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This information is derived from a June 12, 1998 article in the Globe and Mail.
.....It is reported that the British Columbia Securities Commission has banned Paul Stenner from selling securities for 30 years. Mr.Stenner is reported to have pleaded guilty, in criminal court of defrauding six clients of more than $500,000 (Canadian) He was sentenced to one year in prison and ordered to pay $535,000 (Canadian) in restitution. The fraud was committed between 1995 and 1997 while Mr. Stenner held a life insurance licence with Manufactures Life Insurance Co. and a mutual fund registration with Manulife Securities International Ltd.
The fraud committed by Mr. Stenner while representing Manufactures Life Insurance Co. and Manulife Securities International Ltd is reported to have deprived elderly clients of their life savings.
BCSC Chairman Doug Hyndman is reported to have said that this case influenced British Columbia to change its securities laws to ensure that segregated funds, the life insurance industry's version of mutual funds, are securities under the B.C. Securities Act in order to put them under more stringent regulation.
The Ontario Securities Commission is leading a campaign to have segregated funds, sold by the insurance industry, regulated to the same standards, and level of consumer protection as mutual funds.
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