TORONTO, Oct. 19 /CNW/ - Many investors are losing their savings due to
widespread industry wrongdoing and fraud, and the regulatory system is failing
to protect investors. The Small Investor Protection Association (SIPA)
estimates these losses to exceed $20 billion per year.
The recent Innovative Research Group study for the Canadian Securities
Administrators indicates one million Canadians have been subjected to fraud
during the last three years.
As retirement plans move from defined benefits to defined contributions,
more Canadians will be responsible for managing their investments and their
retirement security will be at risk.
As a result of these developments SIPA made arrangements for members with
an issue to receive free initial consultation with a securities litigator who
will provide information to help the member decide how best to proceed to
resolve the dispute. Several lawyers are offering pro bono services to SIPA to
enable this offer to be made.
SIPA jointly with the United Senior Citizens of Ontario and the National
Pensioners and Senior Citizens Federation made a submission to the Ontario
Ombudsman asking for an investigation into the OSC's failure to provide
investor protection and failure to alert aggrieved investors about reduced
SIPA was founded in 1998 to advocate better investor protection and act
as a voice for small investors. SIPA incorporated as a national non-profit
organization in 1999 and now has members in nine provinces. Information is
available on SIPA's website www.sipa.ca.
For further information:
For further information: Stan Buell, President, (905) 471-2911,