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Van Sun says BCSC seen as lacking will to collect fines

2017-11-20 07:15 ET - In the News

See In the News (C-*BCSC) BC Securities Commission

The Vancouver Sun reports in its Saturday edition that in the past 10 years, the B.C. Securities Commission has collected less than 2 per cent of $510-million in fines and orders to pay back the proceeds of fraudulent activities. The Sun's Gordon Hoekstra writes that the collection record in other jurisdictions is by no means stellar, but it is better than B.C.'s. The Ontario Securities Commission has a collection rate of about 18 per cent in the past decade, but there are still $370-million in uncollected fines. The Alberta Securities Commission's collection rate is about 18 per cent in the past decade on $56-million in penalties. Quebec has a rate of about 20 per cent in the past four years on $35-million in fines, while the U.S. Securities and Exchange Commission's collection rate is nearly 60 per cent. The OSC recently retained a law firm that specializes in collecting debts. The OSC has gone after property assets in the past and recently received money from the sale of a Porsche. Vancouver lawyer John Green says that even when people have money, the BCSC seems unable to get it. "It takes [the application] of heavy resources and a willingness to do it; I don't think they have either," said Mr. Green.

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