Kenneth Rijock

Kenneth Rijock

Monday, October 24, 2016

LEON FRAZER DIRECTOR TYNKALUK OFFERED BOGUS HIGH YIELD INVESTMENT PROGRAM, INSIDE INFORMATION ON STOCKS,


While on its surface, Lawrence Heath vs. Leon Frazer & Associates, Inc., is a civil suit to recover client information, concerning the plaintiff's accounts at the wealth management firm, and the disposition of his multi-million dollar investments, it promises to reveal details of the firm's conduct that will call into question its suitability to continue to offer investments to the public, and to manage their assets.

Leon Frazer senior Director (and Vice Chairman) William Tynkaluk, who was the personal wealth adviser to the plaintiff, and to many other investors, offered a number of investments to him, and to others who have now agreed to testify, which violated Canadian law:

(1) Insider Trading, where Tyunkaluk offering nonpublic information to his clients, regarding the sale of Leon  Frazer to Jovian. Tynkaluk recommended that the plaintiff purchase Jovian stock, prior to the release of information about the sale; he learned about the proposed purchase, by virtue of his director position.

(2) Insider Trading: Tynkaluk recommended the plaintiff, and others, that they purchase Blackberry stock. He bragged that he had a cousin working in the company, who had given him inside information of a nonpublic nature, indicating that an increase in the price of company stock would increase.



(3) High-Yield Investment Program: Tynkaluk widely offered HYIP, claiming that clients would realize extraordinary monthly returns upon their investments. Most educated financial planners know that no such investment exists, with monthly double-digit returns, and that any adviser offering it is either committing investment fraud, or operating a Ponzi scheme, both of which are crimes.



(4) Solicitation of illicit funds from clients: Tynkaluk openly asked his clients, as well as non-clients who will be witnesses, to bring in "Russian money, " without reference to either the suitability of the investors, or the Source of Funds, which is a violation of all Know your Customer requirements. He explicitly invited his clients to bring in investors with dirty money.

When taken as a whole, the above conduct should result in a term in a Canadian prison for Tynkaluk; more importantly, it should result in the revocation of all licenses held by Leon Frazer & Associates, for, when the most senior director can offer illegal, or non-existent, investments, he does so with the implied blessing and consent of the corporation, as its act and deed. When the evidence has been presented to the Court in this case, we hope that the Ontario Securities Commission, and other relevant Federal regulatory agencies, take the appropriate action, to protect the investing public


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