Former Manitoba Mortgage Salesperson Pleads Guilty on 54 Counts

Winnipeg – Brett Allan Dobbin, 59, pleaded guilty in Provincial Court on Tuesday, Oct. 19 to 18 counts of trading without registration under The Securities Act and 36 counts under The Mortgage Brokers Act. Violations include acting as both a mortgage broker and a mortgage salesperson on his own behalf, and failing to pay over monies to a mortgage broker with whom he was registered.

Dobbin was charged in January 2020 with multiple violations under the two Acts, involving 18 separate transactions totaling $534,237 between April 2016 and December 2017 in violation of this legislation. The victim is a Winnipeg widow in her 80s.

Sentencing will proceed on Nov. 5, 2021 at 10 a.m.

Dobbin was previously disciplined for similar conduct involving an elderly widowed client and was sanctioned by the Commission under The Securities Act denying him the use of any exemptions for seven years as part of a settlement in 2006.

MSC reminds the public to be aware of senior financial abuse, and to look for common red flags, which can include:

·       Social isolation or withdrawal

·       Dependence on another for financial support

·       Substance abuse or misuse

·       Depression or mental illness

·       Sudden change in appearance such as poor hygiene or weight loss

·       Discrepancy between standard of living and financial assets

·       An individual who is overly protective or controlling of the older person

Publications:

·       Identifying and Protecting Against Financial Abuse

·       MSC’s Financial Concerns Checklist

Members of the public are advised to contact MSC if they believe they have been targeted by any type of investment fraud attempt, including senior financial abuse. MSC’s anti-fraud line is 1-855-FRAUD-MB.

The public can also visit recognizeinvestmentfraud.com for more information on common investment frauds and scams.

The Manitoba Securities Commission is a division of the Manitoba Financial Services Agency, a Special Operating Agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.

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Media Inquiries:                      
Jason Booth, Communications Coordinator, MFSA  |  204.945.1660 |  jason.booth@gov.mb.ca