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PI Financial sued for supervision failures

2016-11-17 10:46 ET - Street Wire

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by Mike Caswell

PI Financial Corp. is facing a lawsuit in the Supreme Court of British Columbia from a client who accuses the firm of supervisory failures with respect to his adviser, Mark Fridgant. According to the suit, the client lost over $500,000 after Mr. Fridgant placed the client into junior mining stocks. The suit also accuses Mr. Fridgant of trying to cover up losses with false account statements and a fabricated $400,000 investment in the Bank of Paris.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Tuesday, Nov. 15. The suit was brought by an Ontario resident, Michael Manjos. Also plaintiffs are his wife Rita and a numbered company that he and his wife control.

The problems, as described in the lawsuit, began in 2012. Mr. Manjos became aware of a substantial decline in the value of accounts that Mr. Fridgant was managing. He says that he repeatedly questioned Mr. Fridgant about this loss, and received assurances that his money was safe. According to the suit, Mr. Fridgant told him that any discrepancies with the accounts were because a $400,000 investment guaranteed by the Bank of Paris did not appear in the statements.

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