Kilburn Ogilvie Waymann Investment Management Ltd. paid the commission $ 55,700 for inadequate controls and supervision. Specifically, the company was fined for failing to manage the risks associated with the business and for failing to provide reasonable assurance that it was in compliance with securities laws.
During a field compliance review in 2019, BCSC staff found that the company:
- did not keep records capable of generating certain account activity reports
- made unsubstantiated marketing claims on its website regarding the benefits of investing through a portfolio manager
- failed to ensure he was registered in every province where he had clients
- paid client management fees it earned to an unregistered holding company
- incorrectly calculated its excess working capital, and
- submitted deficient audited financial statements and auditor’s opinion to the BCSC as part of its required documents.
Kilburn Ogilvie Waymann was also ordered to pay $ 12,000 in July 2012 after admitting that she failed to put in place and maintain an adequate compliance system and failed to maintain a minimum level of regulatory capital.
BCSC said there was no evidence that customers were harmed because of the company’s shortcomings.