Securities regulators in British Columbia are accusing a woman from B.C. of defrauding a resident of Australia, and of acting as an adviser without registration.
The B.C. Securities Commission alleges that B.C. resident Teresa Kathleen de La Boursodière, who has never been registered to trade of advise in securities, told an Australian resident that she was a successful derivatives trader and was licensed to trade in B.C., and offered to trade on behalf of the Australian.
The Australian woman gave de La Boursodière A$15,000 to trade in 2007, but the B.C. woman spent a third of that on personal expenses and deposited the rest in a B.C. trading account, the BCSC alleges in its notice of hearing.
The Australian woman agreed to invest another A$15,000 in 2009, which the BCSC alleges de La Boursodière used to pay back another “client”.
The Australian woman eventually hired a lawyer, and managed to recover A$7,000 of the A$30,000 she’d invested, the BCSC says.
de La Boursodière’s conduct amounts to fraud, advising with registration, and violates the public interest, the BCSC alleges.
The regulator’s allegations have not been proven. The BCSC will apply to set dates for a hearing into the allegations before a panel of commissioners on June 23.