In September 2012, the BC Securities Commission issued one notice of hearing and announced a Supreme Court of Canada decision upholding a commission decision.  BCSC staff also added three companies to the Investment Caution List.

During September 2012, neither IIROC nor the MFDA released any decisions against registered individuals in BC.

Supreme Court of Canada Decision – Kegham Kevin Torudag 

The Supreme Court of Canada dismissed Kegham Kevin Torudag’s application for leave to appeal a November 2011 decision of the British Columbia Court of Appeal, which upheld a British Columbia Securities Commission decision that he engaged in illegal insider trading.

The Court of Appeal upheld the commission’s view that because the BCSC regulates the Venture Exchange, they can prosecute illegal insider trading on the Venture Exchange. In effect, anyone who trades on the Venture Exchange, regardless of their location, is subject to the Securities Act.

At the original hearing, Torudag claimed he was not subject to the BCSC’s jurisdiction or the Securities Act because he was not in BC when he conducted the trades. The panel disagreed.

More cases:

Notice of hearing: Jeffrey Karl Wiegel and Michael Jerome Knight

Investment Caution List – Ocean International Ltd., Manhattan Capital Corp., and Wealth Capital Corp.

On September 4, BCSC Staff added three names to the Investment Caution List that were temporarily cease traded by the Saskatchewan Financial Services Commission.

The SFSC issued the order against Ocean International Ltd., Manhattan Capital Corp., and Wealth International Corp., after receiving complaints from Saskatchewan residents who were solicited to invest with two of the companies.

The BCSC is also aware of one BC resident that Ocean International solicited to invest.

All three companies have the same office address and telephone number, and identical webpages. None of these three entities are registered in BC to trade in, or advise on, securities or exchange contracts.

We urge BC residents to exercise caution when dealing with firms that are not registered to trade in or advise in BC.

Send us your comments

If you like this post or have changes to suggest, let us know by sending in a comment.

Suggested Reading

In Your Community - April 2013

Norex Trade Advisors and Fortress Global Markets added to ICL

New fee disclosure required for mutual funds, scholarship plans, and other securities

More Resources

Planning Your Financial Future With a Partner

Tips on how to talk about finances with your partner, and information about spousal RRSPs.

IFRS Part 3: First Quarter Financial Reports

Over the past couple of weeks, we have discussed some things investors should be aware of regarding the changeover to International Financial Reporting Standards (IFRS) in Canada. In our previous two posts (Introduction to IFRS for investors and Changes in financial statement terminology), we said that IFRS would apply to most Canadian public companies for […]