Quebec's securities watchdog has suspended the licences of a Montreal-area financial adviser and his investment firm.
David Glazer and his company Castle Rock Financial Group are under investigation for misappropriating more than $1 million in deposits from at least nine investors.
The Autorite des marches financiers has moved to seize all the assets from Glazer and Castle Rock.
The order was issued by the courts a month ago, but details only became public this week.
Glazer is a financial adviser, an insurance salesman and a mutual funds sales representative. He has appeared on CTV Montreal in the past, giving opinions on investment strategies.
Last fall, the AMF received a tip that there were irregularities with Glazer's accounting. It's alleged that when he received his client's cheques, instead of investing the money, he used it to pay for his own personal expenses, such as bank loans, a personal mortgage and credit card bills.
The AMF investigated further, and noticed that for the past four years, Glazer took close to $1.1 million from nine clients and failed to invest it as promised.
The AMF decided to move in quickly in December, asking the court to freeze all assets belonging to Glazer and Castle Rock.
The AMF moved to block his bank accounts at the National Bank in Dollard-des-Ormeaux, the Canadian Imperial Bank of Canada on Decarie Blvd., the Royal Bank, and TD Waterhouse.
It also obtained a lien on a house Glazer owns in DDO, and his BMW, as well as race horses he owns.
The AMF was also granted access to his office on Alexis-Nihon Blvd. in St-Laurent, and personal files he keeps at home in Westmount.
According to the documents from the AMF, Glazer was a representative for both Great-West Life and Quadrus Investments, but the two companies severed their ties with Glazer last November and requested a transfer of all his clients.
If you are among David Glazer's clients, please contact CTV Montreal.
