MUTUAL FUND DEALERS FACE HEARING OVER AD
By Adnews Staff
Mutual Fund Dealers David Singh, Jeffrey Lipton and Infinity Investment Counsel have found themselves in hot water with the Ontario Securities Commission over a newspaper ad. Prior to the ad the OSC found that Singh and Lipton caused Infinity to make an improper investment. Instead of going to a hearing, Singh proposed an agreement that would restrict his registration and fine him $50,000, which would be for the purpose of investor education. The deal was approved by the OSC, but the next day, an ad ran in Toronto daily newspapers that was contract to elements of the settlement. The OSC says the ad is misleading and there will be a hearing about the allegation on Feb. 25. Singh, Lipton and Infinity could have their registration revoked, and the previous agreement may be void.