As the Ontario Superior Court case* against Leon Frazer & Associates, Inc., begins to enter the discovery phase, we can expect to see subpoenas issued, to the Ontario Securities Commission (OSC), which regulates broker-dealers in Canada, seeking information on:
(1) Complaints made, by other Leon Frazer clients, regarding the firm's failure to comply with reasonable requests for information, concerning their present or past accounts, or for any other reason. Has there been a course or dealings, or course of conduct by LF, in routinely stonewalling clients' documents requests ? Has it refused to provide documents, notwithstanding its fiduciary obligations ?
(2) Civil fines, and other penalties, levied by the OSC, against Leon Frazer, its officers, directors, staff members, employees, or agents. These actions are typically not released to the public, and they are relevant to the pending civil action against the firm.
(3) Specific fines and penalties levied against William Tynkaluk, the plaintiff's former personal wealth adviser at Leon Frazer. We do know that he was reportedly interviewed, as much as four times, by the OSC, regarding insider trading allegations. Was he fined ? One former Leon Frazer officer was reportedly fined $500,000 by the OSC. Was Tynkaluk disciplined ?
(4) All other fines and penalties, levied against Leon Frazer & Associates, Inc. by the OSC, as they may be relevant to the plaintiff's case.
While the Ontario Securities Commission, in the past, has refrained from releasing details of its actions against individuals and corporate entities in the securities industry, this information, obtained through the exercise of subpoena powers, will aid the plaintiff in its search for relevant evidence, or information that will lead to relevant evidence. Any prior OSC actions should be brought out into the light, for the benefit of the investing public.
*Lawrence Heath et al vs. Leon Frazer & Associates, Inc., Ontario Superior Court.
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