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Letters to the Editor – National Post June 22, 2005
Re: Statute of limitations may wipe 800 rapes from books, June 21
While noting that New York state is one of the few jurisdictions to have a statute of limitation on rape, this article notes that "Canada has long since abolished statute of limitations provisions for all but mundane crimes." The question is: How do you define “Mundane”?
Seniors and widows being robbed of their life savings is a life-altering event that is anything but mundane and also should have no statute of limitations yet it does. Some refer to financial predatory practices as financial rape or financial assault.
The victims are traumatized. Many suffer depression. Some commit suicide.
In Ontario, the reduction in the limitation period for taking civil action from six years to two years will no doubt result in many seniors and widows being deprived of the right to pursue redress through the courts. This is a great injustice.
Stan I. Buell
Small Investor Protection Association
Thursday, June 23, 2005
Wednesday, June 22, 2005
New Chair for the OSC
There are no surprises here. Industry does not want to lose control. This proposed appointment reinforces the need for a national Investor Protection Agency to provide investor protection.
Industry and the regulators have failed to protect investors. They say that investor protection is important but they also claim their actions are preventative and not remedial. This is no help to the widows, seniors and other Canadians that lose their life savings due to wrongdoing and unsavoury sales practices of the investment industry at large.
It is not enough for the regulators to say these so-called investment advisors are registered as sales representatives and that they have no control over job titles such as investment advisor or consultant. This is misleading the public at best.
Is there no sense of honesty within the regulatory system? How can the regulators allow the industry to falsely advertise that they are providing advice and then deny responsibility by saying in reality the representatives are only salespeople without fiduciary obligations?
It is time to either hold the industry accountable, or to warn the public that the investment industry are robbers in white collars. Regulators must warn the public to be be wary in dealing with the investment industry. Regulators must disclose the wrongdoing that permeates the industry and creates so many victims each year.
Maybe with this new appointment the public will realize it is Caveat Investor!
Let the new chair show by his actions that he is not what he seems to be and that he is prepared to act as a regulator should to protect the public.
Industry and the regulators have failed to protect investors. They say that investor protection is important but they also claim their actions are preventative and not remedial. This is no help to the widows, seniors and other Canadians that lose their life savings due to wrongdoing and unsavoury sales practices of the investment industry at large.
It is not enough for the regulators to say these so-called investment advisors are registered as sales representatives and that they have no control over job titles such as investment advisor or consultant. This is misleading the public at best.
Is there no sense of honesty within the regulatory system? How can the regulators allow the industry to falsely advertise that they are providing advice and then deny responsibility by saying in reality the representatives are only salespeople without fiduciary obligations?
It is time to either hold the industry accountable, or to warn the public that the investment industry are robbers in white collars. Regulators must warn the public to be be wary in dealing with the investment industry. Regulators must disclose the wrongdoing that permeates the industry and creates so many victims each year.
Maybe with this new appointment the public will realize it is Caveat Investor!
Let the new chair show by his actions that he is not what he seems to be and that he is prepared to act as a regulator should to protect the public.
Tuesday, June 21, 2005
STATUTE OF LIMITATIONS MAY WIPE 800 RAPES FROM BOOKS
NEW YORK STATE SENATOR SEEKS TO OVERTURN LAW
The National post on June 21, 2005, carried Steven Edwards report from New York that city police are shelving more than 800 rape investigations because of an "outdated" law providing only a five year window for prosecuting sexual assault crimes.
Over the years this has allowed thousands of rapists to escape justice by beating the clock.
Every year thousands of Canadians including widows and seniors are suffering financial assault crimes when widespread investment industry wrongdoing robs them of their savings.
Most provinces have recently reduced the limitation period from six years to two years for civil actions. Most victims are unable to react in such a short time frame. This will mean that financial predators will escape justice by beating the clock and victims of white collar crime will be statute barred from taking legal action.
Where were the regulators and agencies that provide investor protection when this erosion of Canadian rights was being legislated.
Who is responsible for this irresponsible legislation.
Who will champion the need to eliminate limitation periods for white collar crime that robs widows and seniors of their life savings?
The National post on June 21, 2005, carried Steven Edwards report from New York that city police are shelving more than 800 rape investigations because of an "outdated" law providing only a five year window for prosecuting sexual assault crimes.
Over the years this has allowed thousands of rapists to escape justice by beating the clock.
Every year thousands of Canadians including widows and seniors are suffering financial assault crimes when widespread investment industry wrongdoing robs them of their savings.
Most provinces have recently reduced the limitation period from six years to two years for civil actions. Most victims are unable to react in such a short time frame. This will mean that financial predators will escape justice by beating the clock and victims of white collar crime will be statute barred from taking legal action.
Where were the regulators and agencies that provide investor protection when this erosion of Canadian rights was being legislated.
Who is responsible for this irresponsible legislation.
Who will champion the need to eliminate limitation periods for white collar crime that robs widows and seniors of their life savings?
SIPA WARNS INVESTORS RE LIMITATION PERIODS
SIPA issues Warning to Investors re limitation period The Small Investor Protection Association (SIPA) participated in the OSC Town Hall Event on May 31st, in Toronto. A crowd of over 500 turned out to voice their anger, discontent, and frustration with the widespread wrongdoing in the investment industry and the regulators’ failure to provide adequate investor protection and satisfactory means to resolve disputes.
This OSC Event confirmed that investor protection is lacking, and that there are no satisfactory means of resolving disputes except civil litigation. Now, that last bastion of help for investors is being threatened. Many investors are not aware that during the last two years limitation periods, the time period within which a legal action must be started after an event of wrongdoing, have been reduced from six years to two years in several provinces, including Ontario, Alberta, and Saskatchewan.
