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by Mike Caswell
Canaccord Genuity Corp. denies that it did anything wrong in a tax-related lawsuit brought by Coquitlam businessman John Lepinski. The firm says that it was outside of the scope of its services to provide Mr. Lepinski with tax advice. It also says that Mr. Lepinski was a sophisticated investor who had his own tax specialist.
Canaccord is responding to a lawsuit that Mr. Lepinski brought against the firm in the Supreme Court of British Columbia on Sept. 6, 2016. He complained about Canaccord's handling of his RRSP and TFSA accounts. He said that the firm used those accounts to buy shares of a TSX Venture Exchange company, Getty Copper Inc. Under normal circumstances such a purchase would be fine, but in the case of Mr. Lepinski he and his family may not hold shares of Getty Copper in a tax-sheltered account. This is because he controls more than 10 per cent of the company's shares. As such, Mr. Lepinski claimed that Canaccord should not have made the purchases.
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Stockwatch records also show that Warwick Arnold Bay participated in a 2007 Getty Copper Inc private placement.