A politician, a Securities Regulator and a disguised Lobbyist walk into a bar….no joke…just Financial Murder

A politician, a Securities Regulator and a disguised Lobbyist walk into a bar….no joke…just Financial Murder
Posted on March 24, 2018 | Larry Elford | Written on March 24, 2018
Letter type:

Author's Note:

Author's Note:

I caught a recent article in the Winnipeg Free Press** about how investment industry persons were being rewarded with increased public credibility and immunity from prosecution...and I thought it was time to share a story about Financial Murder.  Having just published "ABOUT YOUR FINANCIAL MURDER..." in March of this year, it would be remiss of me if I did not at least make an effort to inform Manitoba citizens of the set of steps they are falling down...

The CBC National News from march 29, 2017 features as its lead story, the deceptions that Manitoba is in for, and has been under for decades:  https://www.youtube.com/watch?v=_6nWnwZ3bHI   it is 3 minutes in length and is the opening story on the news this day.

** https://www.winnipegfreepress.com/search/?keywords=Manitoba+Finance+Mini...

Author's Video Note:

March, 23, 2018

Winnipeg Free Press 

Letter to Editor

I noticed that Manitoba’s Finance Minister Cameron Friesen, has recently granted immunity from prosecution and increased public credibility to a group which is 100% incentivized and rewarded not by public service, but by investment industry billionaires who may at times be taking advantage of the public.  He has been deceived and duped just like Manitoba investors are deceived and duped.    

The trouble is that he (Cameron Friesen) has simply taken at their word, the promises and platitudes of six-figure investment-industry-paid persons.  This is a rather unskilled and dangerous move for all Manitobans.

Mr. Friesen granted immunity from prosecution and increased power to a group which has a long background of self-serving investment industry sinecure positions.  I can say this having worked two decades in the industry.

Such regulatory bodies have for a decade or more, fostered the deception and exploitation of Manitoba investors in many ways.  I will give you just one example of deception: 

While 1794 investment persons in Manitoba have a proper “Adviser” (Advising representative) registration and duty, with the Provincial Securities Commission, most of these do not serve everyday mom and pop Manitobans, but serve high net worth investors and institutional investors. 

Six times as many people, or 11,581 investment persons in Manitoba are commission salespersons wearing a clever disguise

“Dealing Representative” is their actual salesperson registration category today, and this was previously termed  “Salesperson” in the Securities Act and by the Manitoba Securities Commission  (MSC). The Manitoba Securities Commission has yet to inform ONE Manitoba resident of this change, or of the salesperson deception. The Finance Minister is likely also unaware of this deception. This is a second highly unskilled and dangerous risk for all persons in Manitoba to take.

The financial-exploitation risk to investors is that virtually none of those registered as sales agents, ever inform their customers of this commission sales role and license category.  Even though it is required by law and industry rules. (fair, honest, good faith)

Virtually all “Dealing Reps” pretend be be “Advisers” or “Advisors” (or a few dozen other names) and try to dupe the public into belief that they are dealing with a professional, not a commission sales agent. This deception works perfectly to cause the public to hand over their trust…and their life savings....  This is contrary to misrepresentation laws of the Manitoba Securities Act, which the Manitoba Securities Commission and IIROC (or their predecessor the Investment Dealers Association IDA), have not enforced in my several decades of study.

Canadians can search registration categories for themselves at www.aretheyregistered.ca but be warned that the Commission wants to pretend to inform the public THAT their members are registered,...while cleverly hiding WHAT they are registered as...and what each registration category truly means to your money.  I cannot make this stuff up...

Another risk which exploits not only Manitoba, but every procince in Canada and every state in the U.S.,  is that regulators fail to inform rthe public of the crucial legal and duty-of-care obligations between an Advising Representative (a true adviser), and a salesperson registered in the “Dealing Representative” category.  They  go out of their way to prevent  Manitoba citizens from easily knowing this. They use confusion, over-complication, jargon and obfuscation to accomplish this. They also alter laws, exempt laws, and alter the wording on web sites to continually keep the public well confused, instead of well informed.  The industry that pays their salaries (up to $700k) are thus getting two very useful handmaids for their dollars.  Unfortunately the public is not being well served…but rather twice “deceived”.

Even though regulators, and your Provincial Commission, the MSC, have a “duty to warn”, a duty to inform, and an obligation to ensure investors are dealt with in a fair, honest and good faith manner, they fail and they have failed intentionally for decades.  The cost to Manitoba is staggering, I can calculate costs on par with the financial drain of all measured criminal acts in the land…combined.

I hope that helps to visualize how Manitoba is being subjected to a hidden, pandemic of financial extraction.  

I wish to have this letter published in hopes of giving investors a fair, honest and good faith chance for financial security.  As it stands this is not the case, and your provincial finance minister/government is a key aid…

Larry Elford, Former CFP, CIM, APM, FCSI, retired



Lethbridge, Alberta T1K1N3  403 942-5071 



Letter Response

At 50 second mark of the above video, an ordinary #investor is given clarity and guidance from one of dozens of Securities Commissions in North America. The regulator carefully informs the investor about his investment advisory team, their positions, roles, licenses, and perhaps most importantly her professional and legal client protective duty of care...Bahahaha!  #RegulatoryMurder https://www.youtube.com/watch?v=bpxkyTc9Z38&t=139s 

About The Author

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Investment Misconduct and Malpractice Analyst

Larry Elford is acclaimed as a qualified expert on the subject of White Collar Crime as it relates to the investment selling industry. He... More