News Release
Alberta investment firm fined for advising clients without B.C. registration
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Date:
2008-02-27 -
Number:
2008/19
Vancouver - The British Columbia Securities Commission has settled with an Alberta-based investment firm that has agreed to pay $92,575 for giving investment advice without being registered.
CWM Investment Counsel Inc. (CWM), an investment firm based in Alberta, admitted in a settlement agreement with the BCSC that it had provided investment advice to B.C. investors without registration under the Securities Act.
Under the settlement agreement, CWM agreed to pay a $63,000 fine and $29,575 representing registration fees that otherwise would have been payable to the BCSC if the company had been registered in the province.
The firm provided investment advice to as many as 20 clients from July 1991 to January 20, 2008, all of whom became clients with the firm prior to moving to B.C. The firm registered in B.C. as an investment counsel and portfolio manager on January 21, 2008.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, CWM Investment Counsel Inc. or 2008 BCSECCOM 115. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website:www.investright.org 