(October 31, 2006) The New Brunswick Securities Commission issued a temporary cease-and-desist order against three companies and three individuals after an investigation found they were trading securities without registration.
The companies involved are Panama-based Jabez Financial Services, JFS Credit Union allegedly based in Sweden, and JFS-INC.NET, the commission said in a news release.
“This program is largely online-based and offers dramatic rates of return, ranging from 2% to 10% per month,” said Rick Hancox, executive director of NBSC. “This invitation contains all the red flags that should concern investors: unrealistically high rates of return, secrecy and failure to disclose or provide detailed information about the investment. We have reason to believe that at least 15 New Brunswickers have invested money in this program.”
The trading suspension order will remain in effect until December 13, when a hearing in the case will be scheduled.
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CoVirt fund transactions will be automated via FundSERV
(October 31, 2006) CoVirt announced Tuesday that its VirtGate wealth management system can now be used to automatically process mutual fund transactions through FundSERV.
Buy, sell and swap orders can be placed through VirtGate, with client files, trades and commission files automatically imported and records in VirtGate updated, the company said in a press release.
Several insurance brokers are running pilot projects using new functionalities.
“VirtGate has always supported mutual funds and segregated funds, but trades and commissions had to be entered manually,” says CoVirt CEO Tim Fitzpatrick. “With our already flexible VirtGate file import and export tools, combined with industry standards and FundSERV documentation, the automation project went very smoothly.”
Current CoVirt clients have a lifetime license and will continue to focus primarily on segregated funds. However, the mutual fund technology is identical, Fitzpatrick added, saying VirtGate is the first software to combine insurance and wealth management products into one integrated system with robust features for each.
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Western Financial buys insurance brokerage in Manitoba
(October 31, 2006) Western Financial Group has acquired a 25% interest in Hayhurst Elias Dudek, the largest independent insurance broker in Manitoba.
The financial terms of the transaction were not disclosed. The Winnipeg-based company employs approximately 190 people nationwide and has offices in Toronto, Montreal and Halifax.
Hayhurst Elias Dudek operates in the life and health, property and casualty and pet health insurance industries.
“We see tremendous opportunities for collaboration across our two divisions, particularly in commercial insurance programs, group life and health insurance, and support for SecuriCan General Insurance’s unique products,” said Scott Tannas, president and CEO of Western Financial Group.
As the partnership develops, Western Financial Group’s ownership position in Hayhurst Elias Dudek is expected to increase.
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BC broker fined $60,000
(October 31, 2006) IDA fined David Wayne Gradidge, formerly of White Rock, a British Columbia affiliate of Scotia Capital, $60,000 for a series of SRO violations.
In the plea agreement, Gradidge admitted that he bought and sold properties to the client without his company’s knowledge, consent or authorization. He also loaned funds to a client without the company’s knowledge and mixed his personal funds with the client’s funds to purchase securities.
The crimes occurred between 2000 and 2003. Gradidge was also ordered to pay back $5,250 in commissions and profits, is prohibited from purchasing any newly issued securities of any listed company or unit trust for 24 months and is subject to strict supervision for a period of 24 months. period of 12 months. In addition, Gradidge must complete and pass the Manual of Conduct and Practice exam within six months and pay $5,000 in costs.
Gradidge is currently a registered representative of Berkshire Securities.
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Berkshire-TWC Names New Senior Vice President
(October 31, 2006) Berkshire-TWC Financial Group named Glenn Pittman its new senior vice president of business development. Pittman joins Berkshire from its subsidiary, Markland Street Asset Management, where he served as executive vice president of business development.
Pitman has 19 years of experience in the financial services industry. He joined AIC in 1998 and was responsible for sales in Atlantic Canada. Prior to Markland Street, Pittman was a senior vice president at Connor, Clark & ​​Lunn Capital Markets.
“I am absolutely delighted with the opportunity to join Berkshire’s senior management team and look forward to working closely with both headquarters staff and advisors across the country to contribute to Berkshire’s future success,” he said in a statement.
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