I was quite disturbed with your editorial “Showdown at the VSE” (April 16/90). I publish one of the few investment newsletters in the U.S. devoted to the Canadian investment scene. The very reasons you state in your editorial why The British Columbia Securities Commission should save face and let Mr. Pezim “continue to do what he does best” is why so few Americans are willing to buy VSE issues.
If he or any one is guilty of violating insider trading regulations, they should not only be barred for life from the security business, but also make full restitution and pay penalties. If the offence was severe, they should be sent to jail.
To follow “a lesson from Ontario’s securities watchdogs . . . imposing minor penalties on some lesser offences and accepting a `contribution’ from the individual named” is not only foolish, but almost “carte blanche” to commit crimes.
I have written about the VSE in recent issues of my newsletter. Virtually all investors and brokers tell me they will avoid it like the plague. That’s a shame as I believe they are turning the corner. They will not only end up turning, but also begin walking back up the street, if they indeed crack down hard on all individuals who commit crimes, no matter who they are. Peter Grandich Howell, N.J.
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