Latest news with #B.C.SecuritiesCommission
Yahoo
7 days ago
- Business
- Yahoo
Movement, community and purpose key to ensure B.C. seniors enjoy a happy life
A panel of experts explored ways for B.C. seniors to live a long life and prosper during a Conversations Live project hosted by Stuart McNish on Tuesday night. 'The enemy is the sofa. Mobility is the key thing to longevity,' said B.C. seniors advocate Dan Levitt. The panel comprised Levitt, B.C. Care Providers Association CEO Terry Lake, B.C. Securities Commission communications director Pamela McDonald, International Council on Active Ageing founder Colin Milner and health care consultant Carolyn Bell. There are 1.1 million British Columbians aged 65 and over, representing around 20 per cent of the province's population. In a decade this number is expected to climb to 1.5 million, representing a quarter of the population. Bell said that in 1960 in Canada there were eight people in the workforce for every one person retired and that number had now dropped to three workers for every one retired person. She said that represented a huge drop in revenue for government that had to provide health and other services to seniors. Research Co. pollster Mario Canseco said that half of retired people are worried about their physical and financial health, while 20 per cent are concerned about their mental health. Among working adults, 73 per cent are concerned about their financial health, 56 per cent are concerned with physical health and 48 per cent with their mental health. Milner said that while life expectancy has grown by 30 years on average since 1900 (to around 82), retirees needed to focus on extending their health span, which is the number of years you remain healthy before dying. He said that, on average, a person is not healthy for nine years before death. 'You need to move, eat well, don't smoke or drink and have a good (body mass index). Doing that at age 50 can increase a man's lifespan by 12 years. We know what we need to do, we are just not doing it,' Milner said. Financial health was also very important for seniors, with Levitt noting half of retired people in Canada were living on 34,000 a year or less. A recent Leger poll found three in ten Canadians (29 per cent) planning to retire in 2025 or 2026 will carry a mortgage into retirement. According to Statistics Canada, 14 per cent of households with income earners aged 65 and over had a mortgage in 2016, up significantly from eight per cent in 1999. McDonald said families needed to talk about money before retirement, and that retirees should work with a certified financial planner. Lake said there were 30,000 people in B.C. living in long-term care, mostly because of cognitive reasons that meant the seniors were not safe alone at home or in assisted living. He noted there is a wait-list of 3,000 people needing long-term care who either had to remain where they were or go into expensive private care. Lake said seniors needed to remain engaged with community and to have a purpose, whether it be a garden or owning a pet. dcarrigg@ WATCH: How do we ensure B.C. seniors enjoy a happy life? Fire in North Vancouver seniors' apartment complex drives dozens from their homes
Vancouver Sun
7 days ago
- Health
- Vancouver Sun
Movement, community and purpose key to ensure B.C. seniors enjoy a happy life
A panel of experts explored ways for B.C. seniors to live a long life and prosper during a Conversations Live project hosted by Stuart McNish on Tuesday night. 'The enemy is the sofa. Mobility is the key thing to longevity,' said B.C. seniors advocate Dan Levitt. The panel comprised Levitt, B.C. Care Providers Association CEO Terry Lake, B.C. Securities Commission communications director Pamela McDonald, International Council on Active Ageing founder Colin Milner and health care consultant Carolyn Bell. There are 1.1 million British Columbians aged 65 and over, representing around 20 per cent of the province's population. In a decade this number is expected to climb to 1.5 million, representing a quarter of the population. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Bell said that in 1960 in Canada there were eight people in the workforce for every one person retired and that number had now dropped to three workers for every one retired person. She said that represented a huge drop in revenue for government that had to provide health and other services to seniors. Research Co. pollster Mario Canseco said that half of retired people are worried about their physical and financial health, while 20 per cent are concerned about their mental health. Among working adults, 73 per cent are concerned about their financial health, 56 per cent are concerned with physical health and 48 per cent with their mental health. Milner said that while life expectancy has grown by 30 years on average since 1900 (to around 82), retirees needed to focus on extending their health span, which is the number of years you remain healthy before dying. He said that, on average, a person is not healthy for nine years before death. 'You need to move, eat well, don't smoke or drink and have a good (body mass index). Doing that at age 50 can increase a man's lifespan by 12 years. We know what we need to do, we are just not doing it,' Milner said. Financial health was also very important for seniors, with Levitt noting half of retired people in Canada were living on 34,000 a year or less. A recent Leger poll found three in ten Canadians (29 per cent) planning to retire in 2025 or 2026 will carry a mortgage into retirement. According to Statistics Canada, 14 per cent of households with income earners aged 65 and over had a mortgage in 2016, up significantly from eight per cent in 1999. McDonald said families needed to talk about money before retirement, and that retirees should work with a certified financial planner. Lake said there were 30,000 people in B.C. living in long-term care, mostly because of cognitive reasons that meant the seniors were not safe alone at home or in assisted living. He noted there is a wait-list of 3,000 people needing long-term care who either had to remain where they were or go into expensive private care. Lake said seniors needed to remain engaged with community and to have a purpose, whether it be a garden or owning a pet. dcarrigg@
