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Abbotsford financial broker pushing dubious investment handed 5-year ban, $15000 penalty – Agassiz-Harrison Observer

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A former Abbotsford mutual fund dealer who was pushing a dubious bond investment has been handed a $15,000 penalty and five-year ban from securities-related business by regulators.

Matthew Elliott de Haan’s employment at Sun Life Financial Investment Services ended on Dec. 12, 2018, after they became aware he was soliciting investments into a bond off their books and launched an investigation.

A hearing was conducted by the Mutual Fund Dealers Association of Canada (MFDAC) on Aug. 10, 2021, with the decision published on Sept. 27.

“The purported bond offering can only be characterized as dangerously implausible. It follows that the Respondent’s promotion of the offering exposed prospective investors to a truly severe risk of harm,” said regulators.

“This was more than an example of extraordinarily poor judgment.”

Elliott de Haan had entered into a sales agreement with Impact International Secured Investments Corporation, a B.C. corporation, in October, 2018, agreeing to solicit investors for a 10 per cent commission.

This was done without the knowledge or consent of Sun Life, violating MFDAC’s regulations.

Throughout November, he unsuccessfully tried to get at least seven people to invest, including a client of Sun Life.

Impact provided him with promotional material, which claimed to be structuring a bond to fund a U.S. wind-farm project. To participate, a minimum investment of $500,000 was required.

Impact projected a return of 7468 per cent over seven years, including a $1 million return within a month, an average of $2 million per year in royalties, and $7.5 million per year for three years from royalties from another source.

Impact’s promotional material “should have provoked immediate alarm,” regulators said, because the returns defied “every normal expectation of investment economics.” Even the investment-return calculations on the promotional material were mathematically incorrect.

“Such carelessness in a financial offering is a very bad sign, and it is all the more so when the projected returns are beyond incredible.”

Elliott de Haan’s penalty was mitigated by his full admission of liability and misconduct, and his “constructive attitude” towards the discipline process, which he did without a lawyer.

He testified that he entered into the sales agreement with Impact because he was not earning enough income and was financially desperate.

RELATED: B.C. securities panel orders companies, founders to pay $37 million in fines


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New York directs two cryptocurrency lending platforms to cease activity

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Two cryptocurrency lending platforms were asked to cease activities in New York by the state’s attorney general on Monday and three other platforms were directed to provide information about their business.

The move comes weeks after New York Attorney General Letitia James won a court order forcing the closure of cryptocurrency exchange Coinseed.

In a redacted version of a letter dated Monday, James said the Office of the Attorney General “was in possession of evidence of unlawfully selling or offering for sale securities and/or commodities”.

Regulators in the U.S. have been ratcheting up scrutiny of a world that has so far existed in a regulatory gray area, against the backdrop of rising tension between the crypto industry and regulators worldwide.

James filed a lawsuit in February to shut down Coinseed for allegedly defrauding thousands of investors, including by charging hidden trading fees and selling “worthless” digital tokens.

The state’s attorney general warned investors about “extreme risk” when investing in cryptocurrency and issued warnings to those facilitating in the trading of virtual currencies.

“Cryptocurrency platforms must follow the law, just like everyone else, which is why we are now directing two crypto companies to shut down and forcing three more to answer questions immediately,” James said on Monday.

 

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta)

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Breakdown of China's Jan-Sept property investment – Financial Post

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Article content

BEIJING — Following is a breakdown of China’s real estate investment for the year to September, published by the National Bureau of

Statistics on Monday.

Actual investment in the sector (bln yuan, pct

change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

Level 11256.8 9806 8489.5 7217.9 5431.8 4024 2757.6 1398.6 14144.3 12949.2 11655.6 10,348.40

Change 8.8 10.9 12.7 15 18.3 21.6 25.6 38.3 7 6.8 6.3 5.6

Floor space under construction (mln

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sqm, pct change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

Level 9280.65 9099.92 8918.8 8732.51 8399.62 8185.13 7983.94 7706.29 9267.59 9024.25 8801.2 8,598

Change 7.9 8.4 9 10.2 10.1 10.5 11.2 11 3.7 3.2 3 3.1

Floor space newly started for construction (mln

sqm, pct change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

Level 1529.44 1355.02 1189.48 1012.88 743.49 539.05 361.63 170.37 2244.33 2010.85 1807.2 1,601

