Irving Russell Gerstein, CMOOnt (born February 10, 1941) is a Canadian businessman, politician, and a former Conservative member of the Senate of Canada. He was appointed on the advice of Stephen Harper to the Senate on January 2, 2009, and retired on February 10, 2016, upon reaching the mandatory retirement age of 75.[1]
The son of Bertrand and Reva Gerstein, Gerstein was made a member of the Order of Canada in recognition for being a "respected businessman and a loyal and diligent volunteer and philanthropist" in 1999.[2] In 2002, he was awarded the Order of Ontario.[3]
Gerstein is best known for his time as president of Peoples Jewellers. He led the Peoples takeover of Zale Corporation in 1986 and then Zale's takeover of Gordon Jewelry in 1989. By 1990, he headed the world’s largest jewelry retail empire.
He is or has served as a director of Atlantic Power Corporation, Medical Facilities Corporation, Student Transportation of America, Economic Investment Trust, CTV Inc., Traders Group Limited, Guaranty Trust Company of Canada, Confederation Life Insurance, and Scott’s Hospitality.
On February 23, 2011, Irving Gerstein was charged, along with Senator Doug Finley, with violations of the Canada Elections Act. Elections Canada alleged that Irving Gerstein was complicit in a scheme that involved filing false tax claims and exceeding federal spending limits on campaign advertisements. If found guilty, Gerstein would have faced up to a year in prison and fines exceeding $25,000;[5] however, the charges were dropped after the Conservative party agreed to pay a $52,000 fine.[4]
Gerstein was the chair of the Senate’s Standing Committee on Banking, Trade and Commerce which authored the 2013 report entitled Follow the Money: Is Canada Making Progress in Combatting the Money Laundering and Terrorist Financing? Not Really. The report cautioned that in spite of considerable resources expended, "there is a lack of clear and compelling evidence that Canada’s regime is leading to the detection and deterrence of money laundering." The Senate also expressed concern that "Given that multinational financial institutions have recently been implicated in money laundering and terrorist financing, the Committee is concerned about non-compliance with the Act by reporting entities." The annual value of money laundering in Canada in 2011 was between $5 billion and $15 billion. Globally the annual value of global money laundering is between US$800 billion and US$2 trillion.[6]
In June 2015 the same committee released a Senate report urging only light regulation of the digital currency Bitcoin. [7]
Referencesedit
^"Senators - Detailed Information". Parliament of Canada. Retrieved 2008-12-23.
^. Archived from the original on 2009-06-28. Retrieved 2008-12-23.
^ ab John Geddes; Paul Wells; Jonathon Gatehouse; Julie Smyth; Aaron Wherry; Michael Petrou (27 November 2012). "The 25 most important people in Ottawa: The Maclean's 2012 power list". Maclean's.
^"Tory party, 2 senators face election charges". CBC News. February 25, 2011. Retrieved 2011-03-03.
^ Senate’s Committee on Banking, Trade and Commerce (March 2013). Follow the Money: Is Canada Making Progress in Combatting the Money Laundering and Terrorist Financing? Not Really (PDF) (Report).
^ Digital Currency: You Can't Flip this Coin! (PDF). Parliament of Canada (Report). Standing Senate Committee on Banking, Trade and Commerce. Retrieved 25 June 2015.
External linksedit
Irving Gerstein – Parliament of Canada biography
April 18, 2024
irving, gerstein, irving, russell, gerstein, oont, born, february, 1941, canadian, businessman, politician, former, conservative, member, senate, canada, appointed, advice, stephen, harper, senate, january, 2009, retired, february, 2016, upon, reaching, mandat. Irving Russell Gerstein CM OOnt born February 10 1941 is a Canadian businessman politician and a former Conservative member of the Senate of Canada He was appointed on the advice of Stephen Harper to the Senate on January 2 2009 and retired on February 10 2016 upon reaching the mandatory retirement age of 75 1 The HonourableIrving GersteinSenator from OntarioIn office January 2 2009 February 10 2016Personal detailsBornIrving Russell Gerstein 1941 02 10 February 10 1941 age 83 Toronto Ontario CanadaPolitical partyConservative Party of CanadaAlma materWharton School of the University of PennsylvaniaProfessionBusinessmanBiography editThe son of Bertrand and Reva Gerstein Gerstein was made a member of the Order of Canada in recognition for being a respected businessman and a loyal and diligent volunteer and philanthropist in 1999 2 In 2002 he was awarded the Order of Ontario 3 Gerstein is best known for his time as president of Peoples Jewellers He led the Peoples takeover of Zale Corporation in 1986 and then Zale s takeover of Gordon Jewelry in 1989 By 1990 he headed the world s largest jewelry retail empire He is or has served as a director of Atlantic Power Corporation Medical Facilities Corporation Student Transportation of America Economic Investment Trust CTV Inc Traders Group Limited Guaranty Trust Company of Canada Confederation Life Insurance and Scott s Hospitality Gerstein is an honorary director of Mount Sinai Hospital Toronto where he previously served as chairman of the board chairman emeritus and director He is also a director of the Canadian Institute for Advanced Research He is a long time political fundraiser for the Progressive Conservative Party and now the Conservative Party of Canada 4 Gerstein received his BSc in economics from the Wharton School of the University of Pennsylvania On February 23 2011 Irving Gerstein was charged along with Senator Doug Finley with violations of the Canada Elections Act Elections Canada alleged that Irving Gerstein was complicit in a scheme that involved filing false tax claims and exceeding federal spending limits on campaign advertisements If found guilty Gerstein would have faced up to a year in prison and fines exceeding 25 000 5 however the charges were dropped after the Conservative party agreed to pay a 52 000 fine 4 Gerstein was the chair of the Senate s Standing Committee on Banking Trade and Commerce which authored the 2013 report entitled Follow the Money Is Canada Making Progress in Combatting the Money Laundering and Terrorist Financing Not Really The report cautioned that in spite of considerable resources expended there is a lack of clear and compelling evidence that Canada s regime is leading to the detection and deterrence of money laundering The Senate also expressed concern that Given that multinational financial institutions have recently been implicated in money laundering and terrorist financing the Committee is concerned about non compliance with the Act by reporting entities The annual value of money laundering in Canada in 2011 was between 5 billion and 15 billion Globally the annual value of global money laundering is between US 800 billion and US 2 trillion 6 In June 2015 the same committee released a Senate report urging only light regulation of the digital currency Bitcoin 7 References edit Senators Detailed Information Parliament of Canada Retrieved 2008 12 23 Order of Canada citation Order of Ontario recipients Archived from the original on 2009 06 28 Retrieved 2008 12 23 a b John Geddes Paul Wells Jonathon Gatehouse Julie Smyth Aaron Wherry Michael Petrou 27 November 2012 The 25 most important people in Ottawa The Maclean s 2012 power list Maclean s Tory party 2 senators face election charges CBC News February 25 2011 Retrieved 2011 03 03 Senate s Committee on Banking Trade and Commerce March 2013 Follow the Money Is Canada Making Progress in Combatting the Money Laundering and Terrorist Financing Not Really PDF Report Digital Currency You Can t Flip this Coin PDF Parliament of Canada Report Standing Senate Committee on Banking Trade and Commerce Retrieved 25 June 2015 External links editIrving Gerstein Parliament of Canada biography Retrieved from https en wikipedia org w index php title Irving Gerstein amp oldid 1201090395, wikipedia, wiki, book, books, library,
