SIPA HEROES

SIPA recognizes individuals who have made a contribution towards improving the investment environment for the small investor. SIPA Heroes are presented in alphabetical order of last name. 

SIPA salutes:

Mr. David Brown, Q.C. - Chair O.S.C. 

Recognized for his role as Chair of the Ontario Securities Commission in forcing a number of Penny Stock Dealers out of business. Many small investors have lost their savings at the hands of penny stock dealers who sold worthless stocks to unsuspecting small investors. The OSC expended considerable effort to bring these dealers to justice.

Ms. Noreen Harrington - TruthTeller 

Recognized for her role in exposing widespread corruption in America's mutual funds. It was Harrington's anonymous call to Eliot Spitzer's (New York Attorney General) office in May 2003 which led to the unveiling of widespread corruption at the heart of the mutual fund industry. Ms. Harrison is applauded for coming forward to tell the truth and expose the wrongdoing.

Mr. Armand Laflamme - Investor

Recognized for waging a ten year battle against a major brokerage firm and gaining a Supreme Court Decision in his favour. Mr. Laflamme sold his business and planned to retire and live off his investments. Unfortunately he suffered significant loss and battled through three levels of court to obtain a Supreme Court Decision. 

Mrs. Shirley MacKenzie - Investor

Recognized for her battle as a widow against a major brokerage firm after her broker lost all of her family's savings. Within a period of three years, Mrs. MacKenzie's husband was diagnosed with cancer, they sold the family business of 25 years, they sold their house, the proceeds were placed with the broker, Mr. MacKenzie passed away, and Mrs. MacKenzie placed their remaining savings with this broker. The total was almost a million dollars. Within a couple of years the money was gone and the brokerage tried to deny any responsibility. Mrs. MacKenzie had the courage to wage a legal battle and won.

Justice Morneau - Quebec Superior Court

Recognized for his decision in the Lizotte v. RBC Dominion case when he awarded immediate payment to Mr. Lizotte, and recognized the delaying tactics used by RBC Dominion in this action. Mr. Lizotte has fought a long costly battle with RBC Dominion over business arrangements and in the summer of 1999 won his case.

Mr. Michael Phelps - Chair Wise Persons Committee

Recognized for chairing this important committee to review the investment regulatory structure in Canada. The committee carried our a comprehensive review of securities regulation and presented their conclusions in a report entitled "It's Time" in December 2003. The report recommended that Canada adopt a national securities regulator.

RCMP - TruthTellers

Recognized for their actions in coming forward to expose the wrongdoing in the RCMP at great personal cost. Retired staff sergeant Ron Lewis, Chief Superintendent Fraser Macaulay, Staff Sgt. Mike Frizzell, Staff Sgt. Steve Walker and civil servant Denise Revine have been awarded the force's most coveted award, the Commissioner's Commendation for Outstanding Service, by RCMP Commissioner Busson.  Please refer to an article in the Globe for details.

Mr. Eliot Spitzer - New York State Attorney General

Recognized for his actions as New York State Attorney General in taking the investment industry to task when the regulators were unwilling or unable to do so. Spitzer has had the courage to take action against a powerful industry. When ten wall street firms agree to pay a fine of US$1.4 million and to make operational changes it is tangible proof of the impact of Eliot Spitzer's actions. Spitzer has also uncovered wrongdoing in mutual fund trading. This precipitated the SEC requiring Putnam Investments, the fifth biggest U.S. mutual fund firm, to make restitution to investors, add independent directors and limit trading by employees. Spitzer faults the SEC for not requiring Putnam to admit guilt and for not addressing fees.

Ms. Glorianne Stromberg - Securities Lawyer & Former OSC Commissioner

Recognized for her role in supporting the small investor with her report entitled "Investment Funds in Canada and Consumer Protection".
Ms. Stromberg is a former commissioner of the Ontario Securities Commission and is well known for her reports on the investment industry. Her report "Investment Funds in Canada and Consumer Protection: Strategies for the Millennium" was commissioned by Industry Canada's Office of Consumer Affairs. This report reveals a sensitivity to the needs of the small investor and makes recommendations that could help to alleviate many of the problems faced by consumer/investors.