LETHBRIDGE: A retired investment manager says Canadians are being robbed by the very financial institutions that are meant to serve them. Larry Elford told a crowd at a Lethbridge SACPA meeting Thursday that Canada's self-regulated investment industry is letting companies get away with malpractice tactics that are cheating investors out of thousands of dollars.
"The regulators let us, the investment industry, get away with pretty much anything we would like as far as malpractice," he said. "And most people in Canada are going to retire with half as much money because of these little tricks of the trade."
Elford says the system needs stronger, more effective regulation to stop the cycle of crookedness - which he calls the real reason for the current economic downturn.
"What we're in right now is in no way, shape or form a recession. It is a robbery by the people who have been claiming to serve us financially," he said.
He warned the people who label themselves as financial servants are now financial predators, adding people should be extremely cautious and do extensive homework before they decide to invest.