Investment Industry Consumer Advocates


A list of organizations and individuals that advocate for small investors and monitor the activities of the investment industry.

Small Investor Protection Association (SIPA)
The Small Investor Protection Association (SIPA) is a volunteer member organization committed to fair practice in the investment industry. Founded by Stan Buell, SIPA was incorporated (Ontario corporation number 1327366) as a national non profit organization at the end of January, 1999, with headquarters in Markham, Ontario.

SIPA Website...

Investor Advocates
Larry Elford is a stockbroker who wrote regular columns offering investment advice to the public, such as how to save money on mutual fund commissions. His employer and many colleagues did not appreciate such candour. Now retired, he continues to advocate for investors, and maintains a blog and a forum. He has also created a documentary about the investment industry called Breach Of Trust which can be viewed online.

Breach Of Trust Movie...   Investor Advocate Blog...   Investor Advocates Forum...

Investor Voice
This website provides a critical view of the Self Regulatory Organizations in the Canadian Securities Industry. It is well organized and in addition to commentary it provides a wealth of factual information: an excellent reference source for investors and investor advocates.

Investor Voice Website...

Glorianne Stromberg
Ms. Glorianne Stromberg, former OSC Commission and securities litigator is one of Canada's best investor advocates. Her report "Investment Funds in Canada and Consumer Protection - Strategies for the Millennium" prepared for the Office of Consumer Affairs, Industry Canada in October 1998 is a definitive work detailing the problems for small investors and recommending solutions.

Stromberg Report...

Fund Democracy
Fund Democracy was founded by Mercer Bullard in the United States. Fund Democracy's purpose is to serve as an advocate and information resource for mutual fund shareholders. Fund Democracy's advocacy program is multi-faceted. Fund Democracy publishes articles that target mutual fund practices, policies and rules that are harmful to fund shareholders.

Fund Democracy Website...

Norshield Victims Committee
The Norshield Victims Committee is the latest victims group formed as a result of the failure of the regulators to provide adequate investor protection.

News Release from Norshield Victims Committee
Toronto, Canada, March 10, 2010

The Ontario Securities Commission released their decision on Norshield Asset Management (NAM) and the Olympus Hedge Funds. The three key staff members, CEO John Xanthoudakis, President Dale Smith, and Advising Officer and Portfolio Manager Peter Kefalas, were found to be in breach of Ontario securities laws and acted contrary to the public interest. The OSC indicated that NAM lost $159 million invested by 1900 retail investors in Canada. Hundreds of millions more were invested by an unknown number of Institutional Investors in Canada which implies that even more Canadians have been affected, but are unaware.

OSC Reasons And Decision Document...

Contact: Chris Ouslis - 416.708.4931 -

Norshield Victims Blog...

For more information:

Canada One Of Worst Countries For White-Collar Crime

The Incredible True Story of Mr. Markarian

Book review: No-One Would Listen. (About Bernie Madoff's Ponzi scheme.)

White-Collar Crime Media Articles

Investment Industry Consumer Advocates