commission

---------------------------------------------

Ontario securities law does not seek to regulate use of the term advisor in all circumstances. It is a commonly used or generic term. The purpose of subsection 44(1) of the Act is to ensure that people who represent that they are registered under Ontario securities law, do so in a manner that also states their category of registration.

Jeffrey Fennell
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
(Jeffrey’s comments are in total contradiction to those of the BCSC above.....are these guys just “making it up as they go along??” Jeffrey seems to be.........
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Re: GET YOUR MONEY BACK!

Postby admin » Fri Feb 25, 2011 3:21 pm

advisor fraud, professionals, or salespeople masquerading?
by admin » 25 Feb 2011 03:16 pm

Some interesting quips and quotes from the FAIR (Canadian Foundation for the Advancement of Investor Rights) roundtable. FAIR appears to be trying to do a credible job of moving towards best practices, however it must overcome the stigma of being 100% funded by investment industry interests. In the past, each time the investment industry has "funded" any organization, the fairness balance has landed 90% (+) on the side of fairness for the industry and unfairness for the investing public. Investor advocate comments in red.


Fiduciary Roundtable 2011
Terminology to be used during Roundtable (seriously? We first need to get the facts crooked, before we start?....too cynical?......read on....)

1. Advisor: The term ‘advisor’ will be used during the roundtable to mean financial planners, whether commission-based or fee-based, portfolio managers, registered representatives and the like. We are not distinguishing among different categories of registration or licensing. (perhaps this "sleight of hand" forms a foundation for consumer misdirection, confusion?......for those uninitiated in the intricacies of financial misrepresentation, this line "we are not distinguishing......allows these men to continue to sell customers on the fraudulent idea that simple commission salespersons can be misrepresented to the public as "trusted" advisors, despite rules and licenses to the contrary.......well played sirs, well played.)

2. Suitability standard: The suitability standard requires that clients receive recommendations on the purchase or sale of securities that are suitable, or appropriate, to their circumstances and takes the following information into account: clients’ investment needs and objectives, their financial circumstances and their risk tolerance. The suitability standard is not as stringent as the fiduciary standard and does not require financial professionals to put their clients’ best interests before their own or to disclose any existing conflicts of interest. The suitability standard allows financial professionals to sell any product that is appropriate for their clients; the product need not be in the client's best interests. (four out of five persons licensed to sell investments thus sell the highest compensation choice to themselves.....suitable? Not when one considers the alternatives freely available)

The concept of suitability is addressed in National Instrument 31-103 at sections 13.2(c) and 13.3.
Section 13.2(c) of NI 31-103 states that a registrant must take reasonable steps to ensure it has sufficient information regarding all of the following to enable it to meet its obligations under 13.3 or, if applicable, the suitability requirement imposed by an SRO: (i) the client’s investment needs and objectives; (ii) the client’s financial circumstances; and (iii) the client’s risk tolerance.

Section 13.3(1) of NI 31-103 states that a registrant must take reasonable steps to ensure that before it makes a recommendation to or accepts an instruction from a client to buy or sell a security, or makes a purchase or sale of a security for a client’s managed account, the purchase or sale is suitable for the client. (I wonder if they consider the ethics of "advising" customers to purchase the "highest" compensating product, and if selling the highest comp product meets the suitability test?) (in the United States this practise is clearly stated as being "unsuitable", but here in Canada, we have these "gentlemen" who have agreed upon their own special "terminology". Once again, well played......))

3. “Fiduciary Duty/Standard” Definition: The concepts of “fiduciary law and fiduciary duties” were developed many centuries ago to protect the interests of people who placed their trust in others. When a breach of a fiduciary duty is found, judges are able to award remedies above and beyond traditional common law remedies.
In the financial client-advisor context, advisors who are considered ‘fiduciaries’ must always put a client’s interests ahead of their own personal interests, and ahead of those of their firm. The standard of conduct expected of a fiduciary is that he or she must act with honesty, integrity, fidelity and in utmost good faith (not just ‘good faith’), and always in the best interests of his or her client. If there is an unavoidable conflict, that conflict must be fully and clearly disclosed. (as if this conflict gets disclosed each time......as a self regulatory industry, WE get to choose which rules to enforce and which to ignore)

In the financial advisor-client relationship, there is no statutory fiduciary duty. (this appears to be a self serving statement with no basis in law......in fact it is contradicted by Canadian Securities Institute industry training books and industry compliance manuals) In terms of case law, courts will decide whether a fiduciary duty exists on a case by case basis. (this is the industry, self serving platitude that they try to sell to the courts, yes) In other words, a court’s determination is based on an examination of the specific facts of each case. (these guys get to actually TELL the courts how to do their job.......nice(??) Canadian courts have generally found fiduciary duties to exist in client-advisor scenarios where elements of trust, confidence, vulnerability, and reliance on skill, knowledge and advice are present. (all of which are promised by nearly every industry advertisment and participant.......why then do they get away with denying this obligation in court? I too often observe that the man who can hire the most lawyers gets to "set the legal stage" for their own outcome.....the 800lb gorilla theory)

Another factor that courts examine are the professional rules or codes of conduct governing the actions of the advisor.
A finding by a court that an advisor has violated his/her ‘fiduciary’ duty to a client results in full compensation being awarded to the client for the damages caused by the breach. (ever seen that occur?) Simply put, that means returning all money lost owing to the breach, any potential earnings lost due to the breach, as well as any breach-related commissions received from the client. (again, have you ever seen this occur?)

