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(August 8, 2007) After five months on the run, an Ontario-based investment broker, who is facing fraud charges, has been apprehended by police.

Bruce Elmore is accused of allegedly bilking millions of dollars out of more than 40 investors. His clients thought they were investing in GICs, but it is suspected Elmore put the cash in the stock market instead.

His company, Elmore Financial, declared bankruptcy in 2002. On March 17, 2007, police issued a warrant for Elmore. He’s been hiding ever since. The police found him in Killaloe, Ont., about 145 km west of Ottawa.

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IDA fines member for disregarding public interest

(August 8, 2007) Most advisors know that they have to keep the public’s best interest in mind, but not all take that to heart. David Lyle Doering, formerly of BMO Nesbitt Burns in Mississauga, was slapped with a fine by the IDA for “engaging in conduct detrimental to the public interest.”

Between February and August 2000, Doering solicited and traded investments for a client in two off-book private placements. He did not file a prospectus or an exemption and failed to follow his company’s internal policy.

Doering did get off on one count of “conduct or practice unbecoming and detrimental to the public.” He was accused of failing to tell the IDA that he was the director and CFO of another company while working at BMO. The panel said he should have mentioned it but that the company was inactive and he wasn’t paid for any work.

For his wrongdoings, Doering was fined $12,500, and must pay $10,000 in costs. He will also be supervised for six months if he joins a new member firm.

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Mackenzie Financial changes fee structure

(August 8, 2007) Mackenzie Financial announced Wednesday that it is changing its fee structure. Mutual fund investors voted to replace operating expenses with administration fees more in line with those charged on fixed income funds.

The new fees, which range between 0.14% and 0.31%, apply to several funds, including the Mackenzie Balanced Fund and the Ivy Global Balanced Fund.

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Blackstone Group closes large private equity fund

(August 8, 2007) American private equity firm Blackstone Group is closing its global private equity fund. The Blackstone Capital Partners V will close with $21.7 billion.

The company has committed $84 billion though its various funds, to various companies such as Alliance Data Systems, Hilton Hotels and the Nielsen Company.

“This further vote of confidence from our investors is extremely gratifying, says Stephen Schwarzman, Blackstone’s chairman and CEO. “The record-breaking amount of capital at our disposal allows us to continue our leadership role in private equity investing on a global basis.”

(08/08/07)