After a series of successes over the following years, including a lucrative investment in a TSX-listed coal company recommended by Peters, the husband asked if he could recommend any coal companies listed on the TSX Venture Exchange. Peters recommended Colonial Coal, a junior exploration company that was classed as a high-risk investment.
By January 31, 2011, around 448,900 shares of Colonial Coal had been bought and held in the wife’s accounts, representing roughly 47% of all the holdings in those accounts. In February, Peters updated the wife’s investment objectives to 100% speculative (high risk), stating in the account update form that she had “capacity for increased risk.”
Shortly thereafter in April, the husband emailed Peters to say that his wife was being let go from her job as a pharmacist, and that her employer would continue to pay her for 18 months unless she found another position, and then she would be paid half of what she would have received. During that time, the couple were in the course of borrowing money from a bank so they could buy more shares of Colonial Coal.
Peters continued to recommend and purchase Colonial Coal shares in the wife’s accounts; by June 30, 2012, the wife’s accounts held 580,950 shares of the company, which had declined in value by roughly 54%. The following month, the wife opened a locked-in RRSP account at Peters’ firm and transferred in the entirety of her pension from her employer, which was just over $260,000. The full amount was used to purchase Colonial Coal shares.
The husband told Peters that his wife wanted to keep purchasing shares of the company, and Peters kept recommending them. By November 2012, the wife’s accounts had purchased some 974,300 shares for around $1,098,598, with almost the full market value of her accounts placed in Colonial Coal.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
