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