BCSC alleges Surrey resident traded and advised in securities without being registered
VANCOUVER, BC, Dec. 19, 2022 /CNW/ - A Surrey resident traded and advised in securities without being registered, accessing client brokerage accounts to make thousands of securities transactions, the B.C. Securities Commission (BCSC) alleges.
From January 2016 to March 2020, Jean Andre Lamarche marketed himself as a "Certified International Wealth Manager" and "Personal Finance Analyst" who was "truly independent for all the right reasons."
Lamarche had 17 clients open online brokerage accounts. He held the usernames and passwords for these accounts and logged in to buy and sell securities, often without consulting his clients, the BCSC alleges. In four years, he is alleged to have made 4,477 purchases or sales of securities through these accounts.
Lamarche also advised 12 of these clients on their investment accounts. He allegedly gave opinions on specific securities, made investment recommendations and decisions on their behalf, built investment and wealth management portfolios for them, and provided tailored investment advice.
Lamarche, who was registered under the Securities Act as an investment advisor from 1997 to 1999 and a dealing representative between 2012 and 2013, was not registered at the time of the alleged misconduct.
Clients paid Lamarche approximately $277,000 for his services, the BCSC alleges.
The BCSC's allegations have not been proven. The Commission requires the respondent to appear at the BCSC's offices on Feb 7, 2023 if they wish to be heard before a hearing is scheduled.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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Media Contact: Andrea Ross, 604-899-6976; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), [email protected]
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