Kenneth Rijock

Kenneth Rijock

Thursday, December 29, 2016

NORTHLAND WEALTH MANAGEMENT REFUSED TO GIVE CLIENT HIS RECORDS ON SPURIOUS GROUNDS


To bring our readers up to date on the ongoing investigation, in the case of Willaud vs. Northland Wealth Management, Inc., now pending in the Superior Court of Justice of Ontario, the correspondence from Northland confirms that the broker-dealer refused and declined to release copies of the plaintiff's records, upon demand of the plaintiff, and later, his counsel of record. The plaintiff was a client of Northland, which repeatedly failed to turn over documents, necessitating the filing of the captioned civil action.

The purported grounds, cited by Northland's president, Paul Mascard, was that the corporation, and not the plaintiff, was Northland's client, and therefore, Northland had no obligation to disclose records. A review of the correspondence, however, proves that Northland routinely wrote to the plaintiff, regarding his accounts at the firm, in the name of the corporation, and it was therefore estopped from claiming he was not the beneficial owner of the corporate accounts.

Northland President Mascard
Such an action is a violation of both the fiduciary responsibility that Northland owed its client, and of Canadian law regarding securities brokers and wealth managers. Whether there is criminal liability, on the part of Paul Mascard, presents issues involving the Criminal Code of Canada, which, if filed would be handled elsewhere, but at the very least, Ontario regulatory agencies are obligated to investigate.

The close personal relationship, between the principals of Northland Wealth Management, Inc., and the Cayman Gang of Four, who stole hundreds of millions of dollars from Canadian pensioners, and who allegedly received authorization, from Northland, to illegally divert tens of millions of dollars from client accounts, is another issue for another forum. The Willaud case focuses, at this time, on the illegal failure of Northland, to turnover  documents, notwithstanding the filing of suit, to recover them. Any action to revoke Northland's licenses to sell securities, and manage client wealth, is a purely regulatory matter, and inasmuch as such investigations are confidential, we have no information on the status of such matters.



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