By Staff | August 8, 2008 | Last updated on August 8, 2008
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(August 8, 2008) The Investment Funds Institute of Canada is calling for entries for its 2008 IFIC Investor Education Award. The award recognizes Canadian investment fund managers and dealers who actively promote investor education through educational campaigns.

“The industry considers education critical for investors so they can make well-informed decisions,” says Joanne De Laurentiis, IFIC’s president and CEO. “Knowledgeable investors ask questions, understand the general movement of markets and make educated decisions.”

The closing date for submissions is 5:00 p.m. ET on Tuesday, September 30, 2008. The award was launched in 2006 as an addition to the Canadian Investment Awards.

“We are delighted to again include the IFIC Investor Education Award in our awards program this year,” says Sabine Steinbrecher, founder and CEO, Canadian Investment Awards Inc. “The CIA is dedicated to education and will continue to support IFIC and the industry by encouraging and rewarding educational leadership.”

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AMF to appeal Lacroix sentence

(August 8, 2008) Quebec’s securities regulator has requested permission to appeal the decision of a judge who shortened the sentence imposed on Vincent Lacroix, the founder and former president of Norbourg Asset Management.

The Honourable Mr. Justice Andrew Vincent had reduced Lacroix’s original sentence by three and a half years, to eight and a half years.

L’Autorité des marchés financiers says the fraudulent nature of Norbourg caused such severe damage to the market’s integrity that the initial sentence of 12 years less a day should be maintained.

Lacroix was convicted on December 11, 2007, of 51 charges filed by the AMF relating to “irregular trades” made while he was in charge of Norbourg.

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Biggest job drop in 17 years

(August 8, 2008) The Canadian economy shed 55,000 jobs (net) in July, the largest drop in jobs seen in 17 years, according to Statistics Canada. The majority of those jobs, 48,000, were lost in the part-time sector.

The manufacturing sector, along with educational services, business, building and other support services all saw declines, while food services and accommodation saw “significant gains.”

“These numbers are truly shocking. Canadians haven’t experienced job losses like this since 17 years ago, when the country was in full recession,” said Ken Georgetti, president of the Canadian Labour Congress. “Since this time last year, we’ve lost another 88,000 manufacturing jobs. Now, in the middle of the summer, we’re seeing people give up on the job market altogether. This is a catastrophe for working families.”

Georgetti called on the Bank of Canada to put employment at the top of its agenda, rather than inflation, when next considering its trendsetting bank rate.

(08/08/08) staff


The staff of have been covering news for financial advisors since 1998.