News Release

BCSC alleges that B.C. woman committed fraud on Australian resident

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Vancouver – The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that a B.C. woman defrauded an Australian resident and acted as an adviser without registration.

The notice alleges that Teresa Kathleen de La Boursodière solicited an Australian resident (Client A) and offered to trade in derivatives on her behalf.

In the notice, BCSC staff contends that in November 2007, Client A gave de La Boursodière AUD $15,000 for derivatives trading. However, de La Boursodière spent AUD $5,000 on personal expenses and things unrelated to derivatives trading, and only deposited AUD $10,000 into her B.C. trading account.

In February 2008, de La Boursodière left Australia and returned to British Columbia, where she continued managing Client A’s portfolio. Staff contends that de La Boursodière began making withdrawals from Client A’s investment funds for her personal use, without Client A’s permission. De La Boursodière made the last withdrawal in April 2009, leaving the B.C. trading account with a negative balance.

On May 20, 2009, Client A agreed to invest an additional AUD $15,000 with de La Boursodière. De La Boursodière used Client A’s funds to reimburse another client, whose portfolio was worthless.

Client A eventually hired a lawyer to recover her money, after which de La Boursodière paid back about AUD $7,000 of the AUD $30,000 Client A invested in total.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on June 23, 2015 at 9:00am.

You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Teresa Kathleen de La Boursodière or 2015 BCSECCOM 190 in the search box. You can find information about disciplinary proceedings in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Richard Gilhooley, Media Relations

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