Change -4.5 -3.2 -0.9 3.8 6.9 12.8 28.2 64.3 -1.2 -2 -2.6 -3.4

PROPERTY SALES

Property sales measured by floor space (mln sqm,

pct change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

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Level 1303.32 1141.93 1016.48 886.35 663.83 503.05 360.07 173.63 1760.86 1508.34 1332.9 1,170.70

Change 11.3 15.9 21.5 27.7 36.3 48.1 63.8 105 2.6 1.3 0 -1.8

Property sales by value (bln yuan, pct

change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

Level 13479.5 119040.7 10643 9293.1 7053.4 5360.9 3837.8 1915.1 17361.3 14896.9 13166.5 11,565

Change 16.6 22.8 30.7 38.9 52.4 68.2 88.5 133 8.7 7.2 5.8 3.7

SOURCE OF MONEY INTO

PROPERTY

Sources of funds raised (bln yuan, pct

change y/y):

Jan-Sep Jan-Aug Jan-Jul Jan-Jun Jan-May Jan-Apr Jan-Mar Jan-Feb Jan-Dec Jan-Nov Jan-Oct Jan-Sep

Total 15148.6 13436.4 11897 10289.8 8138 6354.2 4746.5 3056 19311.5 17109.9 15307 13,637.60

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Change 11.1 14.8 18.2 23.5 29.9 35.2 41.4 51.2 8.1 6.6 5.5 4.4

Loans 1877 1691.8 1540.2 1346.5 1087.3 904.3 722.2 520.1 2667.6 2425.6 2237.8 2,048.40

Change -8.4 -6.1 -4.5 -2.4 1.6 3.6 7.5 14.4 5.7 5.4 5.1 4

Own fund 4721.2 4077.3 3553.3 3015.3 2268.6 1716.7 1301.5 826.8 6337.7 5666.6 5004.5 4,448.50

Change 6.1 9.3 10.9 11.9 12.8 15.4 21 34.2 9 7.9 6.5 5.9

Foreign 5.9 5.3 4.4 4.2 2.5 1.7 1.1 1 19.2 15.4 11.1 9.4

funds

Change -36.9 -47.5 -44.4 -9.1 -26.5 -28.3 -41 -14 9.3 -4.7 -15.2 -9.5

Mortgage 2412.4 2149 1895.3 1635.5 1340 1073.8 784.3 496.1 2997.6 2698.3 2431.2 2,178.30

Change 10.7 13.4 17 23.9 32 41.3 50 63.7 9.9 10.6 9.8 9.5

OUTLOOK INDEX

Property outlook index (Real Estate

Climate Index)

Sept Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep

100.74 100.85 100.99 101.07 101.19 101.3 101.33 101.44 101.11 100.87 100.63 100.57 100.47

(Reporting by Liangping Gao and Ryan Woo)

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Crypto investment in mutual funds style: Mudrex launches 'coin sets' – Economic Times

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New Delhi: Aimed to woo retail players, crypto asset management platform Mudrex has launched ‘coin sets’ allowing investors to invest in a variety of mutual-fund style crypto products.

It is the first time that such a product has been launched for retail investors. Such investment products were earlier available but accessible only to HNIs and institutional investors.

Y Combinator and Nexus VP-backed Mudrex is trying to simplify crypto investment by building an easy-to-use product for smaller investors.


Coin Sets are the basket of crypto tokens, which will be based on a particular theme and investors believe this idea can gradually play on it, growing wealth in the long run.

For example, the coin set named as ‘DeFi 10’ will include top 10 DeFi (Decentralised Finance) tokens. Similarly, the coin set of ‘NFT’ will be a basket of the top NFT projects.

The coin sets are created and managed by experts from the Mudrex team. The team will take care of fund allocation, weightage, order execution and periodic rebalancing.

The product will help investors manage potential risks by diversifying their portfolios into different cryptocurrencies and reap above-average returns.

Edul Patel, CEO & Co-founder of Mudrex, said the platform is looking to bring ease and simplify investing in crypto for new investors. Coin Sets is a product that will allow investors to mitigate risks by diversifying investment in cryptocurrencies.

“It is a mutual fund-like product with a better risk-reward ratio, curated suitably for investors who look at crypto investments as a long-term wealth creation option. The product is likely to boost retail participation in cryptos,” he added.

With an asset under management of more than $15 million, Mudrex recently raised $2.5 million funding from Nexus Venture Partners, Village Global, Kunal Shah and others. Launched in 2018, Mudrex has a user base across 90 countries.

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