News Release

Vancouver – The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a former portfolio manager for failing to properly assess if investments were suitable for his clients.

Albert Alan Housego, an Armstrong resident, was registered as an advising representative from 2014 to 2017, and managed four investment funds operated by Crystal Wealth Management System Limited, an Ontario corporation. Housego managed accounts, on a discretionary basis, for at least 487 clients.

After a high risk investment by one of the funds defaulted, Housego placed at least 260 of the clients in that fund, for investments totaling $985,000. Housego admitted that he did not maintain sufficient information about some of these clients to assess whether the investments were suitable for them.

Housego also admitted that he breached his suitability obligations when he placed at least 323 clients into two funds, for investments totaling about $6.7 million, without having sufficient understanding of the structure, features and risks of the fund’s underlying investments. 

As part of the settlement, Housego has agreed to pay $150,000 to the BCSC, and is prohibited for 15 years from:

• trading or purchasing any securities or exchange contracts, except in one account in his own name
• becoming or acting as a registrant or promoter
• acting in a management or consultative capacity in connection with activities in the securities market
• engaging in promotional activities

If Housego has not paid the sanction in full within 15 years, the prohibitions will remain in place until he does.

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

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org