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OBSI Board Approves New Terms of Reference • CSA Announces Expanded Mandate for OBSI

Mr. C owned an automotive parts store where he employed an administrative assistant with responsibility for payroll, bank statement reconciliations, and other accounting functions. Over a period of four years, she embezzled $80,000 by writing company cheques to herself or fictitious third parties, depositing them into her personal account using her bank's automated bank machine (ABM).

Robert Elliott

Northern Securities Refuses OBSI Recommendation

Northern Securities Refuses OBSI Recommendation

Mrs. P had a Registered Retirement Savings Plan (RRSP) and several other accounts with her investment firm, but was a relatively unsophisticated investor. Her husband, on the other hand, did have a good understanding of investment concepts and strategy, and regularly traded stocks in a self-directed account.

OBSI received multiple complaints over a short period about an investment firm and Mr. V, an investment advisor and branch manager. The complainants had no connection to one another other than having Mr. V as their advisor.

Mr. E held both Canadian and American-dollar denominated accounts at his bank. In March 2, he received a $26,000 USD wire transfer from a relative living abroad, made through Mr. E's bank's foreign subsidiary.

Health issues made movement challenging for Mr. A so he gave his eldest son his debit card and personal identification number (PIN) to make purchases on his behalf. Mr. A completed a joint power of attorney (POA) naming his two sons as his attorneys. Soon after, Mr. A's personal bank account was converted into a joint account with his eldest son.

Mr. Y was approached about an investment opportunity by an advisor at his investment firm who was not the person he usually received advice from.