By The Book: Alberta firm fined $92,000 by the BCSC

By Staff | February 27, 2008 | Last updated on February 27, 2008
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(February 27, 2008) Alberta firm CWM Investment Counsel will fork over $92,575 to the British Columbia Securities Commission for providing investment advice without being properly registered.

From July 1991 to January 20, 2008, CWM gave investment advice to up to 20 clients, all of whom were clients of the firm prior to moving to British Columbia. The firm subsequently registered in British Columbia as an investment counsel and portfolio manager on January 21, 2008.

The BCSC has also fined MacDougall Investment Counsel $16,250 for advising clients without being properly registered in that province.

The firm, registered in Quebec and Ontario, gave investment advice to up to nine B.C. clients between March 2004 and Sept. 23, 2007. During this period, the company did not hold registration in B.C.

(02/27/08) staff


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