Kenneth Rijock

Kenneth Rijock

Wednesday, November 9, 2016

CLIENT SUED NORTHLAND WEALTH MANAGEMENT WHEN COMPANY FAILED TO DELIVER HIS DOCUMENTS


Readers who are wondering why the plaintiff, a former client of Northland Wealth Management, Inc., of Ontario, brought a civil suit* against his wealth management firm, should understand that he sought, for more than a year, to obtain records of his  transactions. Most importantly, he requested a conformed copy of his missing contract with Northland, and a critical "Exhibit A," which he asserts bears his forged signature.

Having tired of Northland's excuses, and total noncooperation, he filed the suit, to learn how his life savings disappeared, and under whose improper authority at Northland his losses were incurred. The plaintiff, Lawrence Heath, a retired attorney who was awarded Queen's Counsel (QC), did not consent to a transfer of his assets, from their location at Dundee Bank, to a Cayman Islands shell company operated by a fugitive Canadian stockbroker, Ryan Bateman, one of the notorious Cayman Gang of Four.

In truth and in fact, he had never received a copy of his contract, when his account was transferred over from Leon Frazer & Associates, Inc. and he never signed an agreement with his wealth manager, though Northland misrepresented that he had, and that it had been sent to him; There was no truth to Northland's statements.

Canadian law requires that wealth managers turn over client documents upon request, and failure to comply is a violation of regulatory agency requirements; Northland's continued refusal to comply has been turned over to the authorities, in Canada and the United States, according to sources close to the plaintiff. Whether Northland is fined by those regulators, or suffers other disciplinary action, including suspension of its securities licenses, is a probable outcome of the action. It could also ultimately have a judgment entered against it, for monetary or injunctive relief; Stay tuned for future developments in this case.
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*Lawrence Heath et al vs. Northland Wealth Management, Inc., Ontario Superior Court of Justice

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