B.C. man fined, banned from financial markets for failing to ensure investments were 'suitable' for his clients
The B.C. Securities Commission has fined an Armstrong man $150,000 and banned him from working in the investment industry for 15 years.
In a settlement with the commission, Albert Alan Housego admitted to misconduct he engaged in while working for an Ontario company called Crystal Wealth Management System Limited in 2015 and 2016. He managed four investment funds for Crystal Wealth.
Housego was registered with the BCSC as an advising representative from 2014 to 2017, and he managed accounts for at least 487 clients.
In 2016, after a high-risk investment in a gold mining company by one of the funds he managed defaulted, Housego placed at least 260 of his clients in that fund, with investments totalling $985,000.
According to the settlement agreement, Housego admitted that he did this without having "sufficient information about some of these clients to assess whether the investments were suitable for them."
He also admitted that he breached his obligation to ensure that investments were suitable for his clients when he invested 323 of them in a pair of the funds he managed that were invested in "gold subscription agreements." The investment totaled roughly $6.7 million.
Housego "spent one day reading the material" about the gold subscription agreements before investing in them, and "did not perform any other due diligence," according to the settlement.
As a result of the settlement, the BCSC's executive director has ordered Housego to pay $150,000 to the commission. The order also prohibits Housego from the following:
- trading or purchasing any securities except in one account in his own name;
- acting as a registrant or promoter;
- acting in a management or consultative capacity in connection to the securities market; and
- engaging in promotional activities.
The ban will last for 15 years or until the $150,000 fine is paid, whichever is longer.
CTVNews.ca Top Stories
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Testifying in hush money trial, adult film actor Stormy Daniels describes first meeting Trump
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had in 2006 that resulted in her being paid off to keep silent during the presidential election 10 years later.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Turfing Poilievre from House a clear sign of desperation by Trudeau Liberals
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Security guard shot, seriously injured outside of Drake's Toronto mansion
A security guard working at Drake’s Bridle Path mansion in Toronto was seriously injured in a shooting outside the residence early Tuesday morning, police said.
Katy Perry's mom was fooled by AI images of the singer at the Met Gala
Katy Perry did not attend the Met Gala on Monday, but some of the singer’s fans – and even her mom – thought she did.
Your body needs these three forms of movement every week
Movement is movement, right? Not exactly. Here’s what your body is looking for in addition to your morning walk or yoga session, according to experts.