Judge orders Anchorage to pay ex-cops $2.7M after verdict against city

first_imgLocal Government | SouthcentralJudge orders Anchorage to pay ex-cops $2.7M after verdict against cityJuly 19, 2017 by Casey Grove, Alaska Public Media Share:The Anchorage Police Department Building (Photo by Wesley Early/Alaska Public Media)A judge has increased the penalty the Municipality of Anchorage will pay two former Anchorage police officers, who alleged racial discrimination at the Anchorage Police Department and won with a jury verdict this spring. Audio Playerhttp://media.aprn.org/2017/ann-20170718-05.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Alvin Kennedy and Eliezer Feliciano are two former drug detectives who had 20 years on the force.A jury found that they had been treated unfairly by the Anchorage Police Department and awarded them a total of more than $2 million in May.The judge in the case also recently tacked on what are called “enhanced attorneys’ fees” of another roughly half-million dollars and noted that Anchorage property owners would pay for the total award and the city’s long, drawn-out legal defense through their taxes.Superior Court Judge Frank Pfiffner also described the city’s tactics as Nixonian and said Anchorage police bungled a separate case — the criminal investigation of the Alaska National Guard — in a failed attempt to fight the lawsuit’s allegations.The racial discrimination allegations by Kennedy and Feliciano came in 2009, starting with complaints and then the lawsuit over what they called a hostile work environment.Kennedy is African-American. Feliciano is Hispanic.Their attorney Ken Legacki said they were good at their jobs.“Al Kennedy and Eli Feliciano were two very experienced and well respected undercover drug cops, two of the best cops the city of Anchorage ever had,” Legacki said in a phone interview.Legacki — and later Pfiffner — said the police department tried and failed with frivolous internal investigations of the two men to get rid of them.“They had people in the department, basically, trying to create a false narrative,” Legacki said.The police department and municipal attorneys also spent many hours and taxpayer dollars to go after Feliciano and Kennedy and to fight them in two separate trials.The first trial ended in a hung jury. The second trial ended May 22 with the verdict in favor of the two ex-cops.With interest, the jury award for lost wages and mental anguish is more than $1 million for each man.In his amended judgment issued July 5, Pfiffner, an Alaska judge since 2010, described the litigation as the most complex and longest-running he’d ever seen.Pfiffner declined to comment for this story.Here’s what he wrote in his recent order:“The ‘hide-the-ball’ litigation tactics (the Municipality of Anchorage) employed in this case rarely work. The consequences of such action are usually not good if the dirty tricks are discovered. Richard Nixon learned that lesson the hard way in an incident known as Watergate.”This was Pfiffner’s reasoning when he added more than $200,000 in attorneys’ fees to the total award for Kennedy and Feliciano.Pfiffner wrote he hoped municipality also had learned its lesson but that it was unfortunate the taxpayers of Anchorage would have to foot the bill.Municipal Attorney Bill Falsey turned down requests for an interview. He sent the following statement:“The court’s ruling refers to actions and proceedings that happened years ago. While we disagree with many of the characterizations, and wish that the Municipality’s prior attempts to settle the case had not been rebuffed — which could have avoided the need for protracted litigation — we are reviewing prior practices and will comply with the court’s orders.”Falsey said the city has agreed to pay the penalty and will not appeal.Legacki said the municipality offered to settle for less than $100,000, a tiny fraction of what the jury ended up awarding and nothing compared with the anguish the police department caused his clients by ruining their careers.“It’s scary to think that, even now, these people don’t realize the gravity of what occurred,” Legacki said. “Because somebody should take a serious look at this. Who investigates the investigators, right?”But it might not end there.A big issue with this case that Legacki and Pfiffner point to is a connection to the Anchorage police investigation of sexual assault and drug dealing allegations at the Alaska National Guard.A police lieutenant who was a star witness for the city in the Kennedy-Feliciano civil suit also was overseeing the criminal investigation of the National Guard.Citing an internal report by an independent investigator, Pffiner wrote in the amended judgement that the police lieutenant gave the names of people who had lodged the allegations to the head of the National Guard.According to the report, investigative leads dried up in the case, and nobody was ever charged or prosecuted.Pfiffner wrote that the police department purposely stalled its investigation of the lieutenant’s misconduct so he could testify against Kennedy and Feliciano in the first trial and still look credible.By the time of the second trial though, the lieutenant had been fired over the misconduct. He is also currently suing the city and police department.Here’s what Pfiffner wrote about the city and police department’s motivations in hiding the lieutenant’s misconduct:“The citizens of Anchorage could very well conclude the (Municipality of Anchorage) and its lawyers, were more interested in winning the lawsuit than protecting the citizens of Anchorage from sexual assault and illegal drug dealing by members of the Alaska National Guard and police misconduct relating thereto.”Falsey, the municipal attorney, did not respond to a request for comment about this issue. Anchorage police also turned down a request for an interview.Share this story:last_img read more

