ASK YOUR REGULATOR

Question 1:  What should I do if I believe that I am the victim of securities fraud?

Did someone make false representations to you on a matter of a securities deal and you acted upon that representation and suffered loss?
Has someone pretended to be a broker and/or investment adviser in order to get you to enter into a ‘securities deal’?
If you answered yes to the above, you have been a victim of securities fraud and the following advice and procedures will assist you in filing a complaint.

Response:
Step 1: Make a complaint to the company
It may be strategic to first make an official complaint to the company concerned, as every company should have internal procedures to deal with complaints. It is advisable to make a note of the person(s) with whom you have discussed the matter.

Step 2: Make a complaint to the ECSRC or financial crimes unit in your territory
If your complaint is unresolved, request correspondence from the company stating its final position on the matter.
Alternatively, you may submit a written complaint to the ECSRC or your local financial crimes unit.  To contact the Commission, complete and submit via e-mail or fax the online complaint form on the ECSRC website.  Please note that the submission of supporting documents is very important. Please attach a photocopy of all documents, including letters, contracts, bills and other papers related to your problem. Do not to send original documents.

Step 3:  ECSRC Response
The ECSRC will acknowledge your claim in writing. The ECSRC will review your claim. Once the review is complete, we will write to you so that you will know the status of your complaint.
If the complaint is an issue within our jurisdiction, we will propose remedies or directives.
If the complaint is an issue not within our jurisdiction, we will refer it to the appropriate authority on your behalf.

Tips for Making a Complaint

• Clearly define the complaint.
• In defining your problems, note that some complaints may be resolved quickly, while complex issues may take longer to be resolved.
• Make a chronological list of the events that may have led to the complaint.
• Include a list of all the individuals/companies, accounts and securities etc. involved, the name of the person you dealt with, key dates and the circumstances surrounding the issue.
• Keep a log of correspondence to and from the company or individual, and with the Commission. The log should include telephone conversations, e-mails and faxes. Keep a log of the times and dates of phone calls, whom you spoke with and what was discussed. Communicate in writing as much as possible and keep copies of all correspondence.
• Compile a file of any documents that would support your complaint. Include copies of application forms, statements, transaction confirmations, cancelled cheques, agreements, certificates and all relevant correspondence to and from the firm. Do not mail the originals of any documents.
• Record everything that occurs during the complaint process.

Question 2:  How can I purchase shares traded on the Eastern Caribbean Securities Market?

Response:
The first step is to contact a broker-dealer who is licensed by the ECSRC and is also a member of the ECSE.  The broker-dealer employs a licensed representative or principal who is licensed to provide general investment advice and other pertinent information that you would require in order to assist you in deciding on a company that would be most suitable for you to invest in, to achieve your financial goals. 

Investor Tip

• The financial professional of broker-dealer you select is very important for several reasons. You will want to investigate thoroughly before doing business with a financial professional or firm that has a history of complaints or problems with regulators. Also, you should know that if your financial professional or his or her firm goes out of business or declares bankruptcy, you may not be able to recover your money—even if an arbitrator or a court rules in your favor.