Investors Scrutinizing the Regulators

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Securities Regulation In CanadA

Fox Guarding the Hen House


Cosgrove v RBCDS


"The response of the IDA was incredible," she recalls.  "The most disturbing comment was their claim that they found insufficient evidence to move the file to a formal investigation.

'Your mother is 90,' one senior IDA official said.  'What kind of witness would she make? And after all, she could be dead within a year.  You have to realize that our resources are limited and we have to get the best bang for our buck.'

Excerpt from The Naked Investor; Why Almost Everybody But You Gets Rich On Your RRSP, by John Lawrence Reynolds, Penguin Books, ISBN 9780143016236


Patricia Cosgrove asks David Brown if an investor can be bound by a KYC form

which has been altered or created without the clients knowledge.


Investors take heed

23 January 2005

On Guard for Whom?

13 December 2004

IDA shows true colours over CARP report

27 October 2004

A Matter of Principle

27 May 2004

Warning: A greedy investment advisor may be taking advantage of your elderly parent

10 May 2004

Dragging secrets out of the shadows

05 March 2004

Sadly, lawsuits are best remedy for investors

16 December 2003

OSC slams door on swindled senior

11 December 2003

Patricia Cosgrove's submissions to the federally appointed Wise Persons' Committee

November 2003

23 July 2003


Julie Ireton interviewed Patricia and her Mother, Nora Cosgrove.

The IDA refused to launch a formal investigation into Nora Cosgrove's complaint, in part due to her age. 

Mrs. Cosgrove, who is a very sharp and witty woman, was 90 years of age at the time.

20 September 2002

On May 27, 2004 the IDA attended a mediation at the behest of the Ontario Human Rights Commission to deal with a complaint  by an abused investor.  The two senior IDA officials were armed with lawyers.

The issue was settled.  The terms of the settlement are held in secrecy due to a confidentiality agreement "gag order".

I wonder how much Mrs. Cosgrove received?

92 year old widow sues RBCDS & broker

(Statement of Claim)

"RBC DS is a registered investment dealer and securities brokerage firm.  Kemball is employed by RBC DS as an Investment Advisor.  Shantz is also employed by RBC DS as a Vice President and Branch Manager at 90 Sparks Street, Ottawa, Ontario."  -RBC DS Statement of Defence

(RBC has threatened a lawsuit ( ) if we publish Richard Shantz's picture here.)

(So, if you click on the picture on the right it will take you to another web site, where the picture resides on their server.)

RBC DS Statement of Defence



RBC DS  Branch Manager Supervision Manual

Michael Lauber


Just how independent is OBSI from the regulatory regime?


"Michael Lauber, who is selected, paid and directed by the banks and cannot make binding rulings on any case."

Democracy Watch

Investment Dealers Association of Canada

1998-99 Award of DISTINCTION Jury Members

Michael Lauber Ombudsman & CEO, Canadian Banking Ombudsman, North York

What they say:     "The Ombudsman for Banking Services and Investments (“OBSI”) provides an independent and impartial process for the investigation and resolution of Complaints about the provision of Financial Services to small business and individual Clients. The Ombudsman is not an advocate for either the financial services industry or consumers. The Ombudsman and the Board of the OBSI are independent of the financial services industry and government."

What they are:     "On October 2002.... CBO merged with the dispute resolution services of the Investment Dealers Association of Canada (IDA), the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Funds Institute of Canada (IFIC. The organization was renamed the Ombudsman for Banking Services and Investments (OBSI)."

RBC Financial Group,

Office of the Ombudsman

(RBC has threatened a lawsuit if we publish a picture of the RBC Ombudsman.)

See above (RBCDS Ombudsman picture)

Keith Oosthoek
ex-RBC Ombudsman

The RBC Ombudsman's Report was included in RBCDS's Statement of Defence to the Small Claims Court in Ottawa.   RBCDS (through their lawyer) subsequently offered to withdraw this Report from their Statement of Defence which had already been submitted to the Court.

This is what the RBC Ombudsman states on their web site.



Will my dealings with the Ombudsman restrict my legal options?



All dealings with the Office of the Ombudsman are "without prejudice" meaning that discussions with clients and bankers are confidential to the Ombudsman process and cannot be used in any subsequent legal proceedings. This enables the parties to consider the widest possible scope for resolution without giving up their legal rights if the case is not resolved."



RBCDS retains Top Lawyer to fight 92-year old widow in Small Claims Court in Ottawa

Nigel Campbell is highly ranked in The Canadian Legal Lexpert Directory in the categories of securities litigation and corporate commercial litigation, and in Chambers Global: The World's Leading Lawyers for Business in the category of dispute resolution. In The Best Lawyers in Canada 2008, he was voted by peers as one of the leading lawyers in Canada in the areas of corporate and commercial litigation and securities law.

Company Motto

Blakes: Means Business


(RBC's business, that is)

Nigel Campbell