President Courteney opened the meeting and read the land acknowledgment.

Anthem: was led by Peter Masson

Toast to the King, Canada, and Rotary: Courtney

Attendance: 11 members

Guests: Guest speaker Christine Allum

 

 

Saifoo Lau introduced Christine Allum. A representative from the Ontario Securities Commission Investor’s Office.

 

Christine spoke about fraud prevention and making informed investment decisions and shared tips for protecting yourself against investment frauds and scams. The program includes resources for seniors to work with their financial representatives and manage their finances in retirement.

 

Christine explained that the OSC is an independent Crown corporation that regulates the security industry mandated to protect investors from practices that are unfair, improper, or fraudulent while ensuring the capital markets run fairly and efficiently. Christine’s focus is to teach about fraud victims and financial fraud.

 

Christine’s Common Investor’s Issues and Concerns:

 

 

The facts are many Canadians are victims of investment fraud, and almost 30% of Canadians have been approached with potential fraud.  Investment fraud is an underreported crime, and it doesn't just impact your wallet.  It can affect your mental and physical health, relationships, and quality of life.  The Enforcement Branch investigates and litigates Securities Act breaches and seeks orders in the public interest before adjudicative tribunals of the Commission and courts.  The Branch is comprised of a mix of investigators, forensic accountants, lawyers, and support staff.  In the case of wrongdoing, the OSC can reprimand, issue ceases trade order, remove the exemption, bar from the industry, impose a monetary penalty, and sometimes refer a case to Court, where jail time follows.

 

Warning signs of fraud include high-pressure tactics, a phone call, an email from someone you don't know, the promise of high return with low risk, unregistered sellers (based on CSA surveys, almost 50% of people never checked to see if the investor is registered), the person suggests falsifying financial information or a tax avoidance strategy (there is no such thing) or the promise that the company is soon to be listed on an exchange.  Christine suggested that if two-thirds of these warning signs are evident - run in the opposite direction!

 

Christine pointed out the common types of fraud.  Affinity -- a target is a group sharing a common identity such as cultural, religious, or occupational).  Ponzi/Pyramid -- Investors are recruited and encouraged to recruit others.  Pump and Dump/Boiler Room -- this scheme targets anyone with money to invest.  Double Dip -- repeat scams.  

Christine strongly recommends that you do a background before you invest.  The website checkbeforeyouinvest.ca will tell you who is registered, any investor alerts, and new fraud information.  Want to learn more?  Go to getsmarteraboutmoney.ca

 The Ontario Securities Commission can be reached at 1-877-785-1555.  Call if you suspect anything.

 

President Courtney thanked Christine for her presentation to our Club today.

 

 

Please follow the attached PDF link to view Christine’s presentation and open the mp3 to hear her talk.

 

https://www.dropbox.com/s/3uhu5usuq56h6ja/Protect%20Your%20Money%20-%20Rotary.pdf?dl=0

 

 

Barry Smith has provided a supply of meal tickets which may now be purchased at the desk.

a strip of 10 for $250.00.

 

Gordon fined anyone not wearing a badge or Rotary pin, following asked for happy bucks.

 

There being no further business Courtney ended the meeting.