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Local broker Carolann Steinhoff faces allegations


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#41 Holden West

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Posted 08 August 2013 - 10:56 PM

Yet another stunning win for Steinhoff. This woman is coated in Teflon.

The suspension was to have started last July but was stayed after Steinhoff appealed to the Securities Commission.

Thursday’s decision threw out those penalties and took issue with IIROC’s characterization of Steinhoff as dishonest.

Steinhoff’s legal counsel Greg Harney called the decision a “substantial success” and said he expected his client would now face only a fine.

“I also note that IIROC was chastised for the process and the foundless sullying of her reputation,” Harney wrote in an email.

Indeed, the commission noted that, while Steinhoff contravened investment suitability requirements, there was “no evidence in the record of a fundamentally dishonest person, which is what the IIROC panel would have people believe. There is absolutely no basis in the record for the panel’s finding that Steinhoff cannot be trusted to act honestly and in a fair manner.”


Victoria investment adviser’s penalties too severe, rules B.C. Securities Commission
ANDREW DUFFY / TIMES COLONIST
AUGUST 8, 2013

http://www.timescolo...ission-1.573671
"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#42 Hotel Mike

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Posted 09 August 2013 - 08:29 AM

She happens to have a great lawyer. I have seen Greg Harney in action.
Don't be so sure.:cool:

#43 Holden West

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Posted 05 April 2014 - 06:49 AM

This is an old story but this thread needs updating.

 

Victoria News

posted Jan 21, 2014

A fine of $100,000 has been levied by a B.C. Securities Commission panel against a Victoria financial advisor ruled to have given inappropriate investment advice to clients.

Carolann Steinhoff was also ordered to pay costs of $20,000 and relinquish $6,813 in commissions.

The decision, released last week, is the latest ruling in a case initiated in 2010 by the Investment Industry Regulatory Organization of Canada.

 

The IIROC was investigating advice given and actions taken by Steinhoff in 2008 on behalf of a couple who invested $125,000 with her in the short term. The money, proceeds of a home sale, was to pay for their next home. They ultimately lost 56 per cent of their investment in the economic downturn and fell $65,000 short of what they needed.

 

 

 

I don't know if she appealed this ruling. Her past appeals were successful. The article notes her legal counsel is Ronald Pelletier.


Edited by Holden West, 05 April 2014 - 06:51 AM.

"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#44 lanforod

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Posted 07 April 2014 - 08:41 AM

I'm not sure I like the precedent set here. If the economic downturn in 2008/09 hadn't happened, this would be a non-issue essentially, as I understand it. So how is it Steinhoff's fault that she invested the money in something too risky for what the couple's needs were? Unless she went explicitly against what the couple requested? Couldn't this happen to anyone, and she's just being punished for the time-frame?


Edited by lanforod, 07 April 2014 - 08:42 AM.


#45 spanky123

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Posted 07 April 2014 - 04:24 PM

I'm not sure I like the precedent set here. If the economic downturn in 2008/09 hadn't happened, this would be a non-issue essentially, as I understand it. So how is it Steinhoff's fault that she invested the money in something too risky for what the couple's needs were? Unless she went explicitly against what the couple requested? Couldn't this happen to anyone, and she's just being punished for the time-frame?

 

It is alleged that she made investments that were completely contrary to the investors intentions. That is wrong in either an up or down market although people don't tend to complain if they make money!



#46 Holden West

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Posted 18 May 2014 - 08:36 PM

 
Carolann Steinhoff; Investment Industry Regulatory Organization of Canada; Executive Director Hearing type: Review Panel: Brent W. Aitken - Chair, Audrey T. Ho, Don Rowlatt Note: Hearing concluded. The Panel issued its Decision on January 15, 2014. Ms. Steinhoff has applied for a variation of the Commission's January 15, 2014 decision. This hearing will be conducted in writing. The Panel’s decision on Ms. Steinhoff’s application is due June 2, 2014.

http://www.bcsc.bc.c...ingschedule.asp


"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#47 Holden West

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Posted 02 June 2014 - 10:21 AM

While we wait for the Steinhoff decision, a news story today about another financial advisor who alledged faked signatures and is getting off easy due to toothless enforcement of regulations.

 

Mutual fund salesman faked signatures, couple out $80K

 

Mutual fund dealer found responsible but refuses to pay compensation

By Kathy Tomlinson, CBC News Posted: Jun 02, 2014 5:00 AM ET

 

The ombudsman’s investigation found Fried used liquid paper to erase information on old forms the couple had signed for RRSP investments. He copied those to make blank forms with photocopied signatures and used them to buy the high-risk funds.

 

At lest this Fried guy had his license taken away. I don't understand how Steinhoff's cutting and pasting didn't get her license taken away. There must be an "oops, I boo-boo'd" type of forgery and a "naughty" type of forgery.


Edited by Holden West, 02 June 2014 - 10:24 AM.

"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#48 LJ

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Posted 02 June 2014 - 07:06 PM

 

At lest this Fried guy had his license taken away. I don't understand how Steinhoff's cutting and pasting didn't get her license taken away. There must be an "oops, I boo-boo'd" type of forgery and a "naughty" type of forgery.

 

It must be the same sort of non-crime the politicians commit when they claim expenses that they didn't incur.


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