B.C. Finance Minister Carole James. (Black Press)

B.C. moves against bad investment dealers

Carole James says seniors getting new protection from ‘fraudsters’

The B.C. government is plugging a loophole in its securities legislation to allow investment industry penalties to be enforced by the regulator in B.C. Supreme Court.

Finance Minister Carole James joined representatives of the Investment Industry Regulatory Organization of Canada (IIROC) at a Victoria seniors’ centre Friday to explain the changes James has introduced in the B.C. legislature.

“Many British Columbians invest their life savings in the securities market,” James said. “They expect their money will be safe from fraudsters.”

The industry self-regulator reports that it currently has $4.7 million in unpaid fines against individuals in B.C. dating back to 2008. It conducted 21 investigations of securities sales in 2017, with seven prosecutions completed.

“Seniors form IIROC’s largest source of complaints and represent the highest proportion of victims of misconduct,” the agency said in a statement. “Almost 40 per cent of all cases reviewed and approximately 30 per cent of prosecutions involve seniors.”

B.C. and Manitoba are moving to join Alberta, Ontario, Quebec and Prince Edward Island in enforcing IIROC penalties in court.

Just Posted

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

Cathy McLeod ready to run in Election 2019

“I have the passion, energy and support from my family to continue working hard for our region.”

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

Shuswap plane missing since 1987 discovered near Clearwater

A family finally has closure after a plane missing since 1987 was discovered in the Clearwater B.C.

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

Jets score 3 late goals to beat Canucks 4-1

Winnipeg ends three-game Vancouver win streak

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

B.C. woman looks to reduce stigma surrounding weed-smoking moms

Shannon Chiarenza, a Vancouver mom of two, started weedmama.ca to act as a guide for newcomers to legal cannabis, specifically mothers

B.C. teen gives away tickets to Ellen Degeneres show, plans O Canada welcome

The Grade 9 student wanted to give away tickets in the spirit of inclusivity

Most Read