What if your stockbroker helped itself to securities in your personal account, and then disregarded all your efforts to recover it, by claiming that he did not recognize you to be the beneficial owner of your corporation ? That is precisely what a retired Canadian attorney has asserted, and he has taken legal action to protect his rights, and recover his wealth.
The suit is pending in the Ontario Superior Court of Justice. The plaintiff, when he sought to learn details of his account, from his brokers at Northland Wealth Management, Inc., was told to contact Sharon Lexa Lamb, in the Cayman Islands. If that name is familiar to you, Lamb is the ringleader of a notorious group of financial criminals, plying their dark trade in Grand Cayman; they are known as the Cayman Gang of Four, and the plaintiff, Lawrence Heath has brought a civil suit against her, for breach of fiduciary duty, among other charges, in Grand Court of the Cayman Islands.
Mr. Heath would later discover that some of the money in his Northland account was used to purchase securities in the United States, and that Northland had possession and control of those shares, reportedly valued at an amount in excess of one million US Dollars, so he again contacted Northland to secure his assets. He was then given the excuse that his broker did not consider him to be the beneficial owner of his corporate account, notwithstanding that Northland had dealt with him, as said owner, for an extended period of time, and was estopped from denying his status as beneficial owner. His efforts to recover his property were rudely and summarily rejected by Northland's two owners, Paul Mascard and Arthur Salzer.
Whether Northland Wealth Management should lose its licenses to sell, and manage, client assets, in the Province of Ontario, and elsewhere in Canada, is a matter for the Ontario Securities Commission (OSC), and the news of this civil case will most likely end up on their desks, for when any client has his holdings converted by his stockbroker, that broker should be ordered to close up its business, permanently, for it represents a clear and present danger to the investing public. These actions also constitute a Federal crime, under the Laws of Canada.