BCSC alleges adviser gambled client funds

The British Columbia Securities Commission alleges that a financial adviser who was once licensed to sell life insurance swindled more than $1-million from her clients, only to gamble much of it away. From January, 2009, to March, 2010, B.C. resident Lynne Rae Nickford raised about $2-million, mostly from women, through her company LZ Wealth management. During this same period, about $1.3-million of the money was transferred to Ms. Nickford's personal account. From there, according to the BCSC, the money was used "to pay for her personal expenses, including food, clothing and rent payments, and Ms. Nickford "also withdrew a total of approximately $973,000 in cash from her personal account, using some or all of it, to gamble at casinos in the Vancouver area."