Pace Securities | Page 20 | General financial discussion | Discussion forum

Elaine said
Pace got off to the right start on this by letting Barbara call affected members.Lately it seems she is quiet.Gagged somewhere in the back closet?She would (should )have given proper advice to her children.We are her clients.She is a lawyer.I wonder how that would pan out in court.
Quit the charade Pace ,before things get so bad that members not affected get ticked off about you using their money to fight their own members.  

PCU “the corporation” as well as their wholly owned subsidiaries are all covered by their liability insurance and that is what will cover the lawsuits and settlements. And that is what Pace is looking into.

If Pace is smart (so far they haven’t been) they’ll find a way to make everyone whole, if not, a lawsuit (or several) will force them to.

As for oil sands liability, there aren’t any active cases as recent changes in law may accelerate the process, but there isn’t any clear direction yet.

However, the most infamous oil lawsuit, the Exxon Valdez Spill, and the subsequent settlement was covered by Exxon’s insurance (Which was a result of corporate liability, and not shareholder liability).

Exxon was actually covered by several policies from multiple insurance firms as well as the International Tanker Indemnity Association which is or was based on Bermuda.

Actually, Exxon had to sue several insurance firms (especially Lloyd’s) to obtain coverage for their settlement because these insurance firms thought the settlement would be covered by International Tanker Indemnity Association but it wasn’t enough.

In the end, the insurance firms had to pay up and Exxon was able to pay the settlement which was a result of corporate liability just like our present situation.

Non affected members will also get annoyed when they see that their money is being wasted especially in light of the previous scandal.

I know they are reading this.

Make it right!

Still rooting for you Elaine, and all other investors affected by this Pace debacle. I called my local Pace branch, was told manager would call me back to discuss this situation - still waiting 4 weeks later! As soon as my GICs mature I’m out of there. Keep fighting!

Norman1 said

Elaine said

A lawyer should know better than to send around surveys .They still have not told me who is paying for their lawfirm.They are getting info so it does not happen again. How much do you think that info is worth?

Not sure how much the info is worth. However, I suspect it is costing them quite a bit to collect.

According to the June 25 letter, the person from Fasken is a partner and has 25+ years of experience in securities law. Easily $500 to $1,000 per hour.

The survey is part of a compliance review to answer these questions about the past:

The Compliance Review will have several components:

· Analysis of Attributes of the Product Offered
o What exactly was sold?

· Confirm who Sold the Product
o By whom was it sold?

· Sample Review of Member Accounts
o To whom was it sold?

· “Know Your Customer” Review and Best Practices
o Did it match our members’ risk tolerance?

· Review of Carrying Broker Arrangements
o Who had oversight?

July 9 letter says the same:

Fasken has begun the Compliance Review and their report will be completed before the end of August. Thank you to everyone who volunteered to share their stories!

Fasken is preparing a questionnaire regarding the circumstances of your investment(s) in preferred shares of PFL and/or FHH. Fasken will contact select members by end of July/early August to discuss responses in detail. Watch for the survey in your inbox (email) early next week!

As a reminder, the Compliance Review will cover:

· Analysis of Attributes of the Product Offered
o What exactly was sold?

· Confirm who Sold the Product
o By whom was it sold?

· Sample Review of Member Accounts
o To whom was it sold?

· “Know Your Customer” Review and Best Practices
o Did it match our members’ risk tolerance?

· Review of Carrying Broker Arrangements
o Who had oversight?

  

Hi Norman
Thanks for the infor for what was on the survey!
For whatever reaon mine would not open.
Just know from past experience surveys from lawyers that are not your own are usually bad news .I don't even do the supermarket surbveys.I just tell the cashiers to give the receipt to a friend(I ain't touchin' it)
If Pace wants to know what went wrong with my stuff they can give me a grant to get a lawyer.
I hope Pace customers are OK with the cost of this fact finding mission!

JenE said
..... I called my local Pace branch, was told manager would call me back to discuss this situation - still waiting 4 weeks later! .....

From what I've observed, my speculation is the local branch has distanced themselves from PSC as far as they can get.

To discuss your situation, I'd suggest, get to head office. Start with an e-mail to membersmatter@pacecu.com & simply ask for a call back from Lindsay Z. Start there & work yourself up the management chain if you feel you're getting the round around.

I only have GICs and a small savings account at Pace. I called them to lodge my protest at what has happened to Elaine and others. I figured Pace should know that other, unaffected, members are looking and listening!

i_got_smucked_too said
Came across this media release from January 2014. See below. If the image appears blurred, magnify your screen.

Makes my blood boil to think how this band of foxes (Larry Smith, Phillip Smith, Joseph Thomson, Gerald McRae, Ernie Eves, investment advisors, and others) were in charge of the hen house. Despite the due diligence I attempted before I invested, it wasn't good enough. Lies, purposeful deception, falsified paperwork by my investment advisor, et al, burnt my a$$. So much for the "fiduciary duty" of this group.

..... and, lucky her, CEO Ms Dirks gets to get mop up their mess.

Do it right, Ms Dirks !

But a word of caution to other PSC clients, hope is not a strategy. Document everything you have & seek counsel.  

Hope is definitely NOT a strategy!

And the trust that ALL members had in PACE Credit Union is also long gone as all the legal issues and deception are coming to light.

Any action that PACE did or will do to help members was not voluntary or done out of the “goodness of their hearts” but simply because external forces such as regulators and lawsuits FORCED them to.

In any legal situation, NEVER reply to the other sides paid legal team.

Those lawyers work for them only and NOT you even though you are indirectly paying them.

You will never know what the true motive behind the survey is and guessing or assuming it’s true intention is not helpful in the least.

Always have your own legal counsel review and handle ALL communications.

A “simple survey” may seem sweet and innocent to a lay person, but you’ll be glad to have your own advisor review it because they will see the hidden traps that you aren’t trained to see and this can prevent further potential harm.

I do hope that Barbara is Ok.
There might be major confusion going on in the PCU
Or
they just might be making us wait .
Maybe they are trying to tally the results from the surveys and some may not have come in until later on in the day.
I would love to see them-minus the names of course.
It would just be nice to see how other people fell in the trap.
Or maybe we were all just greedy bustards and wanted free money.
Way above what we deserve.
And that was available,unbeknownst to me,at my local credit union.
Oh-you don't like our GIC rates-don't go anywhere else-we have a "special" expiring today.It's a credit union.What could go wrong!
I do wish that when I was transferred to Pace from Altrans that there would have been a little get to know you meeting with the manager-I could tell them about me and they could tell me about them-and I would have been aware that "securities" were being sold there.

Just wondering how much that top ad costs someone when they google Pace secuities?
Who pays for it? and how much?
I just keep thinking that all the money being put into Pace saying how great they are should be going to the customers who were harmed by allowing this crap to be going on inside their credit union.
Top management may have changed but I have not heard of any managers disappearing-maybe some of you have?
Credit unions I once thought of as sacrosanct-sort of the church amongst the banks.
Things you learn the longer you live.

i_got_smucked_too said
When the next update comes out is anyone's guess. But I imagine they're working on it.  

Check your SPAM / JUNK folder, if you haven't seen the July 27, 2020 update. Otherwise, it's now posted at:
https://www.pacecu.ca/Personal/AboutUs/NewsandMedia/4PointPlanUpdates/