Weekly Bulletin of the Rotary Club of St. Catharines South

Investment fraud is a growing problem, as the latest OSC public inquiries data shows more than a 50 per cent increase last year in inquiries and complaints about investment-related fraud. Common complaints involve tax avoidance schemes, offshore investments, high-pressure sales tactics, Ponzi schemes, as well as fraudulent high-return, no-risk investments.


Welcome by President Matt Taylor

National Anthem: Greg McDonald

Toast to Queen and Canada : Norris Brown

Grace: Jim Howes


Julio Batres introduced our Guest Anne Mankikar, Consuelo Cauilan, Franc Oliverie, H Becker, Sheila Bristro, Milan Plewtar.


Doug Foss serving as Sergeant at Arms congratulated  Ron Williams on his Rotary blue name badge and for attending today's meeting to make up from 1978.  Don Hetherington announced they have a new look at Landon Morgan. John Klassen was happy his Father in law received fantastic health care service. Don Beard Family went to Disney World and had a great time.


Diamond Gala meeting Dec 22, 2006 June Manning and members will review recommendations and assign duties for this year's Gala.

Rotary Club of Ellicottville is hosting a ski day at Holimont 9:30 to 4:30 Group Contact Matt Taylor for travel arrangements.

Christmas Luncheon Dec 18 - Email Elizabeth Spaan at home and let her know if you will be attending and how many guests you will be bringing. Please bring a gift for your child and non perishable food for the food bank. Children 6 and under free, 6 to 12 $7.50 adults $15.00.  

Bingo Report - Greg McDonald thanked John Teibert , June Manning Dan Toppari and Lynda Baiano for helping at the last bingo. John Teibert announced the attendance was down.Next bingo session January 13th. Volunteers are needed. Delta Bingo is now smoke free.


Greg McDonald is getting older but still has some quick moves, he step out for a few minutes and did not have to listen to us sing Happy Birthday . B est wishes for health and happiness in the year ahead!   

50/50 DRAW

Rich Cavers had the winning ticket, but was unlucky in drawing the six of diamonds. 


Bob McBride inducted Sheila Bristo. Keith Shaver introduced Sheila the Manager of Court Services, Ministry of Attorney General or the Sheriff. President Matt welcomed Sheila to our club and presented her with a pin and package. Afterwards, Sheila was warmly greeted by fellow Rotarians as the meeting concluded.

GUEST SPEAKERs, Ann Mankikar

Ross Elliott introduced Ann Mankikar the Supervisor Financial Examiners Corporate Finance Branch of Ontario Securities Commission.


The Canadian Securities Administrators (CSA) are a council of Canada 's 13 provincial and territorial securities regulators. The CSA is primarily responsible for developing a harmonized approach to securities regulation across the country. Its impact on most Canadians comes through its efforts to help educate Canadians about the securities industry, the stock markets and how to protect investors from investment scams.


With tax season fast approaching, the OSC warns investors to be wary of investment seminars offering tax-saving strategies that sound too good to be true. An investor's first and best line of defence in these cases is to get a second opinion from an independent and qualified tax expert.


Offshore Investing Securities and banking laws and regulations are there for your protection. When you remove your money to another country, you also remove it from the protection afforded by those laws and regulations. For example, if you use an offshore broker you do not get the protection offered by the Canadian Investor Protection Fund should that broker go bankrupt. In addition to the regulatory protection, the Canadian system offers some recourse in civil court.

High-pressure sales tactics and repeat callers:A salesperson may try to gain your trust by contacting you several times before asking for money. Or you may be told that this is a limited time offer and you need to act quickly. Never feel rushed to invest; take the time you need to research any investment opportunity. Get a second opinion from a qualified and registered adviser.


Ponzi or pyramid schemes must have a continuous inflow of new recruits in order for the scam to survive. Participants in the lower levels of the pyramid are at high risk of losing their money because they have few, if any, recruiting opportunities. Participants in the higher levels of the pyramid are likely to be convinced to reinvest their profits, and are also at high risk. Since most participants recruit their friends first, it is not just money that the participants lose when the pyramid collapses.


Investment "Spam" E-mails be wary of opportunities that promise low or no risk, spectacular profits or guaranteed returns. No investment is risk free and sometimes the investment products touted do not even exist.Headings such as "Hot tip" and "Special Alert" will attract your attention to information that seems authoritative and professional, but may not provide the whole story- they are scams.   


Here are some tips you should always do before investing.

Play an active role in planning your financial future. How can an adviser help you if you don't know where you're going? Think bigger picture - things you want to achieve over time and the retirement lifestyle you want. Keep in mind that this is an ongoing process. Evaluate your goals regularly.

Find someone who is properly qualified and registered - double-check with objective sources like the OSC Contact Centre. Make sure you're comfortable asking the adviser questions (remember there are no stupid questions!). Don't hesitate to interview more than one person. It's also your right to switch advisers if you're not satisfied with the relationship.


Ann Mankikar and Consuelo Cauilan were thanked by Jason Polluck.


Julio Batres gave the attendance report - 28 members, 10 make ups for 105% per cent attendance.


As there was no further business for the good of Rotary, President Matt adjourned the meeting at 1:30 p.m.