At least a few Innisfail investors are concerned about their portfolios since their trusted financial advisor was charged with first-degree murder last week.
Tara Redmond, a mother of five, lived next to Brian Malley — the suspect in the bombing death of Vicky Shachtay — for several years before Redmond and her family moved to a new home in the community.
Malley, 55, an independent contractor with the financial group Assante Wealth Management since 1998, is under investigation by the Investment Industry Regulatory Organization of Canada, the country’s securities regulator.
As of May 28, Malley’s client accounts were transferred to the Assante head office in Toronto. Assante’s compliance department is also conducting a comprehensive review of Malley’s client accounts. Malley’s registration with the IIROC was terminated this week.
Redmond and her husband had invested roughly $30,000 through a pension fund and education fund with Malley several years ago. They moved their portfolio to another broker because he was a close friend but Redmond said they still have about $4,000 left in her portfolio with Malley.
“I know I am not the only one in (Innisfail) who have money invested with the gentleman,” said Redmond. “I’m sure there’s 100 of them. There’s lots of people who have money with him. We don’t know what’s going on.”
Redmond’s husband has phoned the head office but has not received a response.
An Assante spokesperson said Malley’s cilents should contact Assante at 1-800-268-3200 and ask for national accounts, if they have questions.
Malley faces several charges in relation to the November 2011 Innisfail bombing that took the life of Shachtay, a disabled single mother in a wheelchair since 2004. Malley was a trusted family friend and financial advisor of Shachtay. RCMP will not comment whether there is a financial motive behind the bombing.
Malley will appear in Red Deer provincial court on July 9 to face charges of causing an explosive substance likely to cause serious bodily harm, death or serious damage to property, sending or delivering to a person an explosive device and one count of first-degree murder.
crhyno@www.reddeeradvocate.com