4. Requirement for registrants to “deal fairly, honestly and in good faith” with clients [Note: This requirement does not mention utmost good faith, nor a requirement to put a client’s best interests first]:
Ontario Securities Commission Rule 31-505, section 2.1, states that:
(1) A registered dealer or adviser shall deal fairly, honestly and in good faith with its clients. (2) A representative of a registered dealer or registered adviser shall deal fairly, honestly and in good faith with his or her clients. (which part of this involves letting licensed salespersons (or dealing representatives paid by commission) suggest that they are some kind of "unbiased professional guide" to the customer?) (would it be the honesty and good faith part?)
2
Relevant Excerpts from IIROC and MFDA Client Relationship Model Initiatives
Note: For the sake of brevity, we have included below only select excerpts from the IIROC and MFDA Client Relationship Model (CRM) initiatives. We recognize that there are a number of other relevant sections within the CRM initiatives, and that there are additional IIROC and MFDA rules that deal with conflicts.

1. IIROC
Excerpt from Attachment B to IIROC Proposals to implement the core principles of the Client Relationship Model – Proposed Amendments – New Rule XX00 – Conflicts of Interest
XX02. Approved Person responsibility to address conflicts of interest

(1) The Approved Person must consider the implications of any existing or potential material conflicts of interest between the Approved Person and the client. (like choosing a higher comp fund to sell the client when a lower comp fund of nearly identical (except for cost) is available to the customer.....no conflict there? Again, the 800lb gorilla theory)

(2) The Approved Person must address all existing or potential material conflicts of interest between the Approved Person and the client in a fair, equitable and transparent manner, and consistent with the best interests of the client or clients.

(3) Any existing or potential material conflict of interest between the Approved Person and the client that cannot be addressed in a fair, equitable and transparent manner, and consistent with the best interests of the client or clients, must be avoided. (yes, of course, we will avoid........not)
XX03. Dealer Member responsibility to address conflicts of interest

(1) The Dealer Member must consider the implications of any existing or potential material conflicts of interest between the Dealer Member and the client.

(2) The Dealer Member must address the existing or potential material conflict of interest in a fair, equitable and transparent manner, and considering the best interests of the client or clients. (Hello?)

(3) Any existing or potential material conflict of interest between the Dealer Member and the client that cannot be addressed in a fair, equitable and transparent manner, and considering the best interests of the client or clients, must be avoided.

(4) The Dealer Member must adequately supervise how existing or potential material conflicts of interest between the Approved Person and the client are addressed by its Approved Persons pursuant to section XX02.
3
2. MFDA Excerpt from MFDA Rule 2.1.4 2.1.4 Conflicts of Interest
a) Each Member and Approved Person shall be aware of the possibility of conflicts of interest arising between the interests of the Member or Approved Person and the interests of the client. Where an Approved Person becomes aware of any conflict or potential conflict of interest, the Approved Person shall immediately disclose such conflict or potential conflict of interest to the Member. (and be promptly marginalized, called a non-team player, and terminated)

b) In the event that such a conflict or potential conflict of interest arises, the Member and the Approved Person shall ensure that it is addressed by the exercise of responsible business judgment influenced only by the best interests of the client and in compliance with Rules 2.1.4(c) and (d).

c) Any conflict or potential conflict of interest that arises as referred to in Rule 2.1.4(a) shall be immediately disclosed in writing to the client by the Member, or by the Approved Person as the Member directs, prior to the Member or Approved Person proceeding with the proposed transaction giving rise to the conflict or potential conflict of interest.

d) Each Member shall develop and maintain written policies and procedures to ensure compliance with Rules 2.1.4(a), (b) and (c).

images.jpeg
images.jpeg (3.27 KiB) Viewed 32405 times


If enough people, are paid enough money to ignore enough rules and laws, and they attend enough meetings, and produce enough papers,...(and if they all agree to use the same nonsense terminology at the outset)......can they turn immoral illegal, and unethical behaviours into "standard industry practices? Every day.

Speaking of enough if there is not enough fraudulent material in this document alone, to get ALL OF YOUR MONEY BACK, then you need a better lawyer.
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Re: GET YOUR MONEY BACK!

Postby admin » Sun Feb 20, 2011 10:21 am

"If the product sold is that of advice, then that advice should be in the best interest of the client. Anything else is fraud, because the seller is delivering a service different from what the consumer thinks he or she is buying."

GET YOUR MONEY BACK!! Every investor in Canada has been victimized by the fraud described in the line above. It is by Ed Waitzer, Toronto lawyer and former chairperson of the OSC.

WARNING! If you go to the securities industry to get your money back, you will be inside a giant Kangaroo court, supported by thousands and thousands of people who live off securities industry money. Do not go there.
If you go to the police in Canada to get your money back, be aware that Canadian police defer securities matters (even criminal violations) to the securities industry. No, it is not right, but that is the way it is due to the limitations involved.

