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BCSC's two luckiest ex-brokers avoid penalty

2016-12-05 16:02 ET - Street Wire

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by David Baines

Media outlets are under heavy financial pressure these days. Editorial staff and research resources have been cut to the bone. This is good for the BC Securities Commission, especially when it comes to enforcement matters. Reporters, for the most part, have been reduced to re-writing the commission's press releases, which often portray enforcement actions as regulatory triumphs when they might more accurately be described as regulatory failures.

The problem is amplified when it comes to settlement agreements. Settlements are negotiated in lieu of hearings, thereby depriving investors of a full airing of all the facts of the case. Also, settlements usually involve a lot of horse-trading. To expedite a settlement, the BCSC may water down the allegations, soften the wording, and reduce the sanctions. Key elements of the narrative are often removed with no explanation. That makes it difficult if not impossible to assess whether investors have been well served, or short-changed.

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Welcome back David! Taylor

Posted by Taylor Housser at 2016-12-05 16:15

“...which means that McLeary's trading might already be under CRA audit. The point here is that, although catching tax cheaters is not part of the BCSC's mandate, the vehicles they use are clearly within its purview...”

Ah, yes...the CRA. Dead silence about the treasure trove revealed by the Panama Papers (especially when filtered through Stockwatch’s participant records).

In contrast, the UK government’s HM Revenue and Customs issues regular updates about their endeavours (perhaps assisted by various participant records?).

Taskforce launches criminal and civil investigations into Panama Papers From:

HM Revenue and Customs

First published:8 November 2016

More than 30 individuals and companies are under active investigation for criminal or serious civil offences linked to tax fraud and financial wrongdoing uncovered by the Panama Papers Taskforce partners, with hundreds more under detailed review.

The Chancellor of the Exchequer and the Home Secretary have today, 8 November, published an update on the work of the Panama Papers Taskforce. The cross-agency taskforce was created in April 2016 to analyse all the information that had been made available from the International Consortium of Investigative Journalists (ICIJ)’s Panama Papers data leak.

In a written ministerial update to the House, the Chancellor of the Exchequer and the Home Secretary reported that the Taskforce has:

• opened civil and criminal investigations into 22 individuals for suspected tax evasion

• led the international acquisition of high-quality, significant and credible data on offshore activity in Panama – ensuring the important work of the Taskforce was not delayed by the ICIJ’s refusal to release all of the information that it holds to any tax authority or law enforcement agency

• identified a number of leads relevant to a major insider-trading operation led by the Financial Conduct Authority and supported by the National Crime Agency

• identified nine potential professional enablers of economic crime – all of whom have links with known criminals

• placed 43 high net worth individuals under special review while their links to Panama are further investigated

• identified two new UK properties and a number of companies relevant to a National Crime Agency financial sanctions enquiry

• established links to eight active Serious Fraud Office investigations

• identified 26 offshore companies whose beneficial ownership of UK property was previously concealed, and whose financial activity has been identified to the National Crime Agency as potentially suspicious

• contacted 64 firms to determine their links with Mossack Fonseca to establish potential further avenues for investigation by the Taskforce

• seen individuals coming forward to settle their affairs in advance of Taskforce partners taking action.

In addition, the Taskforce has established a Joint Financial Analysis Centre (JFAC). Using the data and intelligence gathered from across the Taskforce, the JFAC has developed cutting-edge software tools and techniques, ensuring the Taskforce has access to the very best information from which to work.

https://www.gov.uk/government/news/taskforce-launches-criminal-and-civil-investigations-into-panama-papers

Posted by harpinder at 2016-12-05 17:26

if these 2 white guys were brown or Chinese they would for sure would have a different outcome such as millions in fines and life time bans.

