A former Nanaimo investment advisor is accused of lying under oath to the B.C. Securities Commission. (Black Press file)

Banned Nanaimo investment advisor accused of lying under oath to investigators

B.C. Securities Commission to schedule hearing in March

A former Nanaimo investment advisor, banned for life from offering financial services, is being accused by the B.C. Securities Commission of lying to investigators while under oath.

The commission, an independent provincial agency which enforces the B.C. Securities Act, alleges that Kenneth Edward Smith perjured himself in relation to a probe by a separate regulatory body, the Investment Industry Regulatory Organization of Canada, for violating numerous dealer member rules. According to a press release, the securities commission alleges that when speaking to Smith in 2017, he said his company received money from only one investor, but after evidence was presented to the contrary, Smith admitted he tried to conceal information, making a false or misleading statement in the process.

The accusations against Smith by the B.C. Securities Commission have not yet been proven.

A hearing date for Smith is expected to be scheduled in March by the commission and evidence and arguments are usually heard by a three-person panel.

RELATED: Former Nanaimo financial advisor fined $125K, banned for life

The commission told the News Bulletin it couldn’t comment if its investigators were questioning Smith about the Investment Industry Regulatory Organization of Canada investigation.

In the regulatory organization’s June 2018 decision, Smith was found to have contravened a number of dealer member rules dating back to 2013. These included Smith taking part in an outside business venture, a company that provided chrome and graphic finishing on vehicles, without receiving permission from his dealer member (Queensbury Securities Inc.) and accepting a loan from a client for the business. Other contraventions included accepting $10,000 from a client to invest without consent of his dealer member.

The IIROC ultimately banned Smith for life from offering financial services in Canada, fined him $125,000 and ordered he pay $20,000 in costs.

The commission said the allegations in the current case are against Smith only and not Queensbury Securities Inc.



reporter@nanaimobulletin.com

Like us on Facebook and follow Karl on Twitter and Instagram

fraud

Just Posted

EDITORIAL: Don’t let COVID-19 fears keep you from seeking medical help

Hospitals, clinics cleaned regularly, maintain strict protocols

Island farm stands opening for business with COVID-19 restrictions

Growers hopeful shoppers will support local farms

French fries to juicy tomatoes, rock art brings joy to walkers in Victoria

James Bay yard filled with painted rocks delights all ages

Duncan veteran recalls war’s end

War changed Jack Bridges’ life forever

QUIZ: Test your knowledge of the world of summer sports

In a typical year, there are plenty of summer sporting events and tournaments held across Canada

Music education remains important, especially during pandemic

‘Music really does lift people up in times of trial,’ says Island music teacher

Senior man in hospital after unprovoked wolf attack near Prince Rupert

Conservation officers are on site looking for the wolf

Dr. Bonnie Henry announces official ban on overnight kids’ camps this summer

New ban comes after talking with other provincial health officials across the country, Henry says

Incoming: Income tax deadlines arrive

2019 individual tax returns are due June 1, June 15 for self-employed individuals

VIDEO: NASA astronauts blast off into space on SpaceX rocket

Marks NASA’s first human spaceflight launched from U.S. soil in nearly a decade

PHOTOS: U.S. cities brace for increasing unrest over police killing of George Floyd

Minnesota Gov. Tim Walz has fully mobilized the state’s National Guard

‘I knew what he wanted’: Kootenay man spends hours in tree as black bear patrols below

Francis Levasseur is no stranger to the outdoors, but a recent run-in with a bear caused quite a scare

Most Read