In Canada there is actually a new Law that has been implemented regarding the sale of houses, you see in the past if you went for an extended vacation say 6 month and someone came into your house used your phone, they could get a mortgage for the full amount of the house in your name or even worse sell your house, which use to be your problem even though the bank never took the necessary steps to ensure that you were the authentic owner.
At some point the government stepped in since so much fraud has taken place and this responsibility was placed on the banks. I think the government needs to step up and the same sort of responsibility should be placed on the banks when it comes to transferring millions of dollars into 100s of accounts, if they're foolish enough to allow this to happen they should be held liable first investigate how legitimate the transaction is. In this case the Transfer agent should have never issued unregistered Certs and should take responsibility for allow this form of fraud to occur, for not informing the authorities.
The same principal if you try to put over $10,000 in cash into your bank account they will let the police know about it. Surely most people don't carry that amount of cash in their wallet and if they do its not likely legal. Same principal applies to Certificates.
Lets get some legal perspective on this ?
I'm not a lawyer so if you can shed some light on this perhaps you are going to be helpful to the way our system should function.
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