Get a very sound lawyer and go get your money back. No matter what the circumstances are/were, if you were dealing with a salesperson, who sold himself to you as some kind of professional "advisor" (without an advisor licence), then you were defrauded.

http://www.financialpost.com/news/Make+ ... story.html link to National Post Article quoting Ed Waitzer above.



The offence of fraud is created by s. 380 of the Criminal Code. The offence is defined as follows:
380(1) Every one who, by deceit, falsehood or other fraudulent means, whether or not it is a false pretence within the meaning of this Act, defrauds the public or any person, whether ascertained or not, of any property, money or valuable security or any service,
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Re: GET YOUR MONEY BACK!

Postby admin » Sat Nov 13, 2010 6:08 am

canadianfundwatch.com The Fund OBSERVER Mid -November , 2010

email from a reader : It is time victims of financial assault are taken seriously Simple financial investigations to take months or years longer than a murder mystery, solution and resolve is definitely reason for victims of financial assault to speak up, stand up, be heard and end financial assault and abuse. - M. in Oshawa
The 6 stages of a financial complaint filer
1. Denial – the investor can't believe he's lost money. Accounts are checked, statements are reviewed. The adviser is contacted to double check facts. You're not sure you have the basis for a complaint- maybe you blame yourself.
2. Anger – You confirm that you've lost money- a lot of it. You can't understand how this could happen. All along your adviser told you all was well ; not to worry. Now, he's refusing to answer questions or take calls. You are upset but you don't know your rights so you don't file a formal complaint. .
3. Bargaining- You ask for your money back. You believe you were misinformed and misled. The firm says you were greedy and you agreed to all purchases. You begin to learn how Bay Street really works and how ineffective regulators are in helping you in your moment of need. You start researching the rules , contact regulators, read articles. You start to see how the odds are stacked against you. You're convinced a complaint won't get you anywhere.
4. Depression – You begin to realize that the firm that told you to trust them isn't there for you. You now understand that the money is gone and you'll have to fight hard to get it back. This is a sobering life changing event that is causing you anxiety and stress in addition to financial hardship. You can't think about anything else except making the painful adjustments. Complaining isn't in the cards .
5. Acceptance- You now acknowledge the losses and the futility of expecting a fair review of your complaint(s). You start to make adjustments to your spending and living habits. You start rethinking how you got into this mess.
6. Resurgence- You start to realize the losses weren't your fault. The adviser sold you risky , complex products that paid him large sales commissions. You decide to fight back. You contact friends, your accountant, investor advocates and feel you should get your money back. You learn how convoluted complaint handling systems are. You learn the pitfalls and get help from others who've gone through the complaint process Hell. You're ready to file a complaint realizing the process will be long, strenuous and costly but you want justice and restitution.
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Re: GET YOUR MONEY BACK!

Postby admin » Fri Jan 22, 2010 9:47 am

well said Bruce.

If I have sent to you the recent correspondence from the OSC (I am sure the MSC is identical but it would be interesting for you to write and find out) where they tell me that it is illegal if the person you deal with does not inform the customer of his exact registration category.

I posted some of the back and forth with the OSC at www.investoradvocates.ca under the topic of "salesman or advisor" latest few posts Jan 20ish 2010

It speaks to your case because it suggests that your guy was violating the law while dealing with you, and misrepresenting his title and his role to you...............he then took advantage of this misrepresentation for his own gain and did damage to your financial health. He owes you a 100% refund as a result of the deceit in my opinion. Whether or not it is too late for that, or whether you are able to file a new case based on this information is entirely up to you, but the law (in ontario at least) is pretty clear.

I will bet nearly any amount that your investment guy never once informed you that he was properly licensed as a salesman. (or after sept 2009 as a "dealing representative)

cheers

larry


On 22-Jan-10, at 8:03 AM, @shaw.ca wrote:



Hi Ryan,


You may think I am a jerk, but the writer is not the one who created the bad experience
that resulted from dealing with your client.


He had us eating out of his hand until 2005 when I finally said no to the Portus Fund
he suggested. That was the third high risk fund your client exposed to folks entering retirement.
We were model clients, clients who obviously placed their trust in the wrong "advisor".


He had numerous opportunities to explain his actions and chose to hide and ignore instead.
My first letter went out in 2006 to AIC Limited, faxed from his office, and all he said was "good luck".
No "come into my office to work this out", just "good luck". A real professional. What a joke.


He had multiple chances to defend his actions and offerings in person and in Small Claims Court, but he refused to do so.


As I have said in past emails, your client and the financial industry of which he is part
was nothing short of a nightmarish experience for both my wife and I.


I now know how problems are created in this industry and how phony the system is collectively,
and due to the fact salt was rubbed into our wounds after the damage was done,
I will work very hard to spread the message of "buyer beware" to all who want to listen.


Yours truly,

Bruce
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Re: GET YOUR MONEY BACK!

