The BC Securities Commission has accused a Salmon Arm man of trading in securities and acting as an adviser without being registered to do so. (Pixabay Image)

The BC Securities Commission has accused a Salmon Arm man of trading in securities and acting as an adviser without being registered to do so. (Pixabay Image)

B.C. Securities Commission alleges Salmon Arm man traded in securities without being registered

The allegations against Jeffrey Dean Mushaluk’s have not been proven

The British Columbia Securities Commission (BCSC) has published allegations against a Salmon Arm man who they claim traded in securities and acted as an adviser without being registered.

The allegations, released on April 16, state that between 2014 and 2017, Jeffrey Dean Mushaluk was paid a total of $645,750 in commission for trading and advising for a corporation that offered investment funds. The BCSC states the corporation was registered in B.C. as an exempt market dealer and portfolio manager, and in Ontario as an investment fund manager, exempt market dealer and portfolio manager before it collapsed in April 2017.

Read More: CSRD to ask school trustees to delay decision on Salmon Arm high school options

Read More: ‘In grief for our dying world’: B.C. climate activists embark on 4-day protest

The BCSC claims that Mushaluk solicited and referred 96 investors to investment funds managed by the corporation, which Mushaluk is said to have had a consulting agreement with. According to the securities commission, Mushaluk collected information about investors including their risk preferences, investment goals and household income. They also claim he filled out investors’ paperwork and served as their primary point of contact in regards to their investments. The contact is said to have included seminars in which Mushaluk gave potential investors information on the corporation and its investment funds.

Read More: Kelowna man who made $90K ‘Space Pen’ recognized by dignitaries, sheikhs

Read More: Canada’s 2nd blood clot confirmed in Alberta after AstraZeneca vaccine

The securities commission also asserts that Mushaluk held himself out as a financial and investment advisor. They say he made investment recommendations or gave instructions for portfolio allocations for 61 of the investors.

“Although Mushaluk was registered under the Securities Act to sell mutual funds for part of this period, the BCSC alleges that he was not registered to trade or advise for the corporation,” the BCSC news release reads.

The securities commission’s allegations have not been proven. They plan to schedule a hearing in May.



jim.elliot@saobserver.net

Like us on Facebook and follow us on Twitter

Investing

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Vernon Vipers defeated the Salmon Arm Silverbacks 3-1 to secure the top spot in the BC Hockey League Vernon pod Friday, May 7, 2021. (Lisa Mazurek Photography)
VIDEO: Vipers beat Salmon Arm, clinch top spot in BCHL Vernon pod

Goaltender James Porter Jr. was a wall for the Vipers, who outscored the Silverbacks 3-1 Friday

A proposed development would see two four-storey affordable housing complexes erected on Adair Street in Armstrong, next to the Nor-Val Arena. (Google Maps)
Local tenants to be prioritized for Armstrong affordable housing project

Staff have drafted an expression of interest to find a developer to move forward with on the project

The 2021 Salmon Arm Roots and Blues Festival will be a virtual event and is slated to take place Aug. 13 and 14.(Lachlan Labere-Salmon Arm Observer)
Virtual Salmon Arm Roots and Blues returns for 2021

Participating artists will stream live during two-night event

A medical worker prepares vials of the COVID-19 vaccines, Chinese Sinopharm, left, Sputnik V, center, and Pfizer at a vaccine centre, in the Usce shopping mall in Belgrade, Serbia, Thursday, May 6, 2021. Serbian authorities are looking for incentives for people to boost vaccination that has slowed down in recent weeks amid widespread anti-vaccination and conspiracy theories in the Balkan nation. The government has also promised a payment of around 25 euros to everyone who gets vaccinated by the end of May. (AP Photo/Darko Vojinovic)
38 new COVID-19 cases, more than 335k vaccines administered in Interior Health

Interior Health also to start targeted vaccinations in high transmission neighbourhoods

Darren Landy stands next to his six-by-10-foot trailer that he uses to haul yard waste to the Columbia Shuswap Regional District landfill in Salmon Arm. Because the trailer is tandem axle, he is charged for disposal. There is no fee for yard waste dropped off by car or single-axle trailers. (Lachlan Labere-Salmon Arm Observer)
Resident caught in tandem-axle dilemma at Salmon Arm landfill

Darren Landy argues larger single-axle trailers loaded with yard waste are being dumped for free

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

City of Vernon Coun. Dalvir Nahal proposed two blocks of Main Street be closed to bolster recovery for downtown businesses amid the COVID-19 pandemic. (Caitlin Clow - Vernon Morning Star)
Vernon’s ‘support local’ Main Street closure would cost city $24K, staff say

Bylaw costs, loss of parking revenue and equipment logistics behind price tag

Five properties have been added to the Lake Country fire protection zone, after council moved to expand the local service area Tuesday, May 4, 2021. (Google Maps)
Lake Country expands fire protection zone, covering 5 exposed properties

The properties petitioned to join the local service area after being left out ‘for reasons unknown’

VSAR’s Air Rescue One unit assisted in a rescue in West Kelowna May 3, 2021. (VSAR screenshot)
VIDEO: VSAR’s Air Rescue One team assists in West Kelowna Rescue

The Vernon Search and Rescue helicopter team pulled off a successful rescue Monday

Peachland resident and cleanup volunteer Lloyd Stinson Sotas holds up a discarded TV riddled with bullet holes. (Aaron Hemens/Capital News)
PHOTOS: Peachland residents clean up community watershed

More than 70 people gave back to Mother Earth by assisting with the cleanup

Officials are surveying the streets of Vernon to get a better sense of the issue of homelessness in the city, as part of the province’s point-in-time homeless count for 2021. (Brendan Shykora - Morning Star)
Province conducts homeless count in Vernon

It’s the first time Vernon has been included in the provincial homeless count

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Most Read