Be careful if it sounds to good to be true!

Many seniors in our community have been affected by advisors promoting investments that appear to have unreasonable returns.  In most cases these are high risk investments and speculative in nature, not appropriate for most investors, let alone senior clients,  in our opinion.  Here is another example of a local advisor peddling these type of investments to unsuspecting investors.

David Michaels has not paid the BCSC any of the $5.8 million he earned by bilking clients, nor has he paid the $17.5 million fine

By Camille Bains |
Source: The Canadian Press

Court dismisses appeal in $65­million fraud case targeting B.C. seniors

British Columbia’s top court has refused to overturn the case of a former mutual funds salesman who defrauded hundreds of seniors by selling them $65 million in exempt securities. David Michaels appealed a $17.5­million fine imposed by the B.C. Securities Commission, which found he illegally and fraudulently advised 484 people without being properly registered to sell securities.

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