The new Netflix documentary entitled \u0022Madoff, the Monster of Wall Street\u0022, is a tragic saga of financial fraud, and shows a complete failure of regulatory oversight.
The aftermath for investors was devastating. How did this happen? Partly because, as Madoff himself later deadpanned from his jail cell, the regulators , never asked him for certain information.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
There were a few simple things HCRA could have done from the outset to gain consumer confidence, but has not. There should also be a clear timeline for handling complaints. More than a year after placing complaints, some consumers have been told there’s been no decision, these cases are complex, there are staff shortages, and of course pandemic delays. The appearance that something may be hidden. or that not all cases are dealt with based on fact or evidence, or that some can be whisked away due to the Registrar’s opinion alone, is not a good look for a regulator.
This penalty is intended to be a deterrent to other builders, according to the Chair. Looks like wishful thinking. HCRA said in August 2022 it intended to revoke the builder’s license. Three months later, all was resolved, clerical errors had apparently occurred, and the case was “disposed of without a hearing” by a License Appeal Tribunal adjudicator. He imposed a penalty of $60,000, and some courses in Financial Planning and Business Management.
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