Ellen Roseman

Personal finance columnist at the Toronto Star and previously the Globe and Mail. My passion is consumer advocacy and making sense of money

Mar 27, 2021
Published on: LinkedIn
1 min read

Quite a high volume operation by a deceptive financial advisor at #Fundex and the firm that failed to oversee his activities. Why didn’t anyone warn the clients?
#MFDA #CSA OSC #IIROC #putclientsfirst #time4change #faircanada

172 pre-signed forms for 89 clients alleged against #MichealJamesFarrell a #Fundex representative. Mind boggling or routine? Is #Fundex at fault on a systemic basis? Has Fundex notified all affected clients that there appears to have been fraud by its agent and appropriately warned of the risk? Or did Fundex get away with a standard "please confirm that your advisor traded" letter - a meaningless notice where many account holders do not know the strictly regulated (but rarely enforced) duty to obtain the 4 elements prior to each and every trade in non-discretionary accounts? One is notice, the other is self-serving about litigation risk and, IMO, a breach of the duty to act "fairly, honestly and in good faith". #MFDA #IIROC #CSA #OSC #time4change