Investors are warned that reduction of the limitation period for taking civil action could have serious consequences if you have a complaint. SIPA recommends that aggrieved investors should speak immediately with a qualified securities litigation lawyer to determine how limitation periods could effect you, and determine an appropriate course of action prior to initiating any other complaint procedures.
SIPA is seeking to clarify this issue with governments and regulators across Canada, and will be issuing an interim report on the limitation period issue later in June that includes responses from governments and regulators. Regulators are reacting to SIPA’s concerns and are investigating. David Brown, Chair of the Ontario Securities Commission, yesterday told the Senate Banking Committee this limit may need to be reviewed and changed. Brown has also spoken with the Ontario Attorney General on this matter.
This OSC Event confirmed that investor protection is lacking, and that there are no satisfactory means of resolving disputes except civil litigation. Now, that last bastion of help for investors is being threatened. Many investors are not aware that during the last two years limitation periods, the time period within which a legal action must be started after an event of wrongdoing, have been reduced from six years to two years in several provinces, including Ontario, Alberta, and Saskatchewan.
Investors are warned that reduction of the limitation period for taking civil action could have serious consequences if you have a complaint. SIPA recommends that aggrieved investors should speak immediately with a qualified securities litigation lawyer to determine how limitation periods could effect you, and determine an appropriate course of action prior to initiating any other complaint procedures.
SIPA is seeking to clarify this issue with governments and regulators across Canada, and will be issuing an interim report on the limitation period issue later in June that includes responses from governments and regulators. Regulators are reacting to SIPA’s concerns and are investigating. David Brown, Chair of the Ontario Securities Commission, yesterday told the Senate Banking Committee this limit may need to be reviewed and changed. Brown has also spoken with the Ontario Attorney General on this matter.
Saturday, June 04, 2005
INVESTOR BEWARE - Investor protection is being eroded
The OSC Investor Town Hall Event has not received the media coverage that is due. The Event is probably the most important event for investors and investor protection ever. This was the first time that the regulatory leaders came face to face with small investors in the public eye.
There were issues brought up by investor advocates that deserve public airing. These are on the public record and the OSC has undertaken to respond to all of the questions submitted through SIPA during the month preceding the event.
Initial estimates of attendance were in the 100 to 200 range, so 200 seats were ordered for a space that could accommodate 500. As many people began to pre-register for the event it was obvious additional seats would be needed so the
OSC ordered more seats.
By the day of the event over 400 had already registered. A decision was made that priority would be given to questions from the audience, and the OSC undertook to provide responses to all questions submitted through SIPA at a later date.
That evening of May 31st the CBC Atrium was filled. There was no lack of questions and comments. There was emotion. Some anger. Some grief.
The meeting ran overtime. Still there were hands going up and line-ups at the two floor microphones when the meeting was closed.
The small investor situation was summed up by a brave lady who admitted they had lost their life savings of $170,000 and finally settled with the bank owned brokerage for $30,000 in returned fees, and signed a gag order to protect the bank from being exposed. They did not know where to turn and asked if there was anything that can be done. The regulators said too bad. It's too late. You settled and signed a gag. A cold, hard hearted, insensitive response. It's time for a better system.
Ken Kivenko raised the issue of limitation periods and the fact that Ontario reduced the six year period to two years. Most people are not aware that there is a limitation period for taking legal action from the time that you become aware or should have come aware of a problem.
Many victims of financial crime have trouble meeting the six year requirement. CARP and SIPA had requested that the six year limitation period be increased to seven years.
Now Ontario has reduced it to two.
SIPA will pursue this issue by every avenue available as we believe it is the single most important issue for investors. The industry and the regulatory system has failed to provide adequate investor protection. Investors are losing billions of dollars each year due to wrongdoing. Their only safeguard has been the right to take civil action. Now this right is being eroded by reducing limitation periods.
It seems we have come full circle and we are now back to "INVESTOR BEWARE"!
There were issues brought up by investor advocates that deserve public airing. These are on the public record and the OSC has undertaken to respond to all of the questions submitted through SIPA during the month preceding the event.
Initial estimates of attendance were in the 100 to 200 range, so 200 seats were ordered for a space that could accommodate 500. As many people began to pre-register for the event it was obvious additional seats would be needed so the
OSC ordered more seats.
By the day of the event over 400 had already registered. A decision was made that priority would be given to questions from the audience, and the OSC undertook to provide responses to all questions submitted through SIPA at a later date.
That evening of May 31st the CBC Atrium was filled. There was no lack of questions and comments. There was emotion. Some anger. Some grief.
The meeting ran overtime. Still there were hands going up and line-ups at the two floor microphones when the meeting was closed.
The small investor situation was summed up by a brave lady who admitted they had lost their life savings of $170,000 and finally settled with the bank owned brokerage for $30,000 in returned fees, and signed a gag order to protect the bank from being exposed. They did not know where to turn and asked if there was anything that can be done. The regulators said too bad. It's too late. You settled and signed a gag. A cold, hard hearted, insensitive response. It's time for a better system.
Ken Kivenko raised the issue of limitation periods and the fact that Ontario reduced the six year period to two years. Most people are not aware that there is a limitation period for taking legal action from the time that you become aware or should have come aware of a problem.
Many victims of financial crime have trouble meeting the six year requirement. CARP and SIPA had requested that the six year limitation period be increased to seven years.
Now Ontario has reduced it to two.
SIPA will pursue this issue by every avenue available as we believe it is the single most important issue for investors. The industry and the regulatory system has failed to provide adequate investor protection. Investors are losing billions of dollars each year due to wrongdoing. Their only safeguard has been the right to take civil action. Now this right is being eroded by reducing limitation periods.
It seems we have come full circle and we are now back to "INVESTOR BEWARE"!
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