International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Thursday, August 14, 2014

Canadian Banker Guilty of Investment Fraud

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 Unknownes 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

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