Postby admin » Fri Oct 16, 2009 9:24 pm

1

Enabling the retail investor- Websites worth visiting October , 2009

There are dozens if not hundreds of web sites and blogs related to finance , investing and
investor protection. The internet is a powerful enabler, leveler and asymmetrical
information gap closer. Thousands of people can connect, share and work together on an
―industrial scale‖ .Now, the retail investor doesn‘t have to be in the dark or alone. The
sites, all free, have been chosen based on their Canadian focus, quality, usefulness,
accuracy and objective viewpoint. Educational articles, Prospectuses/Annual Reports,
fees, performance, prices/quotes, calculators, simulators, checklists, mathematical
formulas, regulatory issues, scams and investing pitfalls are all available on-line . The list
below should just about cover every possible need for a retail investor:

http://www.abcsofinvesting.net/ Basics of investing
www.advocis.ca -- Advocis is the brand name of The Financial Advisors Association of
Canada and claims to be Canada‘s largest association of professional financial advisors
with nearly 17,000 members. See what they say they‘re about.
www.bankofcanada.ca -- This Government run site provides current and historical rate
information on inflation, Canadian and U.S. interest rates and a currency converter to
help convert 50 foreign currencies to and from Canadian dollars.
http://www.behaviouralfinance.net/ -- all you ever wanted to know about how investor
behavior influences decisions and investment results . Contains good glossary of terms.
http://bigcharts.marketwatch.com/ Great site for news , stock quotes and charts .Type
CA in front of the symbol for Canadian stocks.
www.breachoftrust.ca Documentary film site by a former investment industry
employee who embarks upon a "wizard of oz " journey to find honesty and ethics in the
investment industry
www.brill.com/games.html -- An interesting section of Brill.com. Here you will find fund
related word games, cartoons, trivia questions, crossword puzzles and more. This U.S.
based site also has links to educational material, a chat room , tips for new investors and
much more.
www.bylo.org -- Great site for independent thinking mutual fund investors run by Bylo
Selhi ( a pseudonym). Interesting articles, excellent links, book references, a complete
listing of low MER, No-load index funds and more.
www.canada.com -- Mutual fund section contains daily pricing information, news items,
and mutual fund resources.
http://www.canadianbondindices.com/ --stats on various Bond indices
http://www.canadiancapitalist.com/ --One of oldest and most read Canadian blogs in the
investing and personal-finance sphere. The writer is a proponent of passive investing with
low-fee, index funds and exchange-traded funds, an approach gaining favour with self-
directed investors. Besides being an interesting and informative read, the Canadian
Capitalist blog can serve as a gateway to other financial blogs via its blogroll and weekly
―This and That‖ roundup. Site is loaded with information on personal finance and
investing.
www.canadianfixedincome.ca --This site is an online reference tool that provides access
to the price and yield information from CBID, Canada's only electronic, multi-dealer
fixed-income market. Now you can know bond prices.
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www.Canadianfundwatch.com -- Pro-investor site run by Ken Kivenko geared to
educating and cautioning mutual fund investors of the primary issues in mutual fund
ownership. The site also exposes industry sales and other practices that can hurt
financially illiterate investors. The site contains a very useful and unique 100 page +
Intelligent Mutual Fund Glossary, a number of in-depth unbiased educational articles,
references and links and a stress -reducing section on mutual fund humour and cartoons.
http://www.canadianmoneysaver.ca/rc_sites.aspx Lists some of the best sites
recommended by Canadian MoneySaver readers
http://www.canadiansecuritieslaw.com/ -- A Stikeman Elliot portal that provides the
public with the latest information on regulatory developments in securities law.
www.cannex.com/canada/english/ -- CANNEX gathers and compiles interest rates and
calculation values for financial products and services offered by financial institutions in
Canada. This site run by Cannex Financial Exchange Ltd. provides useful rate
information on term deposits, GIC‘s, GIA‘s, mortgages, personal loans, credit cards and
prime rates. Some data is available free.
www.capitalstool.com -- Owner Lee Adler, known as Dr. Stool, says his web site is a
celebration of contempt for all of Wall Street‘s churn of pronouncements. This site
certainly dumps on Wall Street and the investment industry in general. The site captures
attention because it is an unlikely marriage of sophisticated technical market analysis,
conspiracy theories and relentlessly cynical commentary. Topics include ―The anals of
stock proctology‖, a lively bulletin board and some zinger cartoons. Nasdaq is
affectionately referred to as Nascrap. Dr Stool claims that the news services are
Infomercials and ―you can‘t believe anything Wall Street says‖.
www.cfainstitute.org -- The CFA Institute is an international non-profit organization
based in the United States. Its members and candidates consist of investment analysts,
portfolio managers and other investment decision-makers employed by investment
management firms, banks, broker-dealers, investment company complexes and insurance
companies. The organization‘s mission is to serve investors through its membership by
providing global leadership in education on investment knowledge, sustaining high
standards of professional conduct..
www.cfp-ca.org -- The web-site of the Financial Planners Standards Council (FPSC). It‘s
goal is to benefit the public and the financial planning profession by establishing and
enforcing uniform professional standards for financial planners who choose to earn the
internationally recognized CFP™ designation.
www.cifsc.com -- The Investment Funds Standards Committee (IFSC) was formed by
Canada's major mutual fund database and research firms with a self-imposed mandate to
standardize the classifications of Canadian-domiciled mutual funds
http://www.cipf.ca/c_home.htm --The Canadian Investor Protection Fund (CIPF) ensures,
within defined limits, that your cash and securities are protected if you are an eligible
customer of an investment dealer that is a member of one of the sponsoring
organizations. Site provides details .
http://consumerinformation.ca/ Federal Government‘s Consumer information Gateway
https://www.credentialdirect.com/Educat ... entre.aspx --Excellent
primer on investing
http://www.culture.gov.on.ca/seniors/en ... lderabuse/, Ontario Seniors‘
Secretariat website
3

