FundEX Investments and Industrial Alliance

Industrial Alliance: The investment was presented as having a two-year term and a 10 per cent rate of return, says a report by the ombudsman for banking services and investments according to The Toronto Star, Canada. FundEX is a national mutual fund dealer, managing about $95 billion in assets. It is owned by Industrial Alliance, one of Canadas largest insurance companies and A couple has $100,000 to invest. Their adviser, who works for FundEX Investments, suggests they put the money into a second mortgage on a business centre being developed in Calgary. Two years later, the couple tries unsuccessfully to cash in. It takes another year for them to learn they will not recoup any of their investment. (news.financializer.com). As reported in the news.