Investia Financial Services Inc. terminated Harold Backer’s licence after his disappearance in 2015
Steps for advisors and their dealers to avoid OBA infractions
Sherry Cheng-Hui Kao borrowed money from clients to speculate in real estate and misled both the clients, and her employer, the ICBC found
Jason Perry Boldt borrowed more than $1 million for clients for an unauthorized outside business activity about which he did not inform his firm
Compliance must play a greater part in ensuring they understand advisors’ OBAs before approving them as well as supervising these activities once approval has been granted
Rep lied to his dealer when questioned about his outside business activities
Dealers and advisors should take steps to ensure they’re operating in compliance with rules governing outside business activities
Firms have until December 2013 to apply changes to rules related to prohibited personal financial dealings and permissible outside business activities
"Widest" perspectives on OBAs that regulators have taken