Investors Scrutinizing the Regulators

Home Page

InvestorVoice.CA

Securities Regulation In CanadA

Fox Guarding the Hen House
   

 

Carolann Steinhoff v. IDA

(Good example of PREDATORY REGULATION)

 

Carolann Steinhoff

2004 BCSECCOM 666

24 November 2004

We found that the IDA panel:

• erred in law, overlooked material evidence, and relied on speculation as to facts not in evidence, in finding that Steinhoff engaged in unauthorized trading, and
 

• erred by failing to consider all the circumstances in determining whether Steinhoff’s trading in Ontario without registration was a contravention of IDA By-Law 29.1.

 

IDA ruling against broker overturned

09 June 2005

IDA panel 'erred' in finding fault with broker

26 November 2004

IDA ruling against broker overturned

26 November 2004

B.C. regulator finds dealers' association erred in fine assessed to star broker

26 November 2004

BCSC releases reasons for overturning Steinhoff Decision

25 November 2004

Steinhoff vindicated

22 November 2004

BCSC overturns IDA decision, clearing fired broker's name

08 November 2004

BCSC allows appeal of former ScotiaMcLeod broker

02 November 2004

Financial Adviser Cleared

30 October 2004

Broker beats slur after 5 1/2 years: Hearing

30 October 2004

BCSC overturns IDA decision against Carolann Steinhoff

29 October 2004

BCSC to review IDA Decision

26 April 2004

BCSC orders Stay of IDA Decision pending review

29 August 2003

IDA Decision on Penalty

05 August 2003

Steinhoff's Submission to the Wise Persons' Committee

July 2003

Kyle's Submission to the Wise Persons' Committee re: Steinhoff

06 July 2003

Former star broker upset with IDA decision

June 2003

Steinhoff's Letter to David Baines - Vancouver Sun

29 April 2003

Brokerage firm gets tough with former employees

 

30 April 2003

Ruling clears trader, almost

29 April 2003

IDA Decision on Merits

(the IDA waited until 26 August 2003 to make this decision public)

16 April 2003

 

Letter from IDA to Steinhoff's legal counsel

28 October 2002

"Please be advised that staff will be taking issue with respect to your client's intention that she is required to be registered under the Ontario (Securities) Act. Staff is not aware of any rule, policy, section of the Act or otherwise which states that the OSC now requires that all IDA member employees representing Ontario residents register with it.
 

IDA Member Regulation Notice (MR-114)

13 November 2001

The Association has previously advised members of the risks of holding accounts for residents of Canadian and United States jurisdictions if the firm or the individual broker is not properly registered.

 

IDA gets tough with brokers

12 April 2001

 

Letter from managing director Hamish Angus at Scotia Capital to Steinhoff's clients

01 December 1999

"A portfolio review was presented to you  by "XXXXXXXX" who was assigned to your account after Ms. Steinhoff's departure which may have contained inaccurate information in regards to the performance of your portfolio.  Their may be inaccuracies showing losses when in fact there had been gains.  Dividend income may have been omitted or underestimated.  Consequently, the impression may have been  left that the gains and income stream were less than had in reality been achieved by Ms. Steinhoff."

 

Why did the IDA go after Steinhoff and not Scotia Capital?

When a person knowingly changes account statements

which misrepresent the truth in order to gain something, is that not fraudulent?