Manitoba

Manitoba accountant faces allegations of illegal trades

The Manitoba Securities Commission is accusing Arthur Schellenberg, a chartered accountant, of illegal securities trades.
The Manitoba Securities Commission alleges that Arthur Schellenberg traded securities without being registered to do so. Schellenberg will face the allegations at an MSC hearing set for Wednesday. (CBC) (CBC)

A Manitoba chartered accountant is being accused of illegal securities trades.

The Manitoba Securities Commission alleges that Arthur Schellenberg traded securities without being registered to do so. 

In one case, a client invested $100,000. Less than three years later, he was left with less than $200.

According to the securities commission, the clients put money into accounts, and Shellenberg had access to those accounts so he could execute trades.

No monies were withdrawn from the accounts, meaning the losses were due to the trades.

The securities commission says Schellenberg acted contrary to the public interest and he should be ordered to pay compensation for financial losses to four clients.

Schellenberg will face the allegations before a hearing of the Manitoba Securities Commission on Wednesday.

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