Dear Editor,
[Re: Couple bilked out of $260K, Langley Advance Times, May 9]
To say I am sorrowful for the couple bilked out of $258,000 savings is a gross understatement! And then to read that the culprit was not criminally charged is absolutely inconceivable to me.
His employer was unaware that he was running his own Ponzi scheme on the side, and compliance officers at his employer firm somehow failed to discover this? And CIRO decided not to criminally charge him? That is almost a crime in itself.
Tips for investors from this industry veteran of 40-plus years:
1. Never ever pay a cheque nor authorize electronic transfers for deposits to a company that isn’t federally registered. No agency, no person, no special “cause.” If you don’t recognize or cannot verify the company you are investing with, walk away.
2. If the advisor purports to have “this exciting little opportunity over here,” contact whomever that advisor is licensed with to confirm it. Every single insurance and investment advisor in Canada is licensed through a nationally recognized firm. If they aren’t licensed through a nationally recognized firm, they aren’t a licensed advisor.
3. If your statements don’t appear on the stationery of a nationally recognized firm, pick up the phone and call the police. Please!
4. Incidents like this, infuriating as they are, are the minute exception and anomaly. They are far, far, far from commonplace.
Dan Anders, Langley Meadows
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