The Beckhams Hit The Ballpark

first_imgUncategorizedThe Beckhams Hit The BallparkBy Kari Mozena – August 29, 2013382ShareEmailFacebookTwitterPinterestReddIt The Beckham’s and Co. meeting up with Hanley RamirezDodger Manager Don Mattingly meeting BecksCee Lo GreenThe first pitchWho popped by the Dodgers’ second game (of a three-game set again the Cubs)? David Beckham, his tattoos, and his family—who got a clubhouse tour before watching the game from the Lexus Dugout Club—where there seems to be a lot of good celeb spotting. Cee Lo Green threw out the ceremonial first pitch (in his sandals) before heading to the Club himself.Photographs courtesy LA Dodgers / Jon Soohoo TAGSCee Lo GreenDavid BeckhamDodgersL.A. CultureThe SeenPrevious articleHot Topic: Brian Cummings on the Changing Role of the Los Angeles Fire DepartmentNext articleLynwood’s Plaza Mexico: A Taste of Mexico Without Crossing the BorderKari Mozena RELATED ARTICLESMORE FROM AUTHORViews From Inside the 2021 Dodgers Home OpenerWhen and Where to Watch the Dodgers: Here’s the Full 2021 ScheduleThe Dodgers Will Hold a Lottery for Opening Day Seats and Scrap Season Tickets Until Junelast_img read more

EU regulation is not helping UK, report claims

first_imgThursday 8 January 2015 8:54 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryHero WarsThis game will keep you up all night!Hero WarsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickLux & LushAfter 220 Years Two Brothers Finally Found The Oak Island TreasureLux & Lush EU regulation is not helping UK, report claims FINANCIAL regulation introduced by Europe in recent years has increasingly benefited the Euro­zone at the expense of Britain, a report out today warns. Eurosceptic group Business for Britain has published the findings of Europe Economics, which claims that recent regulation has been less beneficial to the UK and that much of it would not have been passed if Britain was in control. The report found that of the 20 new measures introduced, 10 would not have been made law if the UK had full control, including the bonus cap. Matthew Elliott, the chief exec­utive of Business for Britain said: “Badly designed EU rules, often driven by political opportunism rather than regulatory sense, are hurting Britain’s position as capital of the financial world.”However, a source in the banking community told City A.M. that the financial services industry would not have opposed any of the new regulation. Lucy Thomas of Business for New Europe added: “The British financial sector is overwhelmingly in favour of Britain’s EU member­ship. Given that 85 per cent of Euro­pean hedge fund assets are managed from the UK, it can’t be all that bad.” Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org center_img Show Comments ▼ Express KCS whatsapp whatsapp Tags: NULLlast_img read more

CD&R sells £370m stake in B&M discount chain

first_imgTuesday 3 February 2015 9:05 pm THE NEW York-based private equity group CD&R last night launched a deal to sell up to 120m shares in B&M, the retail discount chain to raise around £370m.Sources suggested yesterday was the first time the group could dispose of shares since last year’s flotation. Shares in the group, which is run by the Arora brothers, were issued in the float at 270p and were last night trading at 323.5p ahead of the sale at the close of trading. Three of the Arora brothers own a combined 27 per cent of the equity.Bankers said that the deal was initially launched for 100m shares, but was increased to 120m due to sufficient demand.The sale was handled by Bank of America Merrill Lynch and Deutsche Bank. Goldman Sachs, which was a global co-ordinator on the original flotation, wasn’t involved in yesterday’s share sale. Lazard acted as a financial adviser to CD&R.After the sale the private equity group will own less than 20 per cent of the equity in B&M, which was founded in Blackpool in 1978.Bankers said the sale was covered at a zero discount to the closing price. Express KCS whatsapp Show Comments ▼ More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPuffer fish snaps a selfie with lucky divernypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online GameUltimate Pet NutritionIf Your Dog Eats Dry Food, Do This Every DayUltimate Pet Nutrition Share whatsapp CD&R sells £370m stake in B&M discount chain Tags: NULLlast_img read more

