Global RESP Corporation, Global Growth Assets Inc., Global Educational Trust Foundation (collectively "Global"), Margaret Singh and Sam Bouji have reached a settlement agreement with the Ontario Securities Commission with respect to a Notice of Hearing and Statement of Allegations issued January 10th, 2013 (the "Settlement Agreement").
TORONTO, April 29, 2014 /CNW/ - Global's Chairman and Chief Executive Officer, Sam Bouji, has been working in the financial services industry for 25 years and spent the last 16 years building a highly successful group of financial services companies offering education savings plans, mutual funds, life insurance, stocks, bonds and other investments. As the companies continue to grow, Global's commitment remains to provide Canadian children with one of the leading products in the RESP industry.
Global has made positive changes to improve the compliance processes and structure, in order to ensure Global's clients' needs have always been and will continue to be its number one priority.
Global is committed to continue to assist Canadian children to fund their education and remains focused on putting clients' and children's best interests first. Global's experienced portfolio managers remain committed to ensure all pooled funds are invested in safe and secure investment products.
The OSC Settlement Agreement can be found on the OSC website at http://www.osc.gov.on.ca/en/Proceedings_soa_20140414_el-bouji.htm
As of today, the Global Educational Trust Plan has over $1 billion in pledged deposits and over $540 million in assets under administration. With over 117,000 children successfully enrolled, over 30,000 requests for post-secondary education funding for students attending post-secondary institutions in 37 countries worldwide, tens of thousands of beneficiaries have reaped the benefits of their plans over the years, totalling $181 million in education funding. To date, Global has refunded 100% of sales charges (enrollment fees) to eligible beneficiaries paid by subscribers since inception, albeit the refund is discretionary and not guaranteed.
The Global family of companies has 120 employees, over 1,000 sales representatives across the nation servicing over 300,000 clients and managing over $3 billion in combined assets. With corporate offices in Vancouver, Calgary, Toronto, Montreal and Halifax, as well as affiliate offices across Canada, Global's family of companies includes Global RESP Corporation (GRESP), Global Maxfin Investments Inc. (GMII), Global Insurance Solutions Inc. (GISI), Global Maxfin Capital Inc. (GMCI) and Global Growth Assets Inc. (GGAI).
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