Thursday, August 14, 2014
The British Columbia Securities Commission has convicted Victoria-area financial adviser David Michael Michaels of perpetrating a massive fraud that cost hundreds of investors a total of $65 million. According to CBC news, "[the commission] found Michaels guilty of improperly advising 484 clients to buy $65 million worth of market-exempt securiti es without being registered. It also found Michaels pocketed $5.8 million in commissions for himself by talking seniors into buying the securities by taking out loans on their homes. The average age of his victims was 72."
Here is a link to a Vancouver Sun article.