Case Studies

OBSI is committed to conducting impartial investigations and recommending fair outcomes for both firms and consumers. When consumers escalate their complaints to OBSI, firms are obligated to participate in our process in good faith. 

Consumers who open online investing accounts (also known as discount brokerage or “order execution only” accounts) are responsible for reviewing all account agreement terms and conditions, making their own trades, and monitoring their account activity.

In December 2010, Ms. R was 60 years old, had been retired since 2008, and had been divorced for several years. Between 2008 and 2010, her annual income averaged $17,500. She owned her home that was valued at $352,000 and had $100,000 in investable savings. Her investment objective was to generate income from her investment portfolio to supplement her income.

In September 2004, Mr. D returned to school with the intention to complete his studies by April 2005. Like many post-secondary students, Mr. D needed help to pay for his education, and in 2004, he took on both federal and provincial student loans through the Ontario Student Assistance Program (OSAP).

In early 2017, Mr. W returned from his yearly vacation. He was always diligent about checking his account activity. When he went online to review his vacation spending, he noticed three transactions for around $4,000 for cheques that he had not written.

Mr. H moved his investment portfolio to a new advisor in 2008. At the time, he was 71 and was still working full-time as a physician. He was an experienced investor with an investment portfolio of approximately $1.4 million. He accepted his advisor’s recommendations to buy gold and precious metals mutual funds with DSCs.

One day in 2017, Mr. R’s computer froze. A warning appeared on the screen and a message from what appeared to be a reputable company was displayed. It warned Mr. R that a virus had infected his computer and provided him with a number to call. He called and spoke to a representative who recommended an antivirus software to correct the issues. Mr. R agreed to buy the software for $400.

An elderly woman, Ms. W, had a grandson living overseas.

Ms. T was a retired book editor, living on her own. Her government retirement benefits were supplemented by a small employment pension. Her only financial assets were approximately $30,000 invested in Government of Canada bonds.

Mr. T had recently converted his personal chequing account to a joint account with his girlfriend, subject to a right of survivorship. At the time, the account had a $15,000 balance.