olegdudko/123RF Related news BFI investors plead for firm’s sale Mouth mechanic turned market manipulator The clients subsequently suffered combined losses of more than $800,000.According to the settlement agreement, the clients’ losses represented between 52% and 59% of the value of their accounts, at a time when the S&P/TSX Composite Index declined by just 2%.It also noted that the married couple decided to sell their house in the wake of their investment losses, amid concerns about their ability to afford retirement.The unsuitable recommendations involved high concentrations in a handful of securities and sectors, which didn’t meet the clients’ needs given their ages, investment objectives and risk tolerances.The settlement agreement said the firm compensated the clients last year for more than half their losses. It also said that the fine would have been higher “but for certain health and financial circumstances,” that Heakes was “experiencing challenging personal circumstances due to a family illness” during the relevant time period, and that there was no evidence the misconduct was intentional.For full details, read the IIROC settlement agreement. A former advisor previously registered with the Investment Industry Regulatory Organization of Canada (IIROC) has been fined and suspended for unsuitable recommendations that cost his clients more than half the value of their accounts.An IIROC hearing panel accepted a settlement agreement between William Alan Heakes, a former registered representative with Mackie Research Capital Corp. in Mississauga, Ont., and IIROC staff that sees Heakes fined $20,000, suspended for two years and agreeing to pay $2,500 in costs, after he admitted to making unsuitable recommendations to four clients between January 2011 and July 2015 (two of the clients were married with a joint account). Share this article and your comments with peers on social media Keywords EnforcementCompanies Investment Industry Regulatory Organization of Canada James Langton PwC alleges deleted emails, unusual transactions in Bridging Finance case Facebook LinkedIn Twitter
Related IRONMAN has confirmed the cancellation of the rescheduled IRONMAN 70.3 Coeur d’Alene in Idaho. The event organising team issued the following statement…‘When we postponed the IRONMAN 70.3 Coeur d’Alene triathlon from its original date of June 28 to September 6, 2020, we felt confident we would still be able to deliver an exceptional event at the later date.‘Unfortunately, based on further conversations with and direction from local authorities in relation to the COVID-19 pandemic, and with the health and safety of our community being an utmost priority, the IRONMAN 70.3 Coeur d’Alene triathlon cannot take place in 2020. All registered athletes of the 2020 IRONMAN 70.3 Coeur d’Alene triathlon will be receiving an email with further information.‘In what has been a continually evolving and challenging time globally, we thank our athletes for their commitment and look forward to providing them with an exceptional race experience in the future.’Details of next year’s event are expected to follow, with 2021 scheduled to see the return of full distance racing in Idaho.In November 2019, IRONMAN announced that the city of Coeur d’Alene, will play host to a full-distance IRONMAN triathlon on Sunday, June 27, 2021. This is as part of a renewed multi-year host venue agreement.It was also announced that IRONMAN Coeur d’Alene will serve as the second location of a rotating IRONMAN branded event for 2021, with the event shifting back to an IRONMAN 70.3 triathlon in 2022 and 2023.www.ironman.com
Over the past 20 years Michael Pollack has purchased dozens of distressed properties only to later renovate and reposition the property, but never before has this Valley real estate mogul purchased a strip mall simply because it looked bad and had a fiberglass horse atop it.That changed recently when Pollack purchased the fiberglass horse and the 12,500 SF strip mall at the SEC of Gilbert and Ray roads in Gilbert for $500,000.“I can remember looking at that horse when I first rolled into town 22 years ago,” Pollack said. “For me this is about the architectural challenge. We are taking something that is out of date and ugly and refiguring it to look like an old Hollywood Western town. We’ve even found a special place to incorporate this fiberglass horse into the new Western setting.”A Chandler family under the name PBS Corp. owned the property for the past 38 years and was looking to sell the strip mall. Broker Brian Gast with Strategic Retail Group said Pollack was the perfect redeveloper for the property.“When you look at what Michael Pollack has done around the Valley with hundreds of properties and shopping centers, this was a win-win situation for the buyer, seller, existing tenants and new tenants to come,” Gast said. “Michael is known for taking something that is quite frankly an eyesore and really making it beautiful and that’s what we need to get this center back up to 100% occupancy.”Pollack says his first order of business will be finding a new Mexican restaurant tenant to replace Café Posada which will close its doors for good by the end of April. Renovations on the center, which is currently at 50% occupancy, will start right away. Pollack says he will then focus on finding more tenants to get the center up to 100% capacity.With the anticipated corporation of the town of Gilbert’s planning and building department Pollack says the SEC of Gilbert and Ray roads will have a new look come summertime.“As with every project we’re really excited to get going so we can once again make this a corner that both the town of Gilbert and community are proud to call their own,” Pollack said.In the past year Pollack has transformed other distressed properties in Chandler, Phoenix, Mesa and Tempe. He will be closing on another deal in Chandler in the next 30 days.
