CIRO fines PFSL $250,000 for poor supervision
2026-04-22 19:22 ET - Street Wire
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by Mike Caswell
The Canadian Investment Regulatory Organization has fined PFSL Investments Canada Ltd., better known as Primerica, for insufficient supervision of two since-dismissed employees who obtained $925,000 from the accounts of an 84-year-old client. CIRO says that the two employees, which included a branch manager, redeemed all of the client's investments and closed the client's accounts. Just weeks later, the pair deposited $800,000 of the client's money into their own PFSL accounts, according to CIRO.
The penalty for PFSL is contained in a settlement agreement that CIRO released on Wednesday, April 22. The firm has agreed to pay a $250,000 fine and to pay $15,000 in CIRO's costs. In agreeing to pay the money, PFSL has admitted to the events at issue.
The case, as set out by CIRO, arose from the actions of a branch manager, only identified as "Approved Person PE," that took place in March, 2023. The client at issue had been with PFSL for 12 years and was living in a retirement home. According to CIRO, the manager processed redemptions for substantially all of the assets in the client's account over a period of six days. "Notwithstanding the unusual size and nature of the redemptions," nobody at PFSL questioned the transactions, CIRO said.
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"CIRO permanently bans PFSL ex Soco for misappropriation"
2026-04-16 19:44 ET - Street Wire
by Mike Caswell
The Canadian Investment Regulatory Organization has permanently banned Lou Albert Cruz Soco, a former PFSL Investments Canada Ltd. employee accused of misappropriating money from clients. CIRO says that Mr. Soco offered clients "lucrative investment opportunities" outside of PFSL, and had them send him money personally. His conduct reflects what CIRO calls a "sustained departure from the standards expected of an Approved Person."
The penalties for Mr. Soco are contained in a decision that CIRO released on Wednesday, April 15. The regulator has permanently banned Mr. Soco from conducting securities-related business. He must also pay $518,067, with the amount including disgorgement of $217,950 in gains, a fine and payment of CIRO's costs.
Posted by halcrow at 2026-04-22 21:12
Who are the 2 thieves not named in this $925,000 theft?
Posted by oh at 2026-04-23 08:12
Right on. They were certainly not named at birth as since-dismissed.
Posted by halcrow at 2026-04-23 12:02
BCSC responds to assertions from Joven Narwal and South Asian Society Against Discrimination
Date:
2024-04-10
Number:
2024/031
Vancouver – Brenda Leong, the Chair and CEO of the B.C. Securities Commission (BCSC), has issued the following response to statements from lawyer Joven Narwal and the South Asian Society Against Discrimination:
“The BCSC carries out its responsibilities in a fair, unbiased, and impartial manner; these are the principles we live by. We are committed to fostering the participation of all British Columbians in the investment markets – as entrepreneurs, directors and officers, members of the investment industry, and as investors. Mr. Narwal has made some serious, unsubstantiated assertions. We take any concerns about the integrity of our processes very seriously. We are reaching out to Mr. Narwal for more information."
Posted by halcrow2 at 2026-04-27 09:45
Has anyone at BCSC been invistigated yet? or
Posted by halcrow2 at 2026-04-27 09:47
BC Securities Commission urged to act on alleged "systemic racism" against British Columbians of Asian and South Asian descent
April 10 2024 - 1:47PM
PR Newswire (Canada)
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VANCOUVER, BC , April 10, 2024 /CNW/ - The BC-based South Asian Society Against Discrimination (SASAD) supports a public call by award-winning lawyer and anti- racism advocate Joven Narwal for the British Columbia Securities Commission (BCSC) to review and address systemic biases and racism within its processes.
Posted by halcrow2 at 2026-04-27 09:50
The world is changing and even self serving government bureaucrats can't hide from accountability
Posted by halcrow2 at 2026-04-27 09:51
“Mr. Al Homsi was presumed innocent. He was, and remains, factually innocent. Yet he and his family endured significant reputational, professional, and personal harm as a result of criminal charges that should never have been laid. No innocent person should be required to bear the stigma and disruption that flow from an unjustified criminal prosecution. Had this matter proceeded further, it would have exposed other serious and systemic concerns regarding the investigative practices of the BC Securities Commission. While those issues will not be adjudicated in this case, they remain highly relevant to any assessment of whether the BC Securities Commission is fit for purpose when exercising criminal enforcement powers,” Mr. Narwal continued.
“This termination follows directly on the heels of my successful defence of Sean Pollard, whose insider trading prosecution was also terminated by Crown Counsel. These consecutive failed prosecutions raise serious questions about the judgment and institutional competence of the BC Securities Commission and its enforcement branch.”
Posted by halcrow2 at 2026-04-27 09:56