The British Columbia Securities Commission has levelled $23 million in financial penalties against David Michaels, the former unlicensed Victoria financial adviser, who was found to have defrauded 484 clients between 2007 and 2010.
In a sanctioning decision released Wednesday, the commission ordered Michaels to pay back $5.8 million in commissions he earned on the sale of $65 million worth of risky, exempt-market securities to his often elderly clients and a further $17.5 million fine.
Derrick Penner – Vancouver Sun – November 5, 2014.
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