INVESTOR ADVOCATE WEBSITE SHUT DOWN

Advisor.ca has posted an article entitled "Investor advocate in website battle" on July 21, 2005. Doug Watt writes "Investor advocate and regulatory crusader Robert Kyle's website has been shut down by his American service provider. The move follows legal threats from a Canadian law firm regarding some of the content on the site, Kyle has been told."

This is not the first time that investor advocate websites have been threatened.

Watt also writes "It's believed MacPherson, Leslie & Tyerman want all court documents related to legal claims involving advisor Brian Mallard and former employee Kent Shirley removed from the site since the matter is still before the courts. Kyle did take down those particular documents and has set them up on a separate server. Still, the U.S. provider, United Online Web Servers, refuses to restore the main site, which has been down since last Friday. ... Kyle's site contained hundreds of news articles, documents and court cases all related to self-regulatory organizations and the Canadian securities industry. "

Kyle's site has gained a reputation as a resource for journalists, investors and investor advocates. It was a valuable resource and provided an archives freely available to the public that is not available elsewhere.

It will be a pity if industry is allowed to run roughshod over investor advocates by using intimidation and the threat of lawsuits to force individuals to comply with their demands.

There is too much cover-up in the investment industry and it is high time that the federal government establishes an inquiry into the widespread wrongdoing that has been covered up for far too long.

The Senate Committee on Banking Trade & Commerce has only scratched the surface with its hearings but seem to be seeing through the industry subterfuge. The Committee has now extended the time to complete their report. It is hoped that the Senate Committees report will lead to some meaningful government action to provide meaningful investor protection.

Meanwhile SIPA has joined forces with CARP, Canada's Association for the Fifty Plus, and USCO, the United Senior Citizens of Ontario. This collective group represents over a half million seniors. This collective group is now supported by the Opposition Critic to the Attorney General, MPP Joe Tascona, who has prepared a Petition to the Government of Ontario to have an amendment to the recent Limitations Act to modify the limitation periods for small investors. The Act was pushed through in an Omnibus Bill and Members unwittingly voted for it without realizing the damaging impact on seniors who lose their life savings due to widespread industry wrongdoing.

Although the Attorney General at first refused to meet with a SIPA led delegation (the Attorney General's response is on the SIPA website at www.sipa.to), the Minister has now asked his staff to meet with SIPA. The meeting is expected to take place before mid August.

SIPA is also liaising with other groups with a view to collaborating to stand up for investors rights and address key issues that impact all investors.