Regulator issues temporary orders against Metro Vancouver financial advisor

The B.C. Securities Commission has issued a temporary order against a well-known Metro Vancouver financial advisor and two companies associated with him.

The B.C. Securities Commission has issued a temporary order against a well-known Metro Vancouver financial advisor and two companies associated with him. The regulator alleges it has evidence that Peter Cishecki, Everything Financial Group and Everything Financial Consultants Inc. have been “making principal and interest payments to investors using other investors’ money.” A second individual, Shannon Knapp, allegedly “contributed to their conduct.”

The BCSC issued the temporary order on Wednesday and shared a news release about it Thursday. According to the regulator, the order is necessary because the BCSC’s executive director determined that the amount of time it could take to conduct a hearing into the alleged misconduct “could be prejudicial to the public interest.” The order bans the trading and purchasing of any securities issued by the two companies.

It also prohibits the companies, Cishecki and Knapp from engaging in promotional activities on behalf of the companies. It is scheduled to remain in place until July 30, at which point the executive director can apply to a panel of the commission to extend it. For many years, Cishecki and other advisors from Everything Financial Group have appeared regularly in paid segments on CTV News Vancouver’s local broadcasts to discuss financial planning strategies.

Everything Financial has also been a regular advertiser, running commercials for financial services. In a statement, Bell Media Communications said “CTV Vancouver is no longer associated with Everything Financial Group.” The regulator’s allegations against Cishecki, Knapp and the two companies have not been proven.

A hearing on the matter has not yet been scheduled.