A Kelowna investment portfolio manager had inadequate compliance systems, record keeping, and financial reporting, an investigation has found.
Kilburn Ogilvie Wayman Investment Management Ltd. has paid $55,700 to the BC Securities Commission in a settlement agreement for not managing business-associated risks and not providing reasonable assurance that it complied with securities legislation.
“Despite the deficiencies, there is no evidence that any clients were harmed,” the BCSC stated in Monday release.
As part of the firm’s settlement agreement with the BCSC, it must retain an independent compliance consultant for two years.
During a 2019 field investigation, BCSC staff found various problems with Kilburn Ogilvie Waymann Investment Management Ltd. These included:
– making unsubstantiated marketing claims
– not maintaining records capable of generating certain account activity reports
– inaccurately calculating its excess working capital
– producing deficient audited financial statements
The company’s chief compliance officer also failed to adequately perform his duties, the BCSC says.
The company’s website shows two employees, Trevor Kilburn, based in Kelowna, and John Waymann, based in Toronto. Between them, they have more than 75 years of combined investing experience, the website says.