CivilisedBank: There’s another new challenger bank on the scene with imminent UK launch plans

first_img Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedyNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.com Lynsey Barber Sunday 8 March 2015 6:51 am More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comcenter_img CivilisedBank: There’s another new challenger bank on the scene with imminent UK launch plans whatsapp whatsapp Tags: Challenger banks Another challenger bank has joined the scene alongside a growing number of upstarts trying to unseat the dominant high street banking institutions in the UK.CivilisedBank, a new online-only bank aimed at small and medium-sized businesses, is the latest to reveal its plans and expects to open its doors – albeit virtual ones – later this year. The bank has secured initial stage funding and is in the process of applying for a banking license and will use a cloud technology which is to be used in the UK for the first time.The banking software which has already been employed by the likes of BNP Paribas and Alpha Bank outside the UK, will allow CivilisedBank to operate without branches.The bank will initially offer business current accounts, transaction banking, overdrafts, currency exchange, investments, savings and loans to SMEs with plans to expand into retail banking, specifically savings and investments, at a later date.CivilisedBank chairman Chris Jolly, a former senior executive at Merrill Lynch, Commerzebank and Societe General, said the bank will be at the forefront of twenty-first-century banks “which are fair, transparent and responsible”.“After years of turmoil, we believe that the UK deserves a more Civilised approach to banking,” he said. Jolly is joined by chief executive Gordon Dow, a former Santander, RBS and NatWest executive.CivilisedBank joins a host of fellow challenger banks such as Aldermore, OakNorth andMetro Bank and Shawbrook looking to take on Britain’s big banks since efforts by politicians and regulators to increase competition in the sector.Barclays, Lloyds, HSBC and RBS currently control around 80 per cent of the market when it comes to personal current accounts and small business banking.Metro Bank was the first new bank to launch in more than a century after gaining a full banking license in 2010. Since then another six banks have been christened with more, such as CilvilisedBank, due to follow. last_img read more

Drug maker settles charges of offering ‘bogus’ research grants to boost use of its medicine

first_img By Ed Silverman July 30, 2020 Reprints Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Drug maker settles charges of offering ‘bogus’ research grants to boost use of its medicine GET STARTED Log In | Learn More What’s included? What is it? Pharmalot STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Adobecenter_img Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Tags legalMedicareSTAT+ [email protected] Ed Silverman @Pharmalot About the Author Reprints In the latest imbroglio involving drug makers and kickbacks, Pacira Biosciences (PCRX) has agreed to pay $3.5 million to resolve allegations of paying doctors bogus research grants to persuade them to prescribe its only medicine, the Exparel painkiller, which is used during various surgical procedures.From late 2012 through early 2015, Pacira approved and funded the grants despite receiving little or no documented description of any proposed research and then conducted little to no follow up to ensure the work was being done, according to court documents filed by the Department of Justice. In some cases, grant recipients did not conduct any research, at all. Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry.last_img read more