www.dalbarinc.com -- This is the web site for DALBAR Inc. a leading international
financial services research firm that specializes in measuring the performance of
institutions and financial professionals, employing quantitative and qualitative measures
to determine the ranking. This process includes evaluating how well service
representatives accommodate client inquiries, their knowledge, attitude, telephone
etiquette and timely responsiveness to client requests for information packages.DALBAR
announces a Mutual fund service award winner annually.
www.danhallett.com -- Website of respected fund analyst Dan Hallett. The site contains a
wealth of information on mutual funds written in an objective fact-based manner.
www.50plus.ca -- This is the official website of Canada‘s Association for the Fifty- Plus.
The site has excellent material on money, health, home & family and travel. Current
advocacy initiatives regarding seniors are also highlighted. The money section contains
material on retirement, investing, mutual funds, insurance, personal finance and estate
planning.
http://www.dinkytown.net/ -- This is the ultimate financial calculator website with over
300 calculators conveniently indexed and cross-indexed. The financial tools include
resources to figure out compound interest, rates of return, mortgage costs, annuities,
retirement planners and an investor profile calculator that helps determine your portfolio
composition based on your risk tolerance. A smaller site www.Calculator.com is a little
easier to navigate but not nearly as comprehensive
http://www.efficientmarket.ca/ --Canadian ETF, Mutual Fund, and RRSP Advice and
articles
http://www.ethicscentre.ca/EN/index.cfm -- Canadian centre for ethics and corporate
policy
www.facebook.com -- A social networking site . The site was used effectively by ABCP
investor Brian Hunter to rally support of retail investors to deal with a brokerage firms‘
refusal to provide compensation for selling them risky investments. See Canaccord and
ABCP clients. The postings allowed small investors to get up to speed very quickly on
the situation, with a deep and nuanced understanding of the underlying issues, and thus
prevented them from rolling over easily. It's believed to be one of the first times investors
have galvanized around a social networking site to organize and push for compensation.
www.faircanada.ca Shareholder rights website funded by IIROC
www.fcac-acfc.gc.ca -- The Financial Consumer Agency of Canada (FCAC) is a
independent body working to protect and educate consumers of financial services.
Includes tip sheets, guides, surveys ,articles on consumer rights interactive tools and
quizzes. The Agency was established to expand consumer education in the financial
sector. Focused on banking, GIC‘s , credit cards, debit , loans.
www.fidelity.ca/volatility. Market Volatility got you down? Fidelity Investments Canada
has launched 4 online tools that illustrate how global markets and asset classes have
reacted and recovered from major upsets.
www.financialengines.com -- Founded by Nobel Prize winner William F. Sharp, FE
analyzes your current investment portfolio to assess your chances of achieving your
retirement goals.
http://www.fsco.gov.on.ca/ -- Financial Services Commission of Ontario ( regulates
Ontario insurance industry)
4

http://www.financialwebring.org/index.html -- Financial Webring is an informal group
of websites which promote individual financial education and empowerment. The content
of each site is the sole responsibility of its owner and no one else. Webring does not
accept responsibility for content.
http://www.fiscalagents.com/knowledge/iwebrc.shtml --Site features links to a wide
range of sites serving the finance industry including stock exchanges, investment
associations and regulators. It also contains links to websites dealing with personal and
behavioural finance and education. Use the handy calculators to get a closer look at your
personal financial picture. Contains several retirement planning calculators
www.fundalarm.com -- Fundalarm provides terrific insight into the U.S. Fund industry
(the relevance to Canada is very obvious) .‖FundAlarm is a free, non-commercial
Website. Our view of the mutual fund industry is slightly off-center. We help you decide
when it‘s time to sell a fund, instead of when it''s time to buy. The mutual fund industry is
full of broken promises, arrogance, greed, hypocrisy -- the list goes on. We try to shine a
light in the darker corners, and poke holes in balloons that could use some poking.‖
www.funddemocracy.com U.S. website dedicated to mutual fund issues relevant to retail
investors.
www.fundexpenses.com -- Interesting U.S. site offering a critical look at fund economics
and expenses. According to the fund‘s home page ―I am not anti-funds. Nonetheless, I
believe that the industry‘s intellectual dishonesty is both bad for itself and our society.‖
www.fundlibrary.com -- The Fund Library is Canada‘s original web site dedicated to
mutual funds. Visitors will find lots of content contributed from a variety of experts. Hard
to find Fund parameters like Beta and Sharpe ratio are available here.
http://gailbebee.com/ Gail Bebee website on personal finance. She`s the Author of No
Hype Investing.
www.globefund.com -- The Globefund site is packed with detailed fund information,
facts and data. It‘s unique features include easy-to-use fund charting functions, a quick
link to relevant Globe and Mail fund articles, and links to their monthly report on mutual
funds.
www.hf-implode.com --Hedge Fund Implode-O-Meter -- Web site has been created to
track the bad news about hedge funds; and what could be worse than hedge funds which
literally implode. As you will see, there is a lot of bad news out there that does not
necessarily get picked up in the daily press.
www.hrdc-drhc.gc.ca/isp -- Human Resources Canada site for income security programs
http://www.independentinvestor.info/--Site has been described as one of the few
educational websites that offer the unbiased, clearly written material that busy investors
need . Excellent free Newsletter /
www.indexfunds.com -- Index Funds.com is a comprehensive resource on index funds
investing, promoting a commonsense approach that seeks to maximize expected returns
at each level of risk, utilizing index portfolios.
http://www.ismymoneysafe.org./ Excellent videos on fees and investor fraud
www.invetopedia.com --One of the most popular online destinations in North America
for people seeking a good grasp of investing terms and topics. The site began in 1999
with a financial dictionary that remains its top draw. Site tries to bust through the jargon
5

