Regulators Aid and Abet Fraud Of Elderly Veteran They Are Mandated To Protect

  The below letter is from Mr. Alan Blanes in response to the last posting on this blog seen below. This article was written in response to an excellent article by Gordon Hoekstra of the Vancouver Sun which questions why the BCSC has not collected on vast sums of unpaid fines.
Why All The Unpaid Fines Owed To The BCSC?

 We have followed the story of Alan and his father Harold Blanes for a few years now as they push for the restoration of justice in the financial sector in North America. Some of these articles can be seen here CBC Go Public Reports On Forged Documents and here among other posts Finance Ministry Aids And Abets Criminal Behavior.

 Below is another letter from member of the Council Of Canadians and contact for the Public Banking Institute, Alan Blanes.

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Thanks very much for this, Christopher...

 

I have a question before the BC Ombudsperson, re the BCSC knowing that the IIROC Rule 2500 process on verifying new and modified accounts - to ensure that a client is actually in what the sales rep has told them they are in - that this "Rule" has been ignored by the Complaint Departments of two brokerages my dad had the misfortune to deal with. This "Rule" is designed to catch misrepresentation - and if it were practiced, there might be a shred of reliability in the SRO self regulating governance structure. Unfortunately the BCSC has not cared that the management has not bothered to take a stand when the file shows that this verification process was never conducted on my dad's portfolio. The IIROC - the supposed "regulator with the rule" has not cared that the rule was or was not followed - IIROC has even told my dad that he need not bother sending them any evidence - that they would follow the same policy as the previous complaint about another company. This previous example - due to the immaterial, incompetent, and impertinent so-called services of the regulatory system - which was a complete failure, my dad was forced to spend $51,000 in legal bills getting two judgements for breach of contract. 

 

Even when my dad had showed these stooge agencies the two judgements for breach of contract - demonstrating that contrary to their impunity creating indifference, there was in fact merit to what he was claiming - they still had zero interest in correcting the fallout from his experiences. 

 

I have asked Doug MacKay from the BCSC to explain to Stuart Cavers of the BC Ombudsperson's office, why it is that the BSCS has no interest in the matter of the IIROC Rule 2500 being transgressed - and its non-application creating an extremely traumatic fight for a client. Why is it that BCSC thinks that it can just sit back and allow a elderly person in their 90s to have to spend tens of thousands of dollars litigating  - when there is supposed to be a verification procedure. Ignoring it at the Government level is JUST NOT GOOD ENOUGH.

 

You are more than welcome to be kept in the loop as to what the BCSC and the Ombudsperson reply to this question. 

 

Cordially, 

Alan

 

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 As always more to come..