Kim Jong Il’s Birth and Growth

first_img SHARE There are signs that North Korea is running into serious difficulties with its corn harvest News Facebook Twitter News By Sohn Kwang Joo, Editor – 2005.02.11 11:35am North Korea tries to accelerate building of walls and fences along border with China AvatarSohn Kwang Joo, Editor center_img Kim Jong Il’s Birth and Growth Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak News [imText1]Kim Jong Il was born in Khabarovsk, the former Soviet Union on February 16, 1941.The North Korean official documents record that Kim Jong Il was born in an anti-Japanese guerilla camp in Mountain Baekdoo. This birthplace of Kim Jong Il has surfaced since the 1980s. According to the biography of Kim Jong Il, “Leader Kim Jong Il,” which was published in 1984, he was born at his father’s guerilla base on North Korea’s highest mountain Mt. Baekdoo. Since then, the official hometown of Kim Jong Il has been Mountain Baekdoo. “Kim Jong Il’s Biography,” published in 1995, specifically mentions that he was born in an anti-Japanese guerilla camp located in Samjiyeon-gun, Yangkangdo Province. The log cabin where he was allegedly born has become the historic place of revolution for North Korean residents’ education along with his late father Kim’s birthplace Mankyongdae. The peak behind the alleged birthplace in Mt. Baekdoo is called Jong Il Bong. Kim Il Sung is known to have named the peak after his son’s name. Kim Jong Il says that he was born in the middle of storms in Mountain Backdoo, and was raised by a mother who fought fiercely against the Japanese colonialists. In Kim Jong Il’s publicity pictures, Mt. Baekdoo is often seen in the background. One of the most representative pieces is Kim Jong Il riding on a white horse against the backdrop of Mt. Backdoo. The caption of the picture reads, “Great General Kim Jong Il, a Mighty Man from Mountain Backdoo.” It is noteworthy that Kim started mentioning his birthplace from 1980s. Two reasons are behind this. One is that it was the 1980s when most of the people, who knew personally about the childhood of Kim Jong Il, passed away. In particular, those who were involved in anti-Japanese guerilla activities with Kim Il Sung during the Japanese colonial war died in China and the former Soviet Union around this time. The other possible reason is that it coincided with a period when Kim Jong Il established his power base as an heir to Kim Il Sung.Kim Jong Il’s birth at Mountain Backdoo is fabrication of political symbols. It is partially due to the fact that Mountain Backdoo is considered a sacred mountain among the Korean people, which is also the case in North Korea. Another inevitable reason is that every story had to be consistent with Kim Il Sung’s biography, which stated that “Kim liberated his home country by defeating the Japanese army in Mt. Backdoo right before the liberation of Korea.” Therefore, it would contradict Kim’s biographical data if Kim Jong Il had been born in Khavarovsk before the liberation of Korea in 1945. Therefore, his date of birth has been moved one year back. His official date of birth is February 16, 1942. This changed birthday has been announced since the 1980s. Until then, it had been known that he was born the same day one year earlier. The North Korean Central News Agency announced celebration of Dear Leader Kim’s 40th birthday early February in two consecutive years. At the time, Kim Il Sung’s birthday was highlighted so few attention was drawn to the younger Kim’s birthday. The reason of postponing Kim’s birth by one year was to make thirty years’ difference between Kim Il Sung and Kim Jong Il. This is because North Koreans attach special meaning to the fifth anniversary, the 10th anniversary, the 15th, etc. So, it is more meaningful and adds to festivity if Kim Il Sung marks his 70th birthday and Kim Jong Il marks 40th birthday. The fact about Kim’s birth is a top secret in North Korea. In the 1970s, North Korea removed all the pictures and evidence related with Kim Il Sung and Kim Jong Il??s life in China and the former Soviet Union prior to Korea’s independence in 1945.Kim Jong Il was called Yura when young. It is a Russian nick name for Yurey. This name was given by a Russian in Khavarovsk. Russian names have three parts; first name, middle name and last name. The middle name comes from father’s name. To take an example, if the father’s name is Ivan, the son’s name is Ivanovitch and daughter’s is Ivanovna. Under this Russian rule, Kim’s Russian full name should be Yurey Ilsenovitch Kim, however, Kim Jong Il has never used this Russian name. Kim has used the name Yura for long. In fact, he has been called Kim Jong Il since his graduation from Namsan Senior High School in the summer of 1960. Political reasons are behind the change of his name. In the post-Stalin Russia in 1953, Khrushchov de-stalinized the Soviet Union while promoting peaceful coexistence with the Western nations. This went against Kim Il Sung’s policy, both domestic and foreign. Kim Il Sung badmouthed Khrushchov as a revisionist and opposed the Russian policy proposing Juche, self-reliance ideology. Under these circumstances, it did not make sense that Kim’s son was called Yura, which smacked of Russian. Thus it led to the name change of the younger Kim. At first, the Chinese character ‘正一’ was used, then it changed to ‘正日.’ Kim Jong Il made his name himself using one Chinese character of each of his parents’ names, Kim Jong(正) sook and Kim Il(日) Sung. This is to assert that he is the only legitimate son of Kim Il Sung. His step brother Kim Pyong Il and Young Il use a different Chinese character of Il (一). His name officially changed to Jong Il in October 1980. On October 10, the same year, Kim Jong Il was elected to the three major party organizations. Kim Jong Il had a younger brother Shura, also known as Man Il. His younger brother, however, drowned himself in 1944 according to the North Korean authorities. The accident took place when Shura was playing with Kim Jong Il at the pond of Kim Il Sung’s residence in Pyongyang. It was the summer of 1947. The center of the pond was too deep for the four year old. Kyung Hee is Kim Jong Il’s youngest sister and she was born after Kim family returned to Korea in the wake of Korean independence. Kim Jong Il’s affection for his little sister has been more than special. It is shown in the fact that she has been remaining at the center of power though she has not proved herself outstanding as a party executive. Her husband is Jang Seong Taek, Kim Jong Il’s inner circle. Jang is the head a key post as the First Deputy Director of the Party Politburo as of February 2003. RELATED ARTICLESMORE FROM AUTHOR News last_img read more