Posted by rockbottom at 2016-12-06 00:18

Is BCSC a Sham? Copy and paste this url and be the judge yourself

http://bcsecuritiescommissionasham.blogspot.ca/

https://www.buzzfeed.com/burkechristopher/bc-securities-commission-a-sham-24wgw

Posted by rockbottom at 2016-12-06 00:23

Copy and paste this url and watch bcsc staff being served notice to appear in a chilean federal court for fraud. if they dont appear then a global arrest warrant will be issued. cheers brenda and the gang you are getting a taste of your own medicine.

https://www.youtube.com/watch?v=4LVQ5wo4NmA

Posted by rockbottom at 2016-12-06 00:29

Copy and paste this url from OIPC BC and read how bcsc staff intentionally with holding evidence. if any public company director or officer tried to do that they would place the individual behind bars and yet these people are still walking free.

https://www.oipc.bc.ca/orders/1760

Posted by rockbottom at 2016-12-06 00:34

15 years ago there were 17 BC based investment firms (brokerage houses) and under policies started by Doug Hyndham and carried on by Brenda there are now 2. They have killed the entire brokerage industry and yet there are over 170 full time employees at bcsc at the present time. How is this good public policy? this has always been a two tiered system of enforcement and it has not changed much over the years.

Posted by rockbottom at 2016-12-06 00:42

good luck investing everyone. For those wanting to set up a CPC make sure your board is composed of majority of white haired, white guys.

Posted by rockbottom at 2016-12-06 00:45

@Rockbottom Hey numbnuts, who are you calling white? I identify as an East Indian female and my preferred gender pronoun is Zir.

Posted by Taylor Housser at 2016-12-07 09:06

you have been bombarded with fake news for over 30 years. TSX gloats on the trillions raised in junior financings, stocks run from pennies to dollars, bar boozing daily by promoters spending the monies, four mines discovered by juniors in 20 years out of the trillions, and maybe 3 high tech success stories, the trillions funneled into bars........fake news pumped by eastern canadian imports

Posted by fake news outted at 2016-12-09 10:42

scotia ran the trades thru the exchange, any charges against scotia? how bout the canadian citizens working in the offices and soliciting clients in BC and Canada? how bout all the bank managers in BC that signed attestation letters sent off to Panama to open accounts- certainly they all complicit in the crimes perpertrated, but again fake news telling you all what you should believe

Posted by oh at 2016-12-09 10:51

David Baines? I thought you were dead. Congratulation, in the pinnacle of your career, you're writing (re-writes) for Stockwatch. Maybe you "ought to have" had and listened to a Financial Planner. Keep living paycheque to paycheque.

Posted by Offshore Haven at 2016-12-09 11:00

My comment above regarding "white haired, white guys" is not meant to be derogatory towards anyone or in any malicious intent towards anyone in the industry. My issue is only with the bureaucrats at BCSC that are over paid, fiefdom building individuals who have ruined the brokerage industry over the last 15 years in BC and have evolved to implementing a two-tier enforcement system in BC. Brenda Leong should be behind bars for intentionally withholding evidence and anyone else associated with her at the time including Paige Leggatt, Teresa Mitchell-Banks, and Paul Bourque. Just because they get fired or quit does not make them immune to prosecution. Read the OIPC BC Order 1760 which clearly shows that they intentionally withheld evidence.

Posted by rockbottom at 2016-12-10 10:03

To Christy and Michael: My advice to you get rid of all the dead wood at BCSC and start fresh with a mandate that is BC First. These bureaucrats have evolved into where their mandate is now job creation and job protection for themselves. From 2010 to 2015 BCSC paid Paul Bourque to fly in from Toronto to work as the Executive Director of BCSC. They could not find anyone local in BC? How is an individual from Ontario going to look after the BC Interest? The results speak for themselves, the brokerage industry has 2 BC based brokerage left. Let's see how long they last.

Posted by rockbottom at 2016-12-10 10:13

Well done stock watch sleuths. Exposing the truths is better than hiding for ever.

Posted by MONEY PIT at 2016-12-12 15:00

The BCSC always get it wrong. And we just take it on the chin, accepting their watered down findings. We are as much to blame as they be... But hay, we live in a new world. Donald Trump Just became US president, rant rant rant. Lie lie lie. Humans are and will always be utter vermin.

Posted by Briant Tolson. at 2016-12-12 20:45


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