Released on September 19, 2007
Saskatchewan is taking steps to further protect citizens from securities fraud and hold wrongdoers to account.
The Department of Justice will invest $150,000 this year, with ongoing funding of $150,000 annually, to bolster the Saskatchewan Financial Services Commission's efforts to combat securities fraud with the addition of two investigators.
"Financial fraud and abuse often affect the most vulnerable members of our society," Justice Minister Frank Quennell said. "These new investigators will help the Saskatchewan Financial Services Commission protect investors and enhance their confidence in Saskatchewan's capital markets."
As senior citizens and baby boomers gain greater access to their retirement funds, they often become targets for financial fraud. The number of fraud enforcement cases in Saskatchewan has been slowly rising over the past five years, and investigations are becoming more serious, sophisticated and complex. Investigations are also becoming more time-consuming and are having a greater impact on victims.
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For more information, contact:
Debi McEwen
Justice
Regina
Phone: 306-787-6043
Email: dmcewen@justice.gov.sk.ca