Investors win, lose in Knowledge House settlement
National Bank Financial to pay $2.7M to 3 former investors
A judge has ordered National Bank Financial to pay $2.7 million to three former investors of the software company, Knowledge House.
Justice Greg Warner ordered the brokerage to pay punitive damages of $400,000 for "outrageous" and "abusive" conduct.
Some of that money will go to Craig Dunham, but he told CBC it's not enough to cover his losses.
Another investor, Calvin Wadden, won't get any of his $6 million back.
The judge said Wadden uncovered the conspiracy but chose to participate rather than walk away.
Shares in Knowledge House Publishing began publicly trading on the Montreal Stock Exchange in 1998 and on the Toronto Stock Exchange in 1999 after the company changed its name to Knowledge House Inc.
The Securities Commission said the violations occurred between Dec. 6, 1999 and Aug. 16, 2001.