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Although some of our regulatory leaders say they believe in transparency, nothing is being done about the industry practice of covering up widespread wrongdoing and then settling with plaintiffs by paying pennies on the dollar and covering up with gag orders.
The industry also gags registered representatives from speaking out with the threat of expulsion, not just from their jobs but the industry. Most either stay and remain silent or quietly change careers. The few that speak out are ostracized and persecuted with lawsuits and Anton Pillar orders.
Kent Shirley attempted to speak out but was slapped with an Anton Pillar order preventing him from speaking out and the confiscation of his computer. The issue remains unresolved. Joe Killoran has picked up the torch from Kent Shirley and now faces legal action. Stephen Gadsden was convinced to take down his open letter to Canadians. Jonathan Chevreau's article was not published.
The media also seems to be muffled by industry. The Bre-X stifling is an excellent example; the Toronto papers did not print a word of the case in Ottawa, and the Ottawa press was strangely silent the second day. Scam of the century became secret of the century.
The industry approach of intimidation and threats is illustrated by the ASC's firing of one of those who came forward to tell the truth. The ASC has called them cowardly for acting anonymously and then demonstrates what will happen if they are identified.
We need TruthTeller legislation to protect the many who will come forward. As long as we allow the industry to continue to cover-up with lack of disclosure, gag orders and threats to employees, small investors will remain at risk and it really is an "Investor Beware" situation, as Robert Goldin so aptly named his book published six years ago.
It is time for an Inquiry Commission into widespread industry wrongdoing, industry cover-up, and regulatory failure to provide investor protection. That is why SIPA is calling for an inquiry in our submission to the Senate Standing Committee on Banking Trade and Commerce
The allegations by 35 members of the Alberta Securities Commission staff suggest that industry corruption may even permeate the regulators
Monday, May 02, 2005
Sunday, May 01, 2005
Toronto Investor Town Hall Meeting - May 31st, 2005
May 31, 2005 - Town Hall Meeting - Toronto - FREE ADMISSION
Information booths and refreshments. An educational evening. Ask questions directly to the top regulators. This is the first time top regulators have met with the public in Toronto. Most people pay hundreds of dollars to hear the regulators. This event if FREE for investors.
Pre-register for Investor Town Hall
The Ontario Securities Commission Town Hall Meeting is scheduled for Tuesday, May 31st at 6:30pm at the Canadian Broadcasting Centre, 250 Front Street, Toronto. This will be an opportunity for investors to ask questions to a panel of the top regulators in Ontario including the Ontario Securities commission (OSC), Investment Dealers Association (IDA) the Mutual Fund Dealers Association and the Ombudsman for Banking Services and Investments (OBSI).
The five person panel will feature:
David A. Brown, Q.C., Chair OSC
Stan I. Buell, P.Eng., President SIPA
Michael Lauber, FCA, Ombudsman & CEO OBSI
Joseph J. Oliver, President & CEO IDA
Larry M. Waite, President & CEO MFDA
Mike Hornbrook of CBC Radio will be the moderator and present questions received to the panel for response.
Linda Leatherdale, money editor for the Toronto Sun and host of Linda's Moneyshow, and James Daw, columnist with the Toronto Star, will be inviting questions from those in attendance.
CARP is participating in this event and will have copies of their report "CARP's fight against scams and frauds" and other material available for investors.
The regulators will have booths with free documentation available for investors.
Anyone who is unable to attend the meeting may submit questions to the OSC at Telephone: 416-593-7744, Toll Free: 1-800-465-9670 or send by e-mail to: townhall@osc.gov.on.ca.
Members and others may also submit their questions to the Small Investor Protection Association by e-mail to sipa@sipa.to or by post to: SIPA, P.O.Box 325, Markham, ON, L6B 1A8. Questions will be given to the moderator for presentation to the panel.
You can register at the door, or register in advance by calling the OSC at 416-593-7744 or e-mail the OSC at townhall@osc.gov.on.ca. Seating is available for 500 so pre-register and arrive early for the best seats.
For more information and to register online, click on the Investor Town Hall.
Bring your friends, sit back and listen to a question and answer session. The moderators will ask the questions that are sent in and will take questions from the audience.
Information booths and refreshments. An educational evening. Ask questions directly to the top regulators. This is the first time top regulators have met with the public in Toronto. Most people pay hundreds of dollars to hear the regulators. This event if FREE for investors.
Pre-register for Investor Town Hall
The Ontario Securities Commission Town Hall Meeting is scheduled for Tuesday, May 31st at 6:30pm at the Canadian Broadcasting Centre, 250 Front Street, Toronto. This will be an opportunity for investors to ask questions to a panel of the top regulators in Ontario including the Ontario Securities commission (OSC), Investment Dealers Association (IDA) the Mutual Fund Dealers Association and the Ombudsman for Banking Services and Investments (OBSI).
The five person panel will feature:
David A. Brown, Q.C., Chair OSC
Stan I. Buell, P.Eng., President SIPA
Michael Lauber, FCA, Ombudsman & CEO OBSI
Joseph J. Oliver, President & CEO IDA
Larry M. Waite, President & CEO MFDA
Mike Hornbrook of CBC Radio will be the moderator and present questions received to the panel for response.
Linda Leatherdale, money editor for the Toronto Sun and host of Linda's Moneyshow, and James Daw, columnist with the Toronto Star, will be inviting questions from those in attendance.
CARP is participating in this event and will have copies of their report "CARP's fight against scams and frauds" and other material available for investors.
The regulators will have booths with free documentation available for investors.