Banks commit to OBSI

Related news James Langton TD getting new head of private wealth, financial planning Canadian banks to focus on growth, spending and buybacks after strong second quarter The Ombudsman for Banking Services and Investments (OBSI) said Tuesday that the biggest banks that currently use its dispute resolutions services have all signed up to remain with OBSI through 2013. OBSI says it has received commitments from Bank of Nova Scotia, Bank of Montreal, CIBC, National Bank of Canada, HSBC Bank Canada, ING Bank of Canada, and Laurentian Bank of Canada to remain with OBSI for the full 2013 fiscal year. Bank participation in OBSI is voluntary, and Royal Bank of Canada and Toronto-Dominion Bank have withdrawn from the service over the past few years. Moreover, the federal government has declined to make OBSI the mandatory consumer dispute-resolution service for banks. Additionally, OBSI reports that several new banks have joined for the first time, including Merrill Lynch International Bank Ltd. and Mega International Commercial Bank (Canada). Sixty banks now voluntarily participate in its dispute resolution service, OBSI confirms. “By committing to OBSI, these banks have demonstrated the high importance they place on their customers’ experience and satisfaction,” said Fernand Bélisle, chair of OBSI’s board of directors. “OBSI appreciates the continued support of so many of Canada’s leading banks. Our commitment to them is to continue providing the top-quality complaint-handling services, trusted by the public, that the banks and their customers have come to expect.” Last week, the Canadian Securities Administrators (CSA) proposed to require all firms under their direct supervision to use OBSI, too. The CSA proposal includes portfolio managers, exempt market dealers and scholarship plan dealers. Currently, only members of the industry self-regulatory organizations, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) are required to participate in OBSI. Although a number of other firms do voluntarily use its services. OBSI says that, if the CSA’s proposals are adopted, the number of banking and investment firms participating in OBSI would almost double from over 600 today to well over 1,000. Keywords Banking industry,  Dispute resolutionCompanies Ombudsman for Banking Services and Investments Fed plays limited role in assessing climate risks for banks Share this article and your comments with peers on social media Facebook LinkedIn Twitter read more

