Industry News

Great-West Lifeco unloads healthcare division

Great-West Lifeco has sold off its “underperforming” U.S. healthcare division so it can focus its stateside efforts on growing its financial services business. The Winnipeg-based insurance giant’s U.S. subsidiary, Great-West Life & Annuity Insurance Co., has agreed to offload Denver-based Great-West Healthcare to CIGNA Corp. for $2.25 billion US. Ray McFeetors, Great-West’s CEO, says the […]

By Renée Alexander |November 28, 2007

4 min read

Canadians won’t see harsher penalties for white-collar criminals: OSC

Canada’s track record for jailing white-collar criminals is pretty abysmal, and it appears that it won’t get any better. “You see articles in the paper where people are calling out for white-collar criminals to be dragged away in handcuffs. That’s not going to happen here,” says Michael Watson, director, enforcement branch, at the Ontario Securities […]

By Bryan Borzykowski |November 28, 2007

3 min read

Briefly:

(November 27, 2007) Boaz Manor, co-founder of Portus Alternative Investment Management, appeared in court today only to find out that the trial is delayed until January 21, 2008. Manor is facing numerous counts of fraud, money laundering and possession of property obtained by crime. Preliminary hearings, which were supposed to begin today, will now take […]

By Staff |November 27, 2007

4 min read

OSC beefs up enforcement

Compliance may not be a lot of fun, but it beats meeting with a regulator’s enforcement team — or worse, finding your name in the local newspaper. “Think of compliance as ‘fire preventions,’ which is certainly preferable to calling for help once the building is in flames,” OSC chair David Wilson said at the annual […]

By Steven Lamb |November 27, 2007

2 min read