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Pastor-turned-financial advisor recommended ‘unsuitable’ investments: securities commission

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EDMONTON —
The Alberta Securities Commission has ruled a former pastor and police officer made what it calls “unsuitable” investment recommendations to some of his elderly clients.

The commission says while working for WealthTerra Capital Management Inc., Kenton Rustulka breached “know your client” rules while selling $6,500,000 in investments. 

“He was found to have reported false and misleading information … and to have failed to properly identify his clients’ investment needs, objectives, financial circumstances and risk tolerances,” reads the commission’s ruling, noting many of his clients were seniors or close to retirement. 

“They believed he was ‘trustworthy and honest, based on his previous employment as an Edmonton police officer and as a senior pastor.'” 

Know your client rules require advisors “to learn about the client, their personal financial situation, financial sophistication and investment experience, investment objectives and risk tolerance.”

The commission found the recommended investments were “patently unsuitable” for his clients and worsened the situation by over-estimating and over-emphasizing the potential upside. 

One investor told the commission told they hadn’t received any returns on more than $26,000 in investments. This set them back “for a few decisions in life”, including the adoption of a second child.

Another investor told the commission Rustulka promised a series of investments totalling $80,000 would produce an 18 to 25 per cent return within three years. She said losing her money would delay her retirement.

She also expresssed guilt at referring her adult daughter to Rustulka, who invested her life savings on his recommendations.

The sanctions Rustulka faces will be determined at a hearing management session on June 25. 

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The Post-Covid Trading Floor Is Here — With Buffet Lunches, No Masks

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Hundreds of thousands of votes won’t be counted in B.C.’s election until November. Will it matter?

As of Oct. 18, around 235,800 people had sent mail-in ballots to Elections BC headquarters for the provincial election. There are more than 490,000 additional vote-by-mail packages that could be returned by election day on Oct. 24, in time to be counted. In total, that’s more than 20 per cent of registered voters in B.C. — leaving the possibility that it could be weeks until the final result of the election is known. “It’s definitely unprecedented,” said Elections BC spokesperson Andrew Watson. “It is a really, really significant increase. But is one we anticipated, for some degree.”Here’s why all those votes won’t be counted until November, and how it could impact election night. Preventing voter fraudElections BC will wait 13 days after general voting day to count mail-in ballots, as they have in previous elections. According to Watson, it’s because of how long it takes to validate those ballots. “Voters can return their mail-in ballot at any location across the province. After election day we actually send the mail-in ballots back to the voter’s districts, and they go through a number of screening steps to make sure no multiple voting occurred, to make sure the voter was registered and eligible to vote,” he said. “It’s actually a really important part of the process in ensuring the integrity of our system in B.C.”Elections BC has revealed how many ballots have been requested in each riding, from 18,363 in Victoria-Beacon Hill to just 813 in Peace River South.But the exact number returned in each riding won’t be known by election day. “It’s certainly data we know the public will be interested in … and we’ll be providing it as fast as we can after election day, said Watson.”But the exact timing will depend on how many ballots we get right up until the deadline, and how fast we get them back to the district where the voter resides.”Most ridings aren’t closeWill that matter on Oct. 24, a few hours after polls close? The short answer is, it depends. If the result is like 2017, when the NDP and Liberals were neck and neck on election night, there could be many ridings where the mail-in ballots could make a difference.”It’s possible that the full picture of the outcome of the election won’t be known until the final count of absentee ballots is complete,” said Watson. However, even in 2017, only six ridings in B.C. were decided by less than a thousand votes. Even with all the additional mail-in ballots this election, the vast majority of the races are likely to be called on election night — particularly if polls showing an NDP lead are accurate. Put another way, if the results are as close as they were in 2017, there could be enough seats in question where the mail-in count could determine who forms government.     But if it’s like the vast majority of elections B.C., all those mail-in ballots will be the epilogue to the election, not the climax.

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Dominion Water Announces $650,000 Financing, Appointment of New Executive Management and Debt Settlement Canadian Stock Exchange:DWR.CN

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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

MONTREAL, Oct. 19, 2020 (GLOBE NEWSWIRE) — Dominion Water Reserves Corp. (“DWR” or the “Company”) (CSE:DWR), is pleased to announce that it has (i) appointed a new President and CEO, as well as a VP Marketing, (ii) closed a non-brokered private placement offering of units of DWR (the “Financing”) for gross proceeds of $650,000, and (iii) settled an aggregate of $104,455 in trade payables to two arm’s length parties through the issuance of common shares of DWR (the “Debt Settlement”).

Management Changes

The Company announces the resignations of Ms. Marie-Claude Bourgie as Director and interim CEO of DWR. The Company would like thank Ms. Bourgie for her leadership and positive contribution to the business of the Company during these early months of DWR being a public company. Concurrently, the Company wishes to announce the appointment of Mr. Andrew Lindzon as President and CEO, and a Director of the Company, as well as the appointment of Ms. Alexandra Frank as VP Marketing.

Mr. Lindzon is a graduate of Osgoode Hall Law School and has consulted to a number of organizations around technology and business processes across North America. He is the founder of Ashlin Technology Solutions which provides leading edge technology to the Fortune 1000. Andrew also has strong public market experience serving as a Director in a number of companies.

Ms. Frank has studied Biology and Neurosciences at Wilfrid Laurier University and has worked as a consultant in the health and wellness areas. Additionally, she was also a product marketing and strategy consultant for Revive Therapeutics, a pharma-IP based portfolio company.

“We are very pleased to welcome Andrew Lindzon and Alexandra Frank to our team”, commented Mr. Turpin Chairman of the Company, adding, “their experience and relationships will assist us in seeking and evaluating future opportunities to complement our existing water assets and grow the Dominion Water brand.”

Financing

The Company announces that it has raised $650,000 by way of a non-brokered private placement of 6,500,000 Units, at an issue price of $0.10 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one Share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.15 per Share for a period of 36 months following the closing of the Financing. The net proceeds of the Financing will be used for working capital purposes.

In connection with the closing of the Financing, the Company paid certain finder’s fees to EMD Financial Inc. and PowerOne Capital Markets Limited consisting of an aggregate of $65,000 in cash, 325,000 Shares and 325,000 finder warrants having the same terms and conditions as the Warrants issued pursuant to the Financing.

All securities issued pursuant to the Financing are subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until February 17, 2021.

Debt Settlement

The Company announces that it has settled an aggregate of $104,455 in trade payables to two arm’s length parties through the issuance of an aggregate of 994,809 Shares of DWR at an issue price of $0.105 per Share. All Shares issued pursuant to the Debt Settlement are subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until February 17, 2021.

About Dominion Water Reserves Corp.

DWR’s operations are based in Quebec, with its primary business being a consolidator of the water industry by acquiring fresh spring water permits and developing operations across Quebec with plans to expand across North America. DWR controls more than 30% of Quebec’s volume of fresh groundwater reserves currently under permit and is strategically positioned to increase its holding. DWR’s mission is to acquire, manage and develop spring water assets building a critical mass in terms of capacity and strategically securing a leadership role in North America’s fresh spring water market. The corporation prioritizes sustainability and environmental consciousness.

For further information please contact
Jean Gosselin
Phone: 514-707-0223
Email: jgosselin@dwrcorp.ca

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

www.dwrcorp.ca

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