Securities regulators in British Columbia have fined a Vancouver Island man $17.5 million and permanently banned him from the province’s capital markets for perpetrating what it says was a fraud on hundreds of people, many of them seniors.
In announcing its decision Wednesday, the B.C. Securities Commission said a commission panel had found that David Michael Michaels, a former mutual fund salesperson, illegally and fraudulently advised 484 clients to purchase more than $65 million of exempt market securities. Such securities are sold under exemptions from prospectus requirements.
Canadian Press – November 5, 2014.
Want More Investigative Content?
