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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


B.C. Securities Commission alleges Surrey resident advised on securities without registration

Clients paid Lamarche approximately $277,000 for his services

B.C. Securities Commission alleges Surrey resident illegally traded and advised on securities
Photo by Anna Nekrashevich via Pexels

The B.C. Securities Commission (BCSC) is alleging that a Surrey, British Columbia man traded and advised in securities without being registered.

On Monday, the BCSC said that from January 2016March 2020Jean Andre Lamarche sold his services as a “Certified International Wealth Manager” and “Personal Finance Analyst” and had 17 clients open online brokerage accounts.

“He held the usernames and passwords for these accounts and logged in to buy and sell securities, often without consulting his clients,” the BCSC alleges.

In four years, he made 4,477 purchases or sales of securities through these accounts.

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The securities commission said Lamarche also advised 12 of these clients on their investment accounts. He allegedly gave opinions on specific securities, made investment recommendations and decisions on their behalf, built investment and wealth management portfolios for them, and provided tailored investment advice.

Lamarche was registered under the Securities Act as an investment advisor from 1997 to 1999 and a dealing representative between 2012 and 2013 but he was not registered at the time of the alleged misconduct.

Clients paid Lamarche approximately $277,000 for his services.

The BCSC’s allegations have not been proven. The commission has called Lamarche to appear at the BCSC’s offices on Feb. 7 next year if he wishes to be heard before a hearing is scheduled.


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