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(June 7, 2007) The Office of the Superintendent of Financial Institutions has issued a public warning against two central Canadian firms that it suspects of participating in advance fee or “Nigerian letter” scams.

OSFI warned investors to beware of Golden Merchant Bank, based in Verdun, Quebec, and Dexia Financial Trust, based in Brantford, Ontario. According to OSFI, the two firms, which are not recognized financial institutions, are participating in advance fee scams, requiring money up front to perform a service.

OSFI recommends that investors never pay up front for services such as opening an account or covering a government fee, It warns that the public be on the lookout for these firms and any other companies that request payment be sent to an individual rather than to a financial entity. This is a tell-tale sign of fraud because legitimate money transfers cannot be wired or remitted to entities that do not exist.

In addition, OSFI notes that Dexia Financial Trust has no relation to Dexia Crédit Local S.A., known commonly as Dexia, which is a legitimate foreign bank under the Bank Act and has an office in Montreal.

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Assuris elects board members

(June 7, 2007) Assuris, the non-profit organization that protects Canadian policyholders against the financial failure of an insurance company, has elected three new members and re-elected one member to its board of directors.

The three new board members are Martha Dunlop, a lecturer at the University of Toronto; Hélène F. Fortin, a chartered accountant and partner at GHL; and François Joly, the former president and COO of Desjardins Financial Security.

“Assuris is very fortunate to have such distinguished and capable individuals add to the strength of an already very prestigious roster of board members,” says Gordon Dunning, Assuris’s CEO.

The organization also re-elected Fred Gorbet to the board of directors. Gorbet is the dean of the Schulich School of Business and a member of the board of governors of York University.

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State Street adds new exec to pension sales

(June 7, 2007) State Street Corporation has appointed Thomas E. Eichenberger to the position of senior director of business development for its institutional investor sales team.

Eichenberger will be responsible for sales efforts and outreach to the U.S. corporate pension market. Previously, he was managing director at the Bank of New York, overseeing a national team of relationship managers who provided master trust and custody services for public and private funds.

“State Street is committed to building dynamic, long-term customer partnerships, which is why approximately 75% of our new revenue comes from expanded relationships with existing customers,” said Jay Carty, senior vice-president and head of sales for State Street’s institutional investor services. “Given the recent regulatory changes within the U.S. marketplace and the adoption of the Pension Protection Act, our customers are seeking additional product capabilities and services to help reposition their pension offerings.”

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MGI names independent directors

(June 7, 2007) Jovian Capital Corporation has named John Stevens, David Bird and Patrick Brigham as independent outside directors for its investment dealer subsidiary, MGI Securities.

John Stevens will serve as chairman for MGI, which employs more than 70 retail and capital markets professionals. Stevens is a lawyer and a chartered accountant who has served as a director of numerous private and public companies over the past 15 years.

David Bird is a former director and senior officer with two large Canadian investment dealers, and Patrick Brigham is the owner of a North American commercial real estate development company.

Jovian says the appointments are subject to regulatory approval.

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(06/07/07)