CTV News
23-05-2025
- Business
- CTV News
Vancouver man withdrew from frozen account, securities regulator alleges
A sign at the B.C. Securities Commission office in downtown Vancouver is seen on Dec. 28, 2024. (CTV News)
CTV News
20-05-2025
- Business
- CTV News
Regulator issues temporary order against Vancouver crypto business
A sign at the B.C. Securities Commission office in downtown Vancouver is seen on Dec. 28, 2024. (CTV News)
Yahoo
25-04-2025
- Business
- Yahoo
B.C. crypto firm ordered to pay $3.3M for misleading investors, illegal securities distribution
A Vancouver-based company that created and sold its own cryptocurrency has been ordered to pay more than $3.3 million to the B.C. Securities Commission (BCSC) after admitting it illegally distributed securities and misled investors. NetCents Technology Inc. reached a settlement with the provincial financial markets regulator earlier this month over misconduct linked to the company's launch of the "NetCents Coin" in 2017. In a statement, the BCSC says the company sold the coin to approximately 500 investors in B.C. and elsewhere, raising more than $3.3 million without filing a prospectus — "a formal document providing details of an investment." "Without a prospectus, or an exemption from the prospectus requirement, NetCents illegally distributed securities," the securities commission said in a statement earlier this week. It says the funds, which were frozen in November 2018 by BCSC's order, will be returned to affected investors. According to the agreement, NetCents made several false or misleading claims in promotional materials and on its website. This included suggesting that the coin was being managed by an independent non-profit entity called the NetCents Coin Organization. The company also ran a separate website for a so-called non-profit called NetCents Coin Foundation that claimed to "administer, promote and maintain the Coin on behalf of the community of coin holders." But investigators say neither of those organizations existed and proceeds from sales of the coin went to NetCents. WATCH | Securities commission releases music video warning of AI scams: NetCents also falsely claimed in multiple November 2017 news releases that its initial coin tranches had sold out and that the coin's value had quadrupled. The BCSC settlement agreement also mentions a YouTube video posted earlier that year where the company claimed monthly revenues of $100,000, even though financial disclosures showed less than that amount was made in the entire year. In addition, the company operated an online exchange where users could trade NetCents Coin, but it failed to apply for or receive recognition from the commission, a violation of the Securities Act. The settlement agreement says NetCents has acknowledged all these facts as part of the settlement, which mitigated the consequences doled out to it. Under the agreement, NetCents is prohibited from trading securities, acting as a registrant or promoter, or engaging in promotional activities on behalf of others or itself. Growing online investment frauds Doug Muir, the BCSC's director of enforcement, says the case highlights broader risks in crypto investing and online fraud. He says there has been "a large surge in the amount of online investment fraud." "The commission issues alerts, sometimes several times a week, about suspicious websites that haven't been registered to operate in Canada," Muir told CBC News. "We're aware that the people behind these online investment frauds are not located in Canada and there's evidence that a lot of them are being run by organized crime outside Canada," he said, adding that it's "extremely difficult" to track down the people behind it and hold them accountable. He says the NetCents case was different because the company was operating out of B.C., allowing the commission to pursue enforcement action. However, investigations such as this take a lot of time and effort, says Muir. "We require a lot of information and not all of it is in British Columbia," he said. "These types of cases do span borders. So we may be required to get information through our fellow regulators either in Canada or around the world." Muir advises investors to be cautious about offers that promise exceptionally high or guaranteed returns. WATCH | B.C. crypto fraudster fined $18.4M for gambling away clients' cash: "We want people to stop and think about the source of the information. Who's told them about this investment? Are they being pressured to invest? And does anything just not ring true for them?" He encourages investors to visit the BCSC's educational site, to learn more on how to recognize fraud. There are about 17 to 18 crypto trading platforms currently authorized to operate with Canadian investors, and Muir says investors should only use those that are registered with the Canadian Securities Administrators. NetCents was not among them.
