Self Regulation is "decriminalization", lets count the ways

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Re: How many rules or laws can we break to get at your money

Postby admin » Thu Sep 01, 2011 8:26 am

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Chapter S‑4

"HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

1 In this Act,
(ii) “misrepresentation” means
(i) an untrue statement of a material fact, or
(ii) an omission to state a material fact that is required to be stated, or
(iii) an omission to state a material fact that is necessary to be stated in order for a statement not to be misleading;"

Advocate comments: The basic fundamental misrepresentation that fools most retail investment customers is the "bait and switch" that goes on around the license categories of "advisor" and "salesperson" (pre 2009) or "dealing representative" (post 2009.

The simple version is this: No self respecting investment salesperson wanted to be known as a "salesperson", so in the spirit of self regulation (we do anything we want), the name "advisor" is used by the majority of people who sell investments by commission. Despite the fact that their license category is NOT advisor, and that advisor is a separate, distinct and far advanced category of registration, and despite the fact that advisor lends the public to believe their is some professional duty or obligation to "care" for the interests or to place the interests of the customer ahead of their own personal interests. Not true.

The end result is that the industry is playing a "name game" in order to misrepresent and to fool the public into a state of greater trust and confidence. A "con" game if you will, to get easier and more compliant access to sell the public investment products.

Ask the next person who gives you a business card saying "advisor" on it to show you his or her license, or look it up yourself at the securities commission.

Misrepresentation is subject to a fine of up to $1 million dollars and prison term of up to five years. I am going to call this legal violation number one, and as mentioned earlier, it is part of the very foundation for financial violation of millions and millions of investment customers.

From this web page ... t?hl=en_US comes the document of a "Fiduciary Roundtable" put on by FAIR Canada (investor rights advocates group funded totally by investment dealers association......time will tell if they are real advocates or simply a diversionary tactic by the dealers)

Screen shot 2011-09-11 at 1.34.31 AM.png
click to enlarge

From the highlighted area in blue (click on it) you can see the industry "sleight of hand" which allows for the largest bait and switch in history. It is where they say "we are not distinguishing between different categories of licensing or registration". This is the part where they ignore the letter or the spirit of the law in favour of the spirit of selling out the public interest for greater commissions. The bait is to lure clients with the promise of "trusted", "professional", "advisors", or comfort words to that effect, and the switch is then to serve them the fraud of giving them a commission salesperson, selling product, not advice, and who may or may not have even the license nor the registration to call himself or herself an "advisor". Also may not feel they even have to put the client interests ahead of their own sales commission interests. They may even have gotten use of the term advisor by a legal "exemption" process whereby they are allowed to not meet the educational etc., requirements of the securities act. This is misrepresentation at its very best, condoned and endorsed by the regulators, and used to fool clients for their money.
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Self Regulation is "decriminalization", lets count the ways

Postby admin » Thu Sep 01, 2011 12:48 am

It is now 2011, some thirty odd years beyond the days when I first took my Canadian Securities Course early 1980, and then the Conduct and Practices exam when I joined the industry in 1984.

I have learned now that self regulation is "decriminalization" and this flogg topic will try to list those rules, laws, codes or principles that routinely get ignored in the feeding frenzy to get more of the client's money, by those investment practitioners who practice malpractice.

I have collected bits and bites of them here and there, and never have compiled them into one spot. Some you will see inside the flogg topic GET YOUR MONEY BACK. Others you will find in ADVISOR FRAUD, and yet others in TRICKS OF THE TRADE etc. It will by my task to now compile each and every industry violation that I can identify, in the hopes that others will read, learn and scream for it to stop. (Give me a few weeks to work on this new project, and in the meantime, go looking for some in those flogg topics listed above, and found on this same site. If anyone, anywhere then wants to truly get their money back, I am ready, able and willing to help if I can. It would be a win for each and every financially abused Canadian to get this kind of financial predation into the open, talked about, and changed.)

Actually I hope they do more than scream. I hope they utilize this information to sue, embarrass, and criminally prosecute those who earn a living by such investment malpractice, and those who also assist others in doing this malpractice. This, (sue, embarrass, or prosecute) after thirty years is what I conclude to be among the only solutions to getting pathologically greedy folks to stop being financially violent towards those they purport to serve. Please send me corrections, edits or deletions to
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Posts: 3069
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