In July 2013, the BCSC released one sanction decision and one notice of hearing. The Commission also issued an Investor Alert on Hines Aircraft Ltd. The MFDA released one settlement agreement in July 2013 relating to a BC resident. IIROC released no decisions in July 2013 relating to BC residents.
Below is a summary of one of the July 2013 enforcement cases.
A BCSC panel banned both Marlatt and Minor from the province’s capital markets for five years, subject to limited exceptions. The panel noted several mitigating factors in reaching its penalty decision, including that the respondents obtained counsel and met with commission staff with a view to addressing PVT’s compliance issues. The panel made no orders against PVT because it was bankrupt and dormant.
In July 2012, a BCSC panel found that Marlatt, Minor and PVT contravened securities laws by selling approximately $3.6 million in PVT shares to over 270 investors without complying with the registration and prospectus requirements of BC’s securities laws.
Access to more cases
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In September 2013, BC Securities Commission panels released three decisions – two enforcement decisions, and one review of a Mutual Fund Dealers Association decision (MFDA). There were also three concluded cases s from self-regulatory organizations – a liability decision and a settlement from the Investment Industry Regulatory Organization of Canada (IIROC), and a penalty decision […]