Former Armstrong portfolio manager fined by BC Securities Commission – Vernon News – .

Former Armstrong portfolio manager fined by BC Securities Commission – Vernon News – .

An Armstrong man was sanctioned by the British Columbia Securities Commission for failing to properly assess whether the investments were suitable for his clients.

Former portfolio manager Albert Alan Housego was registered as an advising representative from 2014 to 2017, managing four investment funds operated by Ontario-based Crystal Wealth Management System Ltd.

Housego has managed accounts, on a discretionary basis, for at least 487 clients.

According to a statement from the BCSC, after a high-risk investment from one of the funds failed, Housego placed at least 260 of the clients in that fund, for investments totaling $ 985,000.

Housego admitted that it did not keep enough information about some of the clients to assess whether the investments were right for them.

Housego also admitted defaulting by placing at least 323 clients in two funds, for investments totaling some $ 6.7 million, without having a sufficient understanding of the structure, characteristics and risks of the underlying investments. fund.

As part of the settlement, Housego agreed to pay the BCSC $ 150,000 and is prohibited for 15 years from:

  • trade or buy securities or swaps, except in a single account in own name
  • become or act as a registrant or promoter
  • acting as management or advisor in the context of activities on the securities market
  • participate in promotional activities

If Housego has not paid the full penalty within 15 years, the bans will remain in place until it does.

The BCSC is the independent provincial government agency responsible for regulating the financial markets of British Columbia through the administration of the Securities Act.


Please enter your comment!
Please enter your name here