In October, the BC Securities Commission (BCSC) issued one settlement agreement. The Mutual Fund Dealers Association of Canada (MFDA) issued one decision, and the Investment Industry Regulatory Organization of Canada (IIROC) issued one penalty decision and accepted one settlement agreement relating to BC residents.
You can find a summary of some of the recent matters below.
In the settlement agreement, Ramji agreed to pay $85,000 and was permanently banned from securities markets for acting contrary to the public interest when he concealed his ownership stake in a BC Over-the-Counter (OTC) reporting issuer prior to selling his shares.
Ramji admitted he participated in a scheme to conceal his ownership stake in Clean Power Concepts Inc. using offshore nominee accounts to conceal his identity and obtain undisclosed control of 16 per cent of Clean Power’s shares. Clean Power, a Nevada company, was a BC OTC reporting issuer during the material times.
An IIROC panel fined Ahrens $15,000 and ordered costs of $5,000. The panel also suspended Ahrens for 4-weeks from any activity requiring supervisory registration. The suspension must be completed by December 31, 2014. Ahrends must also re-write the Branch Manager’s course, or its equivalent, on or before December 31, 2014.
The panel imposed these sanctions after finding in an earlier decision, released in March 2014, that Ahrens failed to adequately supervise Doreen Lowe, a registrant. An IIROC panel found that Lowe had facilitated manipulative or suspicious trading activity in several client accounts.
A MFDA hearing panel imposed a 4½-year prohibition against Deming, who, in an agreed statement of facts, admitted to contravening MFDA rules. Deming engaged in securities related business that was not carried on for the account and through the facilities of Worldsource Financial Management Inc., for whom she worked as a mutual fund salesperson. This contravened MFDA rules. The panel also fined her $20,000 and ordered her to pay costs of $2,500.
Other IIROC matters
BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing. Where we are this month North Vancouver InvestRight seminar January 10, […]
On a gorgeous Saturday in central Surrey, the BCSC InvestRight team joined thousands of people celebrating Vaisakhi to help raise awareness about safe and suitable investing. Invited onto the stage at the RJ1200 radio station setup, I conducted a simple and fun contest with the crowd to give out some InvestRight travel mugs and a […]