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 Cette adresse e-mail est protégée contre les robots spammeurs. Vous devez activer le JavaScript pour la visualiser. 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: http://www.iiroc.ca/Documents/2019/3a145159-f375-442d-b3bb-befbbb8af978_en.pdf#search=preston%20smith.

March 7, 2019

MBC is very pround to announce that John Hollander was awarded the Carleton Medal by the County of Carleton Law Association!  This is an amazing honour and John is well deserving of this award.  

The Carleton Medal is given to a lawyer who is most deserving of recognition for great diligence, high ideals and outstanding leadership in the practice of law throughout their career. Those who will receive the medal will have made a significant contribution to the profession of law, whether as a solicitor in effectively performing services in that position, as a barrister in attaining an excellent reputation in the courts, as an academic, or for a single act of notable distinction that advances the ideals of the profession. 

October 3, 2018

Harold Geller, part of the Financial Loss Advisory Group at MBC Law, was interviewed by the Financial Post regarding the Sun Life investor remediation plan.  

"We believe that the offers we have seen do not identify all relevant losses and the formula used to calculate the damages is unfair."

Full text is found here.

September 1, 1878 – 1st female telephone operator starts work
September 1, 1901 – Construction begins on NY Stock Exchange
September 1, 1905 – Alberta & Saskatchewan become 8th & 9th Canadian provinces
September 1, 1999 – Ex-Pittsburgh Penguins star Mario Lemieux is approved as new owner of the Penguins franchise
September 1, 2018 – Margot Pomerleau joins the partnership of MBC Law.

September 1 marks an important day in history. 

MBC is proud to announce that our dear friend and colleague, Margot Pomerleau, has decided to join the partnership. Margot was a founding member of MBC and will be continuing her practice in civil litigation as well as managing the financial loss group at MBC, pursing claims against financial advisors.

 

1er septembre 1878 - Emma Nutt devient la première femme au monde au poste d’opératrice téléphonique.
1er septembre 1901 - Début des travaux à la Bourse de New York
1er septembre 1905 - L'Alberta et la Saskatchewan deviennent les 8e et 9e provinces canadiennes
1er septembre 1999 - Mario Lemieux, ancien joueur vedette des Penguins de Pittsburgh, est approuvé en tant que nouveau propriétaire de la franchise des Penguins
1er septembre 2018 - Margot Pomerleau se joint au partenariat de MBC Law.

Comme vous pouvez le constater, le 1er septembre marque une journée importante dans l'histoire. 

MBC est fier d'annoncer que notre chère amie et collègue, Margot Pomerleau, a décidé de se joindre au partenariat du cabinet.

Margot est un membre fondateur de MBC et poursuivra sa pratique dans le domaine des litiges civils ainsi qu’à titre de gestionnaire du groupe de pertes financières chez MBC, dans le cadre de poursuites contre des conseillers financiers.

August 2, 2018 - SUN LIFE - MISCONDUCT - MUTUAL FUNDS

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.)

Contactez-nous

MBC Law Professional Corporation
265, avenue Carling
bureau 500
Ottawa, ON K1S 2E1

Téléphone: 613-233-4474
Télécopieur: 613-233-8868
Sans frais: 1-888-288-2033