Former fund salesman banned and fined $500,000

Facebook LinkedIn Twitter Keywords Suitability obligations,  EnforcementCompanies Mutual Fund Dealers Association Share this article and your comments with peers on social media BFI investors plead for firm’s sale A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) has permanently banned a former fund salesman and ordered him to pay $500,000 penalty for inappropriately promoting leverage and failing to carry out basic suitability assessments for his clients. A hearing panel of the MFDA’s Atlantic regional council ordered the ban, fine and $20,000 in costs against Thomas Arseneau. Mouth mechanic turned market manipulator According to the panel’s decision, Arseneau disputes the allegations, but declined to participate in the hearing, informing the panel in a letter, “I strongly believe that another meeting with you people is not going to change anything; therefore, I am not interested in discussing this matter any further, as your statements and allegations are incorrect and do not reflect what I told you.” Nevertheless, the hearing went ahead, and the panel notes that MFDA counsel pressed to push ahead with it as the case involves, “… leveraging strategies and suitability issues, relatively new issues for the securities industry.” The allegations against Arseneau stem from conduct between 2004 and 2008. He was registered in New Brunswick, Nova Scotia, Ontario and Quebec as a mutual fund salesperson with Investia Financial Services, Inc. (Investia) from 2005 to 2009, at which latter time he was terminated by Investia. He had previously been a mutual fund salesperson with Armstrong Financial Services Inc., which subsequently became Gateway Capital Growth. The panel’s deciison states he moved firms after learning of a leverage strategy being used by an Investia rep, which involved borrowing from certain lenders (B2B Trust and AGF Trust) and investing in return of capital mutual funds, using the monthly distributions to fund the loan payments. According to an MFDA investigator, Arnseneau had almost $13 million in assets under management with 240 clients, only 18 of whom were not using leverage, and 85% of his book was leveraged. The enforcement action relates to complaints from 20 clients, who collectively had approximately $2.15 million in investment loans. The decision notes that, in one case, Arseneau overstated a client’s assets so that she could qualify for the loan, deceiving both the lender and the dealer; which, it concludes represented intentionally dishonest conduct sufficient to sustain one of the charges against him. It also found that Arseneau didn’t do individual suitability assessments, relying on the granting of the loan as evidence of suitability; and that clients didn’t understand the funds they were investing in, or the terms of their loans. “His advice to the complainants was largely that there was no risk in this leveraged investment strategy,” the panel notes. “He may very well have believed that his leverage strategy could not fail and was, indeed a ‘no-brainer’. However, as an approved person in a securities related business, he was obligated to abide scrupulously within the MFDA rules in his dealings with clients.” The panel also found that, “In his enthusiasm for his leverage strategy he failed in all his duties to his clients required by the rules governing his conduct in this regard.” And, it notes that each complainant’s $50,000 investment has fallen between 30% and 40% in value, “the outstanding balances greatly exceed the investment values, and the complainants face great hardship trying to cope with their situation.” In terms of penalties, the panel notes that since this case is among “the first generation of MFDA cases addressing the suitability of leveraging and leveraging strategies”, MFDA staff called for penalties “sufficient to restore confidence in the public, in the capital markets, to show strong disapproval of the respondent’s conduct and to deter others from engaging in similar improper activity.” MFDA staff suggested a fine of between $400,000 and $600,000. The panel chose $500,000, citing the number of claimants, the amounts borrowed, the amount of their losses, the amount of commissions Arseneau received as a result of the misconduct, and the need to deter others “from this type of conduct, so outrageously outside the bounds of the conduct required when promoting borrowing for leveraged investments and the very basic requirements to know-your-client and determinations of suitability.” The panel adds that leveraging itself can be a legitimate strategy, and stresses that its decision is not intended to criticize the use of leveraging in appropriate circumstances. “Rather, this decision relates only to the obligations of approved persons when dealing with clients and establishing leveraging accounts,” it concludes. Related news PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton read more

OSC reciprocates ASC trading ban

first_img Facebook LinkedIn Twitter The Ontario Securities Commission (OSC) has reciprocated a 10-year trading ban, which was imposed by the Alberta Securities Commission (ASC) against a man over allegations of insider trading. The OSC said Monday that it has imposed sanctions against David De Gouveia on the basis of findings against him by the ASC in 2013, which ruled that Gouveia engaged in market manipulation and acted contrary to the public interest. It banned him from trading for 10 years (to June 2023); and, ordered an administrative penalty of $75,000 and $60,000 in costs. Keywords EnforcementCompanies Ontario Securities Commission Related news BFI investors plead for firm’s sale In its decision, the OSC hearing panel said, “I agree with the conclusion of the ASC panel, which found that manipulative trading, such as the trading engaged by Gouveia, ‘undermines the integrity of the capital market’, it is ‘unfair to investors’ and it ‘jeopardizes the confidence in the capital market on which legitimate investor interest and capital formation depend’.” The OSC ban applies until June 2023. Gouveia did not participate in the OSC hearing, it notes.center_img Mouth mechanic turned market manipulator James Langton Share this article and your comments with peers on social media PwC alleges deleted emails, unusual transactions in Bridging Finance caselast_img read more