B.C. Finance Minister Carole James. (Black Press)

B.C. moves against bad investment dealers

Carole James says seniors getting new protection from ‘fraudsters’

The B.C. government is plugging a loophole in its securities legislation to allow investment industry penalties to be enforced by the regulator in B.C. Supreme Court.

Finance Minister Carole James joined representatives of the Investment Industry Regulatory Organization of Canada (IIROC) at a Victoria seniors’ centre Friday to explain the changes James has introduced in the B.C. legislature.

“Many British Columbians invest their life savings in the securities market,” James said. “They expect their money will be safe from fraudsters.”

The industry self-regulator reports that it currently has $4.7 million in unpaid fines against individuals in B.C. dating back to 2008. It conducted 21 investigations of securities sales in 2017, with seven prosecutions completed.

“Seniors form IIROC’s largest source of complaints and represent the highest proportion of victims of misconduct,” the agency said in a statement. “Almost 40 per cent of all cases reviewed and approximately 30 per cent of prosecutions involve seniors.”

B.C. and Manitoba are moving to join Alberta, Ontario, Quebec and Prince Edward Island in enforcing IIROC penalties in court.

Just Posted

Qualicum Beach dragon boating team looks for new members

Team Hot Flash was formed last year and is gearing up for second season

$3.5M all-season turf field planned for Qualicum Beach

Town seeks grant for community playing surface upgrades

Car theft suspect arrested in Coombs

Vehicle and two motorcyles recovered on Jan. 16

Qualicum Beach council big on support for multi-use cinema proposal

Society asks for 10,000 square feet, gets recommendation to consider with strategic plan

Lincoln stolen from Parksville dealership found near Duncan

Vehicle was located three days later with minor damage

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

Overworked and understaffed: More than 300 vacancies in Vancouver Island nursing

Tentative deal with province includes ‘working short premium’ to encourage hiring

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

Most Read