Briefly:

(January 4, 2008) A securities firm has learned it’s better to pay up than hold out, at least when it comes to registering with the British Columbia Securities Commission.

Dorchester Investment Management, a firm that is registered in Quebec and Ontario, will have to pay more than twice the BCSC’s required registration fee after it admitted in a settlement agreement with the BCSC that it had provided investment advice to B.C. investors without registration under B.C.’s Securities Act.

Under the settlement agreement, Dorchester will pay a $40,000 fine as well as $34,050 for the registration fees that would have been payable to the BCSC if the company had registered.

The firm provided investment advice to as many as 11 clients from March 1992 to August 8, 2007, many of whom had dealt with the firm prior to moving to British Columbia. Dorchester registered with the BCSC on August 9, 2007.

ASC offers safe investing tips

(January 4, 2008) The Alberta Securities Commission has issued some tips to investors for protecting their money in 2008.

The ASC says before investors choose an investment manager or an advisor, they need to do research. The commission urges investors to find time to investigate any investment opportunity — and those who offer them — before considering an investment. The ASC website, www.albertasecurities.com, has tools and tips to help investors learn to ask the right questions.

The website also provides investors with red flags to watch for. For instance, the ASC says investors should never give their Social Insurance Number (SIN), date of birth or credit card numbers in response to unsolicited e-mail messages or “cold callers” over the phone — no matter how good the sales pitch is.

The ASC urges investors who have become victims or suspect they are participants in securities fraud to visit the website to find out how to make an inquiry or a complaint. Alternatively, the ASC says investors can contact their local Better Business Bureau or victim assistance unit of the local police.

(01/04/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.