Unregistered individual collected over $200,000 in payments, conducted more than 200 trades
The B.C. Securities Commission is accusing a former registered advisor and representative of trading and providing advice to nearly 30 people without having the proper authority to do so.
In a statement, the BCSC said David Andrew Schramm purchased and sold securities for 29 people, and acted as an advisor to 10 of them, from 2017 to 2019.
He wasn’t registered under the Securities Act at the time.
Schramm reportedly accepted trading authority over the clients’ investment accounts, and conducted approximately 283 trades in the accounts, for which he received payment.
He held himself out as a “financial advisor” and “investment advisor” for some of the clients, trading securities in their accounts. He also made investment decisions with them, gave them investment recommendations and advice, and built portfolios for them.
Schramm collected about $231,000 in compensation for those unregistered trading and advising services, the BCSC said.
While he’s not currently registered, Schramm had been a registered investment advisor from 1994 to 1996. He was also an on-and-off registered representative restricted to mutual fund securities during 1996 and 2004, and a dealing representative restricted to mutual funds from 2003 to 2004.
The allegations have yet to be proven.