and explain concepts in plain language. A much visited feature is the Stock Simulator,
which does a good job simulating the experience of managing a portfolio in an online
brokerage account .Loaded with material on investing
www.investoradvocates.ca an industry professional run site geared to the disclosure
and prevention of investor abusive practices
www.investorwords.com-- Excellent on-line dictionary for thousands of investment terms
http://www.ipetitions.com/start-petition/ -- Got an issue with a firm, the financial
services industry, regulators or Government policy? Create a powerful online petition in
just minutes. The system is flexible, customizable, and very easy to use. And best of all
it's free!
http://investmentfraudpro.blogspot.com/ --U.S. website hosted by Chicago securities
attorney Andrew Stoltmann highlighting all the latest investment industry scams and
frauds.
http://www.investoradvocates.ca/ -- Lots of useful gab about investor advocacy issues
http:/www.investorvoice.ca -- Web-site run loaded with current articles and material on
securities regulation issues in Canada from the investor perspective.
www.investorism.com -- Joe Killoran's 1994 financial literacy interactive educating and
fund investor empowering point-of-sale thesis with supporting 1-page point-of-sale
documents adhere to the Ancient Chinese Proverb:
Tell me and I forget. Show me and I remember. Involve me and I understand.
www.iiroc.ca -- Website for the Investment Industry Regulatory Organization of Canada,
an SRO . Details on dealer rules, enforcement actions and studies including a great one
on hedge funds
http://ca.ishares.com/splash.do --Good site for learning about Canadian ishare ETF‘s
www.InvestorEd.ca -- Funded by the e-ducation fund of the OSC to provide a
trustworthy source of financial information. The site contains a glossary, investment
basics, a fund fee impact calculator and plain language articles on fraud prevention.
http://www.jointforum.ca/JF-WWWSite/aboutthegroup.htm -- The Joint Forum was
founded in 1999 by the Canadian Council of Insurance Regulators (CCIR), the Canadian
Securities Administrators (CSA), and the Canadian Association of Pension Supervisory
Authorities (CAPSA). It also includes representation from the Canadian Insurance
Services Regulatory Organizations (CISRO).
http://www.macgold.ca/ Dispute resolver Robert Goldin`s informative website .Lists 156
Advisor faults.
http://www.martindalecenter.com/Calculators.html-- Site carries over 23,000 calculators-
awesome covering virtually every field of interest ..
www.mfda.ca -- The Mutual Fund Dealers Association of Canada (MFDA) is the mutual
fund industry‘s self-regulatory organization (―SRO‖) for the distribution side of the
industry. The MFDA is responsible for regulating all sales of mutual funds by its
members in Canada. The MFDA does not regulate the funds or fund manufacturers. This
site contains the rules that members must abide by, enforcement actions and some useful
links .
www.milevsky.com --This site is run by Associate professor of finance (York university,
Schulich School of Business) Dr. Moshe Milevsky. The site contains a number of his
papers, essays on wealth and public lectures. Material tends to be analytical and
quantitative so get your math caps on.
6

