The Manitoba Securities Commission has ordered a man who was found to have misled two Christian charities as well as individuals into investing in a Bolivian bank to pay nearly $434,000 in restitution, costs and fees.
A commission decision issued in January states that South American savings-and-loan institution Mutual Guapay was facing liquidity problems when Youth for Christ’s Portage la Prairie branch, the Back to the Bible charity and individual investors agreed to invest between 2005 and 2010 at the behest of Jack Neufeld of the Jack Neufeld Family Charitable Foundation.
The individual investors put in nearly $772,000, while Back to the Bible invested $250,00, and Youth for Christ’s Portage la Prairie branch handed over $120,000. Neufeld, the commission found earlier, used his connections in the Christian community to gain the investors’ trust.
Jack Neufeld (samaritanspurse.ca)
The January decision found Neufeld and his foundation violated the provincial Securities Act by making material misrepresentations to investors, acting contrary to the public interest and trading in securities without being registered and without a prospectus, which is a financial disclosure document.
The panel said Neufeld and his charity did not try to compensate the investors who lost out.
A decision released Tuesday states that Neufeld was found to have misled commission staff members during the investigation by providing false and incomplete information. He later provided implausible evidence about the investments and how they were lost during a hearing, the decision states.
A commission panel ordered Neufeld pay one of the private investors $250,000 and Youth for Christ $123,000, in addition to $35,000 to the securities commission for costs and a $25,000 administrative fee.
The former chairman of Back to the Bible had submitted a claim for his loss to the commission, but the panel decided he wasn’t entitled to it because Neufeld didn’t entice his investment, the panel said.
The commission banned Neufeld from being an officer or director of any organization that deals with securities for at least 10 years, and for any subsequent time he takes to pay the penalties.
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.
