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Latest News
What to know about the know-your-client forms + MORE Nov 28th
Q: When an investment advisor takes on a new client and does not complete the know-your-client forms, is there disciplinary action? Which governing body is responsible?
— Don Henderson
A: Investment advisors are required to follow what are called the know-your-client (KYC) obligations, which ar.... More »
How TD Put the “Managed” in ETF Portfolios + MORE Mar 23rd
What Canadian bank was first to launch a line of ETFs? You might think it was BMO, which is by far the biggest bank in the industry today, with more than 70 ETFs and some $37 billion in assets. But in fact it was TD, who were ahead of the curve when they created a small family of ETFs way back in 20.... More »
Fixed or variable mortgage rate: Which should you choose in 2024? May 28th
If you have a mortgage on your home or have been trying to break into the housing market, you’ve probably watched interest rates go up, up, up over the past two years. Both fixed and variable mortgage rates have been higher than any other time in recent memory, leading many new home buyers and exi.... More »
AP FACT CHECK: Dems in New Hampshire + MORE Feb 5th
WASHINGTON – Hillary Clinton cast the financial industry as an adversary in her presidential campaign — despite the money that industry has poured into her White House effort. Bernie Sanders once again mischaracterized the share of the wealth taken by the very richest Americans.
A look at so.... More »
What’s the best way to pay down debt? + MORE Sep 2nd
As a Certified Financial Planner (CFP), a common question I hear from Canadians is how to better understand their debt. Questions like: How did I get here? What is the best approach to paying my debt off?
Many Canadians have debt of different amounts and for many different reasons. Common types .... More »
High-frequency trader charged with running global stock manipulation scam released from jail
– canadianbusiness.com
NEWARK, N.J. – A Florida man who federal prosecutors in New Jersey say bragged about making up to $50 million a month by running an international stock manipulation scheme using a practice known as layering has been released on $750,000 bond.
Aleksandr Milrud, of Aventura, Florida, made his initial court appearance Wednesday after being charged last month with wire fraud and securities fraud conspiracy.
He was released by Judge Michael Hammer and barred from trading in securities. Milrud’s attorney, Michael Bachner, says he is still reviewing the allegations.
Prosecutors say Milrud recruited stock traders in China and Korea to place high-speed buy or sell orders and then quickly cancel them.
U.S. Attorney Paul Fishman says it is the first federal securities fraud prosecution of someone accused of using the high-frequency trading strategy.
The post High-frequency trader charged with running global stock manipulation scam released from jail appeared first on Canadian Business.
Aleksandr Milrud, of Aventura, Florida, made his initial court appearance Wednesday after being charged last month with wire fraud and securities fraud conspiracy.
He was released by Judge Michael Hammer and barred from trading in securities. Milrud’s attorney, Michael Bachner, says he is still reviewing the allegations.
Prosecutors say Milrud recruited stock traders in China and Korea to place high-speed buy or sell orders and then quickly cancel them.
U.S. Attorney Paul Fishman says it is the first federal securities fraud prosecution of someone accused of using the high-frequency trading strategy.
The post High-frequency trader charged with running global stock manipulation scam released from jail appeared first on Canadian Business.
Sun Life Q4 profit slips to $550 million; posts total revenue of $7.38B
– canadianbusiness.com
TORONTO – Sun Life Financial Inc. (TSX:SLF) has reported a drop fourth-quarter net income but says it remains on track to meet 2015 earnings objectives.
The Toronto-based insurance and wealth management company said net income dropped to $502 million or 81 cents per diluted share from $550 million or 90 cents in the same 2013 period as higher gross claims and benefit payments and an increase in insurance contract liabilities offset higher total revenue.
Total revenue was $7.38 billion, up from $4.71 billion in the same 2013 quarter, which included a $385-million loss on fair value changes on assets and liabilities versus an almost $2.2 billion gain in the most recent period.
On an adjusted basis, Sun Life reported underlying net income from continuing operations of $360 million or 59 cents per share, down from $375 million or 61 cents in the fourth quarter of 2013.
That missed analyst estimates as compiled by Thomson Reuters of 78 cents per share on total revenue of $491.2 million…
The Toronto-based insurance and wealth management company said net income dropped to $502 million or 81 cents per diluted share from $550 million or 90 cents in the same 2013 period as higher gross claims and benefit payments and an increase in insurance contract liabilities offset higher total revenue.
Total revenue was $7.38 billion, up from $4.71 billion in the same 2013 quarter, which included a $385-million loss on fair value changes on assets and liabilities versus an almost $2.2 billion gain in the most recent period.
On an adjusted basis, Sun Life reported underlying net income from continuing operations of $360 million or 59 cents per share, down from $375 million or 61 cents in the fourth quarter of 2013.
That missed analyst estimates as compiled by Thomson Reuters of 78 cents per share on total revenue of $491.2 million…
Manulife Financial Earnings: What to Watch
– blogs.wsj.com
Canada’s largest insurer by assets, Manulife Financial Corp., is expected to report fourth-quarter results early Thursday. Here are a few things to know.
Canadian man sentenced to 21+ years in prison in $129.5M Ponzi scheme
– canadianbusiness.com
SAN FRANCISCO – A Canadian man who once owned an Ontario Hockey League team has been sentenced to almost 22 years in prison by a California judge for his part in a Ponzi scheme that defrauded more than 1,200 people out of more than US$75 million.
William Wise, 64, a former resident of Cornwall, Ont., who owned the Cornwall Royals back in the 1980s, was sentenced Feb. 4 after pleading guilty to the charges in September.
A statement issued by U.S. Justice Department officials said the scheme, which dated to at least 1999, involved the sale of certificates of deposit issued by Millennium Bank, United Trust of Switzerland and Sterling Bank and Trust.
Millennium Bank was a bank licensed in St. Vincent and the Grenadines and was represented by Wise to be a wholly-owned subsidiary of United Trust of Switzerland, which was purportedly a private financial services company in Switzerland.
The CDs were sold primarily out of offices established by Wise in Napa, Calif., and Raleigh, N.C., and promised purchasers safe investments with guaranteed rates of return, sometimes over 16 per cent and based on overseas investments…
William Wise, 64, a former resident of Cornwall, Ont., who owned the Cornwall Royals back in the 1980s, was sentenced Feb. 4 after pleading guilty to the charges in September.
A statement issued by U.S. Justice Department officials said the scheme, which dated to at least 1999, involved the sale of certificates of deposit issued by Millennium Bank, United Trust of Switzerland and Sterling Bank and Trust.
Millennium Bank was a bank licensed in St. Vincent and the Grenadines and was represented by Wise to be a wholly-owned subsidiary of United Trust of Switzerland, which was purportedly a private financial services company in Switzerland.
The CDs were sold primarily out of offices established by Wise in Napa, Calif., and Raleigh, N.C., and promised purchasers safe investments with guaranteed rates of return, sometimes over 16 per cent and based on overseas investments…
The federal Home Buyers Plan lets first-time buyers borrow from their RRSP for a down payment. Is it a good idea?
