Vancouver Island man to pay $30,000 in BC Securities Commission settlement
A Victoria man who held senior positions at a private wealth management firm is to pay $30,000 in a settlement with the British Columbia Securities Commission (BCSC), for advising on securities without being registered .
Between May 2018 and present, Nelson Scott Blair served as a senior portfolio manager and head of research, then chief investment officer for CWB Wealth Management Ltd., according to a statement from the BCSC.
During this time, the statement reads, Blair was in the consulting business because “he presented himself as a portfolio manager.” His duties included managing and selecting individual securities for the firm’s Canadian equity portfolio, overseeing the firm’s research analysts and investment processes, and chairing its investment committee.
As Chief Investment Officer, he developed and administered CWB’s investment philosophy and asset allocation strategy, oversaw investment teams and mandates for the firm’s client funds and model portfolios, disseminated investment strategy to portfolio managers and participated in meetings with clients to discuss strategy and direction.
Blair was not registered in the performance of those duties, although he was previously registered under the Securities Act from 2004 to 2005.
When he applied for registration as a portfolio manager in October 2021, the BCSC advised him that he offered services that required registration. A BCSC spokesperson told Black Press Media that Blair had not conducted such business activities since March, when he ordered him to stop doing so. However, he has an application for registration currently under review by the commission.
The BCSC clarified that the payment is not considered a punishment, fine or penalty, “it is simply a payment and is intended to deter further wrongdoing.”
Blair has no other history of securities misconduct.
Securities industry professionals must register with the regulator in each province or territory where they do business. Registration ensures that businesses and individuals are qualified and imposes requirements on how they deal with customers.
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