He was unlicensed, although he operated this way for 25 years I double checked with the AMF and the IDA after reading the article and can confirm he was an unlicensed financial adviser....those investors did not do the minimum amount of due diligence and in my opinion just gave their monies to him blindly....typical ponzi scheme consistent returns and no losses which is impossible, even Warren Buffet had his portfolios reduced by 30% last year and this guy didn't...gotta wonder...