Anyone who is unable to attend the meeting may submit questions to the OSC at Telephone: 416-593-7744, Toll Free: 1-800-465-9670 or send by e-mail to: townhall@osc.gov.on.ca.
Members and others may also submit their questions to the Small Investor Protection Association by e-mail to sipa@sipa.to or by post to: SIPA, P.O.Box 325, Markham, ON, L6B 1A8. Questions will be given to the moderator for presentation to the panel.
You can register at the door, or register in advance by calling the OSC at 416-593-7744 or e-mail the OSC at townhall@osc.gov.on.ca. Seating is available for 500 so pre-register and arrive early for the best seats.
For more information and to register online, click on the Investor Town Hall.
Bring your friends, sit back and listen to a question and answer session. The moderators will ask the questions that are sent in and will take questions from the audience.
OPEN LETTER TO JACK LAYTON, NDP LEADER
April 30, 2005 by e-mail to: Layton.J@parl.gc.ca
Mr. Jack Layton, Leader of the NDP
New Democratic Party of Canada300 - 279 Laurier West, Ottawa, Ontario, K1P 5J9
Sir:
The Toronto Star quotes you as saying “My blood just boils because there is misery in this country”. I agree there is misery in this country.
Your definition is “You have to pull a blanket over your head over a heating grate on University Avenue because there is no place to go.” This is certainly a very visible problem that needs attention.
My definition is “Seniors and widows after spending a lifetime of hard work, being robbed of their life savings by the white collar criminals of the financial services industry”. This is a huge problem covered up by industry.
We can help each other. You could support the need for remedial investor protection that also includes punitive damages that could be designated to caring for the homeless and other disadvantaged people in our society.
We wrote to you a year ago and received no response. We also sent an e-mail on the same date. A copy of the e-mail is appended. This letter will be posted on our new blog at www.smallinvestors.blogspot.com
We request a response.
At the same time we invite you to a Town Hall Meeting in Toronto on May 31st. David Brown, Chair OSC, Joe Oliver, President IDA, Larry Waite, President MFDA and Mike Lauber, Ombudsman & CEO OBSI will be panelists with moderator Mike Hornbrook. If you are unable to attend please send a delegate, I would be pleased to speak with you or your delegate at that time.
Sincerely
Stan I. Buell, P.Eng.
President
May 20, 2004 - e-mail to Jack Layton on NDP website
We do not see where you stand on some seniors' issues. Since 1998 SIPA has become aware that many seniors are losing their life savings due to placing their trust in financial advisors. Some of these are unregistered fraudsters and these have been disclosed in the media. However, many more are legitimate financial advisors who breach the rules with impunity and sometimes commit fraud. However the investment industry relies on self regulation and as an apparent result there is widespread abuse of seniors and loss of life savings.
Do you have a position on this issue?
If you would like more information we would be pleased to provide you with a copy of our 100 page report that was delivered to premiers and finance ministers across Canada.
We are trying to identify a leader who is aware of this problem and is prepared to do something about it.
You are quoted in the Toronto Star by Bruce Campion-Smith as saying "Together we can build a green and prosperous Canada where no one's left behind."
Right now many seniors who have lost their life savings are being left behind.
Yours truly
Stan Buell
President
Small Investor Protection Association
website: www.sipa.to
Mr. Jack Layton, Leader of the NDP
New Democratic Party of Canada300 - 279 Laurier West, Ottawa, Ontario, K1P 5J9
Sir:
The Toronto Star quotes you as saying “My blood just boils because there is misery in this country”. I agree there is misery in this country.
Your definition is “You have to pull a blanket over your head over a heating grate on University Avenue because there is no place to go.” This is certainly a very visible problem that needs attention.
My definition is “Seniors and widows after spending a lifetime of hard work, being robbed of their life savings by the white collar criminals of the financial services industry”. This is a huge problem covered up by industry.
We can help each other. You could support the need for remedial investor protection that also includes punitive damages that could be designated to caring for the homeless and other disadvantaged people in our society.
We wrote to you a year ago and received no response. We also sent an e-mail on the same date. A copy of the e-mail is appended. This letter will be posted on our new blog at www.smallinvestors.blogspot.com
We request a response.
At the same time we invite you to a Town Hall Meeting in Toronto on May 31st. David Brown, Chair OSC, Joe Oliver, President IDA, Larry Waite, President MFDA and Mike Lauber, Ombudsman & CEO OBSI will be panelists with moderator Mike Hornbrook. If you are unable to attend please send a delegate, I would be pleased to speak with you or your delegate at that time.
Sincerely
Stan I. Buell, P.Eng.
President
May 20, 2004 - e-mail to Jack Layton on NDP website
We do not see where you stand on some seniors' issues. Since 1998 SIPA has become aware that many seniors are losing their life savings due to placing their trust in financial advisors. Some of these are unregistered fraudsters and these have been disclosed in the media. However, many more are legitimate financial advisors who breach the rules with impunity and sometimes commit fraud. However the investment industry relies on self regulation and as an apparent result there is widespread abuse of seniors and loss of life savings.
Do you have a position on this issue?
If you would like more information we would be pleased to provide you with a copy of our 100 page report that was delivered to premiers and finance ministers across Canada.
We are trying to identify a leader who is aware of this problem and is prepared to do something about it.
You are quoted in the Toronto Star by Bruce Campion-Smith as saying "Together we can build a green and prosperous Canada where no one's left behind."
Right now many seniors who have lost their life savings are being left behind.
Yours truly
Stan Buell
President
Small Investor Protection Association
website: www.sipa.to
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