http://www.mint.com/ --A wonderful free personal finance website (U.S.) --According to
PC World this site is among the most inventive and trend-setting products
available…pushing the limits of technology.
http://money.canoe.ca/ -- Mainstream financial news
http://www.moneychimp.com/ -- Loaded with introductory and fairly advanced
educational material, interactive charts , calculators , a volatile market simulator and a
glossary.
http://www.moneymanagedproperly.com/new ... idance.htm Site
discusses regulatory issues , industry issues and provides investor education.
www.morningstar.ca -- Morningstar.ca is one of the more informative mutual fund sites
in Canada. Getting the best of their free information only requires a registration. You''ll
get detailed information on most funds and analyst opinions on many. Also includes a
retirement planning calculator .
www.nasaa.org -- This site contains a useful 10-minute investment fraud awareness quiz.
Questions cover topics such as investment risk, fraudulent products and the role of
securities regulators. Organized in 1919, the North American Securities Administrators
Association (NASAA) is the oldest international organization devoted to investor
protection. NASAA is a voluntary association whose membership consists of 66 state,
provincial, and territorial securities administrators in the 50 states, the District of
Columbia, Puerto Rico, Mexico and Canada. In the United States, NASAA is the voice of
the 50 state securities agencies responsible for efficient capital formation and grass-roots
investor protection.
www.obsi.ca -- Website for the Ombudsman for Financial Services and Investments.
OBSI is where you bring complaints and restitution claims if the firm‘s response is
unsatisfactory.
www.osc.gov.on.ca -- The official website of the Ontario Securities Commission. The
site contains a downloadable set of Regulations, proposed Rules, educational materials,
investor fraud prevention tips and enforcement case files.
http://www.osfi-bsif.gc.ca/osfi/index_e ... rticleid=3 --Office of the Superintendent of
Financial Institutions ( banking regulator)
http://www.pjreeve.com/pjr/home.html Investor advocacy website of Dr. P.Reeve
http://professionalreferrals.ca/ --Site offers a lengthy list of links to articles written by
Canadian financial planners, covering just about all the nooks and crannies imaginable
within the personal-finance field.
www.quatloos.com -- A U.S. award-winning public educational website covering a wide
variety of financial scams and frauds, including wacky ―prime bank‖ frauds, exotic
foreign currency scams, offshore investment frauds, tax scams, ―Pure Trust‖ structures
and more. The Hall of Investment Fraud alone is well worth the visit. Quatloos
apparently refers to a fictional currency mentioned in an old Star Trek episode. You
might also want to visit www.rcmp.ca and www.scambusters.org --All about investment
scams
http://www.research-finance.com/ --Site is ideal for keeping current with articles in peer-
reviewed financial journals and working papers from research centres. This site is for
truly serious students of investing.
http://www.rcmp-grc.gc.ca/scams/investment_fraud_e.htm -- RCMP ‗s contribution to
understanding investment fraud. Includes a link to http://www.abcfraud.ca/
7

http://www.recol.ca/ -- Reporting economic crime on line
www.retirementaction.com Dedicated to retirement issues and pensions; free Newsletter
http://www.retireware.com/resources/tools.aspx --Site dedicated to retirement planning.
Provides five useful financial calculators, articles, retirement planning primer, tutorials,
glossary and a number of relevant web links.
http://www.riskgrades.com/ --Risk Analyzer evaluates the potential risk of your
individual securities, your overall portfolio or your watch lists to help you make
confident investment decisions.
www.russell.com/CA -- Interesting site if you want to learn about indexes. Some
excellent articles on investing in general. Discusses the Russell family of indexes.
www.safeharbouronline.com --This weekly compendium of newsletter articles, academic
papers plus traditional business press articles that pro-investor adviser Hans Merkelbach
posts each week
www.sedar.com -- The System for Electronic Document Analysis and Retrieval
(SEDAR) is used to electronically file securities related with the Canadian Securities
Administrators. The Canadian Depository for Securities, through its subsidiary CDS INC.
has developed this innovative Web site to make public securities filings easily available
to all. You can use it to find and retrieve SEDAR public securities filings and mutual
fund/company profiles, annual reports and prospectuses.
www.sedi.com -- Site used to track insider stock ownership and trading
www.secondopinions.ca -- The URL says it all. Excellent articles on investing and
financial tools . Assists investors in assessing advisor recommendations and portfolio
construction.
http://www.secondopinions.ca/tools/Advi ... eCard.aspx --The Advisor Scorecard is
one of the few places, if not the only place on the internet, where individual investors can
go to get an independent assessment of how their view of their advisor stacks up with the
view that other investors hold of their advisors.
www.shadowstats.com --Have you ever wondered why the CPI, GDP and employment
numbers run counter to your personal and business experiences? The problem lies in
biased and often-manipulated government reporting. This site provides commentary on
U.S. games but many of the ideas carry over to Canada. Many good articles free but for
more detail a subscription is required.
http://www.shakesprimer.com/ The purpose of this web document is to serve as a primer
for Canadian do-it-yourself (DIY) investors who wish to manage their own investment
portfolio.
www.showmethebenchmark.ca --Knowing the rate of return you‘ve earned is an essential
first step - but to manage your money wisely you then have to compare the return you
actually earned with the rate of return you could have earned if you had bought a simple
couch potato portfolio. If your advisor is underperforming – and most are, you can use
this tool to identify the problem before wasting money year after year.
www.showmethereturn.ca -- The first step in managing your money wisely is simply
knowing how you‘re doing. For people who want to manage their money wisely nothing
could be more basic or make more sense than to know the rate of return you‘re earning
on your investments. This information is rarely supplied by the investment company and
this easy to use website fills a big knowledge gap.
8

