May 1, 2019

MBC Law Professional Corporation is investigating potential claims against Mr. Preston Smith, a financial advisor, licensed as a dealing representative in Calgary, Alberta working with Richardson GMP Limited.

We encourage clients of Mr. Smith and Richardson GMP Limited to contact Harold Geller of MBC Law Professional Corporation at 613 564 3009 or This email address is being protected from spambots. You need JavaScript enabled to view it. for further information about our inquiries into potential claims.

Investors may be entitled to compensation where they have lost money further to negligent investment advice, for example if they investments in:

  • Family Memorials
  • Southern Pacific
  • Magnum Energy
  • Shoreline Energy

MBC’s investigation relates to the settlement agreement and decision published by the Investment Industry Regulatory Organization of Canada on April 23, 2019, a copy of the Enforcement Notice Decision can be found here:


Sun Life clients may have suffered losses as a result of unsuitable leveraging, investments and DSC (deferred sales charges) fees.

Some Sun Life clients are receiving complex “remediation” offers and only have a short time to make decisions. Investors need to know their legal and investment rights.  Investors should understand what they are giving up by signing documents.  Investors should not sign the documents sent to them by Sun Life without a full understanding of the implications.

The Mutual Fund Dealers Association (MFDA) has investigated Sun Life Financial Services (Canada) Inc. for breaches in their sales and compliance methods. Sun Life has admitted misconduct including breaches involving their entire book of business.   That means all their clients.  

The Sun Life misconduct identified by the MFDA include:

  • unsuitable arrangements for clients to buy mutual funds with borrowed money. (Leveraging)
  • inadequate supervision of concentration risk where concentration limits in client accounts exceeded Sun Life policies and procedures.  This was also the subject of a prior MFDA investigation.
  • use of Deferred Sales Charges (DSC) without considering client’s age or time horizon. This locks clients into investments with high fees and may not have been disclosed to them.
  • unsuitable “switches”, which is selling and buying funds to generate commissions at the expense of clients’ accounts, since it affects performance.
  • potential changes to documents (Know Your Client (KYC)).
  • Sun Life’s approval of sales incentives which breached securities regulation since incentives could influence the recommendations made by advisors.

The release form that Sun Life requires investors to sign to obtain partial compensation for its misconduct should not be signed without understanding the agreement and its ramifications. If investors are considering an offer by Sun Life, they should consider obtaining legal advice from a lawyer before signing these legal documents.   

Read the Reasons for Decision from the Mutual Fund Dealers Association of Canada (Re: Sun Life Financial Investment Services (Canada) Inc.)

December 5, 2017

MBC Law Professional Corporation is investigating any complaints by clients of Chris Lee, formerly agent for Freedom 55, London Life Insurance Company, London Life Wealth Management, Quadrus Investment Services Ltd. and Moore Wrinn Financial Group Inc., relating to money paid by clients to Mr. Lee’s numbered companies, 2332244 Ontario Inc. and 8616574 Canada Inc.

Anyone with knowledge of any such payments should contact MBC Law.

MBC Law has extensive experience in the investigation and resolution of investor claims against financial advisors. For a free consultation, call toll-free to speak to Harold Geller: 1-888 288-2033 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Contact Us

MBC Law Professional Corporation
265 Carling Avenue
Suite 500
Ottawa, ON K1S 2E1
Telephone:  613-233-4474
Fax:  613-233-8868
Toll Free:  1-888-288-2033