EUROPE: The May issue of Railway Gazette International reported suggestions that open-access operators in the European rail freight sector might not withstand the chill winds of the economic downturn, and commented that some had already been bought out by state-backed incumbent operators.The logic is unassailable. Free from costly regulations and inherited union agreements, for example, companies such as TX Logistik (Trenitalia) or Euro Cargo Rail (DB Schenker) provide valuable Trojan horses for their owners to break into other markets in a cost-effective way.Now it looks as if another pioneer is about to fall. Rumours had been circulating that Veolia Cargo might be for sale, particularly after parent Veolia Environnement announced that it was looking to sell non-core businesses to reduce its debt by €3bn over the next three years. And on May 11 Veolia confirmed that its rail freight operations were indeed being considered for possible disposal. As operator of the first private freight train in France, Veolia Cargo is now the third biggest player in this market after Fret SNCF and ECR. It is also active in the Benelux countries and Italy, but its main centre of activity is Germany, where the business was strengthened through the acquisition of rail4chem in February 2008. With 1 260 staff and 200 locos, Veolia Cargo handled 4·5 billion tonne-km in 2008, generating a turnover of €188m. The company had been looking to develop a joint venture with French shipping giant CMA CGM for maritime container traffic, but this was called off by CMA in March. The big question is who might buy, particularly in the current climate. One early suggestion was that Deutsche Bahn might like to remove one of its competitors, but DB has discounted the idea. The head of SNCF’s Transport & Logistics business Pierre Blayeau confirmed on May 12 that Fret SNCF – which wants to expand its international reach – was indeed considering the possibility, were Veolia Cargo to be put up for sale. The latest suitor to break cover is Italy’s FS group. On May 18 Chief Executive Mauro Moretti confirmed that he was definitely interested. ‘We will participate to win and not lose’, he said, pointing out that FS had identified France as a target market ‘as part of a strong policy of internationalisation’. As we reported last month, Trenitalia is already bidding for paths in France ready for the liberalisation of international passenger services.
By Russell Bennett It was the dawning of a new era for Berwick Little Athletics at Edwin Flack Reserve on…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
Ellliot Piourde opened the scoring for the Braves midway through the opening frame.However, even playing shorthanded with seven regular out of the lineup, and Kootenay Ice net minder Curt Doyle between the pipes, the Leafs took over the game scoring three times in the final eight minute of the period.Jordan Davie, Levi Hulston on the power play and Cleary Ambrose with his first of the season, game Nelson the lead heading into the period break.Samuel Weber increased the margin to 4-1 early in the second before Nelson went to work on the power play with his first of the game.Kurtis Redding cut the margin to 5-2 before Nelson scored his second of the game before the period concluded and finished off the hat-trick in the third.Nelson was missing forwards Blair Andrews, Rayce Miller, goalie Josh Willams and defencemen Ainge McGeady-Bruce and Dash Thompson.The Leafs return to action Wednesday when Creston Valley Thunder Cats pay a visit to the NDCC Arena. Kolten Nelson scored three times on the power play and Jordan Davie collected four points sparking the Nelson Leafs to a 7-2 Kootenay International Junior Hockey League victory over the Spokane Braves Sunday afternoon at the NDCC Arena.The victory salvaged a weekend where Nelson dropped two games to the Castlegar Rebels.Nelson had lost eight of nine games entering Sunday’s contest.