News Release

Released: 02/15/01 Contact: Dean Pelkey
NR 01-04 (604) 899-6880 or
(BC only) 1-800-373-6393
Vancouver -- The British Columbia Securities Commission is giving a $45,000 grant to the Seniors' Foundation of B.C. to help show senior citizens how to avoid investment scams and protect their finances.

The grant will be used to help develop a series of BCSC seminars on avoiding investment scams, a financial information brochure, and enhancements to the Seniors' Foundation website to provide information on how to avoid inappropriate investments and frauds. A list of scheduled seminars is provided at the end of this release.

"As the watchdog for B.C.'s investment industry, we often find cases where the elderly have lost substantial amounts of money to investment conmen," said Steve Wilson, BCSC executive director. "The programs proposed by the Seniors' Foundation will help give seniors the knowledge and tools to protect themselves from financial predators."

The grant comes from the BCSC's Education Fund, which is made up of monies collected from administrative penalties the commission assess against parties that contravene the Securities Act. The fund currently holds $2.4 million.

As part of its investor and industry education efforts, the commission will provide grants to assist organizations that have ideas for promoting knowledge of the securities markets
and ways for investors to protect themselves from frauds and scams. The fund will also be used to enhance the knowledge of market participants of the legal, regulatory, and ethical standards that govern the securities market in B.C.

"Our members are very interested in financial and investment matters," said Georgiana Evans, Seniors' Foundation executive director. "This grant from the BCSC will greatly assist us in delivering much-needed programs and information across B.C."

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.

The British Columbia Securities Commission and Seniors' Foundation of B.C. are teaming up to offer free seminars on avoiding investment scams.

Representatives from the securities commission will show seniors how to protect themselves and their investments from frauds and unscrupulous salespeople. Learn how to identify an investment scam, how to check out the background of a financial adviser and how to determine if an investment is suitable for your circumstances.

Seminars are planned for the following dates and locations. Contact the B.C. Seniors' Foundation at (604) 685-4403 for seminar times.

Feb. 21 - Hazelmere Golf & Country Club, Surrey

Mar. 14 - Arbutus Club, Vancouver

Mar. 21 - Oak Bay Beach Hotel, Victoria

Mar. 22 - Coast Discovery Inn, Campbell River

Mar. 23 - Crown Isle Resort, Courtenay

Apr. 25 - North Shore Winter Club, North Vancouver

May 16 - Best Western Kamloops - Foresters, Kamloops

May 17 - Overlander Hotel, Williams Lake