www.sipa.ca -- This is the official web–site of SIPA, The Small Investor Protection
Association. SIPA is a volunteer member organization committed to fair practice in the
investment industry. SIPA was incorporated (Ontario corporation number 1327366) as a
national non- profit organization at the end of January, 1999, with headquarters in
Markham, Ontario. The site contains a library, media links, litigation and news of interest
to investors. Most resources are free to the public but some require membership.
http://www.socialinvestment.ca/ A look into socially and/or environmentally responsible
investing. This Web site also promotes and encourages socially responsible investment in
Canada.
http://www.stockhouse.com/General/Tools ... urces.aspx - Great portfolio tracker,
much more
http://sites.stockpoint.com/iunitsaci/criteria.aspx -- The "Asset Class Illustrator" enables
you to view a historical analysis of how an index (or a portfolio of up to 15 indexes)
would have behaved over different time periods. Using the modular set of indexes
tracked by Barclays North American Exchange Traded Funds to represent asset classes,
this tool is designed to offer a convenient means for modeling and viewing the benefits of
diversification by style, market capitalization, and even individual sector and country
exposures.
www.ssrn.com Huge storehouse of academic research papers on a wide variety of topics
www.stingyinvestor.com -- StingyInvestor site is run by Dr. Norman Rothery. While it
focuses on stocks, there is some very good mutual fund content. Norm also contributes
his own musings on the fund industry.
www.stockloss.ca -- This is the web-site of Ottawa lawyer John Hollander. Its aim is to
educate mutual fund and stock investors who lost money as to their rights and to
encourage them to seek professional advice regarding potential restitution. Age,
leveraging, size of claim and fund switching are key indicators. An Investor Bill of
Rights is included.
www.strategicsector.com -- This site is run by prominent investment adviser/portfolio
doctor Hans Merkelbach. Contains some excellent material on mutual funds, financial
links and a complimentary /confidential mutual fund portfolio review.
www.taxtips.ca Great site for tax smart investing .
http://www.themoneybelt.ca/home-accueil-eng.asp Created by the Financial Consumer
Agency of Canada, The Money Belt is dedicated to teaching financial life skills — the
basics about money and the financial world in an easy-to-understand way that is relevant
to you.
http://www.thesqueakywheel.com/ -- Gotta complaint with your fund dealer or mutual
fund? TheSqueakyWheel.com, based in Toronto, gives individual consumers more power
than ever before. 24 hours a day, 7 days a week, it works to make sure that complaints
cannot be Ignored. When someone searches for the company/product that you
complained about, it is likely that both the company's web page and your complaint page
will come up in the search result list.
www.vanguard.com/bogle_site/bogle_home.html -- The Bogle Financial Markets
Research Center, established on January 1, 2000, supports Vanguard founder John C.
Bogle''s ongoing work on behalf of investors. Since he stepped down as Chief Executive
Officer of The Vanguard Group in 1996, Mr. Bogle has been studying, writing, and
speaking about issues related to the financial markets and mutual funds. The site is
9

loaded with timely and informative articles on the mutual fund industry. Vanguard is the
lowest average fee fund Company in the U.S. and has a unique ownership structure. The
Vanguard Group® is owned by the funds and thus by the funds‘ shareholders, instead of
being controlled by an outside management firm, as most investment firms are. Vanguard
provides services to the funds ―at cost.‖
www.wealthyboomer.com/forum -- Wealthy Boomer Discussion Forum - This is the site
of Jonathan Chevreau, consumer-friendly personal finance columnist for the National
Post. The discussion forum is moderated by Chevreau and is lively.
http://www.wheredoesallmymoneygo.com/ -- a Canadian site for things financial. Topics
include investing, budgeting, insurance, tax etc. The site also has some interesting links
and calculators. An empowering website. Light reading.
www.finance.yahoo.com Stock and option quotes, News , portfolio trackers, stock alerts

Associations/Institutes/Exchanges
Mutual fund investors may find the following helpful in addressing their investment
needs.
American Stock Exchange New York -- www.amex.com
Assuris http://www.assuris.ca/ ( website of the organization that protects Canadian
policyholders in the event that their life insurance company should become insolvent).
Canadian Association of financial planners Toronto -- www.cafp.org
Canadian Bankers Association Toronto ( bank industry lobbyist)-- www.cba.ca
Canadian Deposit Insurance Corp. Ottawa-- www.cdic.ca (insures bank deposits)
Canadian Institute of Chartered Accountants Toronto -- www.cica.ca
Canadian Investor Protection Fund Toronto -- www.cipf.ca ( insures against
broker/dealer insolvency)
Canadian Securities Administrators Montreal -- www.csa-acvm.ca
Canadian Securities Institute Toronto -- www.csi.ca
Canadian Shareowners Association Toronto -- www.shareowner.ca
Chicago Board of Options Chicago -- www.cboe.com
Financial Industry Regulatory Authority FINRA ( U.S. SRO) Washington --
www.finra.org
Investment Funds Institute of Canada Toronto ( fund industry lobbyist) -- www.ific.ca
MFDA Investor Protection Corporation http://www.mfda.ca/ipc/ipc.html ( insurance
against fund dealer insolvency)
New York Stock Exchange New York -- www.nyse.com
Ontario Securities Commission Toronto www.osc.gov.on.ca ( largest provincial security
regulator in Canada )
Toronto Stock Exchange (TSX) Toronto www.tse-cdnx.com

After reviewing these sites you‘ll be more financially literate , more cautious on who you
deal with and what you buy , more able to constructively challenge advisers‘
recommendations , better equipped to research financial products , more effective at
filing ( and winning) complaints if abused and better able to consider becoming a self-
confident do-it-yourself investor.

Ken Kivenko
10
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