Every month we release an Enforcement Roundup. We cover British Columbia Securities Commission (BCSC) regulatory cases and report on other self-regulatory organizations’ decisions when pertinent. From time-to-time, we also cover criminal cases related to our decisions or investigations.
This Enforcement Roundup contains one BCSC enforcement decision and one notice of hearing, as well as two Mutual Fund Dealers Association of Canada (MFDA) decisions.
For more detailed information on the cases listed below, click the links to view the news release.
A BCSC panel found that Jardine breached a settlement order prohibiting him from being a director or officer of any issuer by acting as a de facto director of Claridge Ventures Inc., a mining company quoted on the Over-the-Counter (OTC) market in the United States.
The panel ordered that Jardine pay a fine of $40,000 and resign any position he holds as a director or officer of any issuer. The panel also ordered that Jardine be prohibited from BC’s capital markets for a period of seven years.
The decision notes that the parties submitted joint settlement recommendations on sanctions, which the panel found to be in the public interest. The BCSC’s Executive Director has discontinued proceedings against Claridge.
A MFDA Hearing Panel has issued its Reasons for Decision confirming the sanctions imposed on Husain.
Husain must pay a fine in the amount of $2,500, costs in the amount of $5,000, and shall pay the above noted fine and costs by June 15, 2016.
A MFDA Hearing Panel approved the settlement agreement between the MFDA and Lisborg.
Lisborg is prohibited from conducting securities related business in any capacity for a period of three months, must pay a fine in the amount of $40,000, must pay costs in the amount of $2,500, and in the future must comply with all MFDA By-laws.
Access to more cases:
In November, the BC Securities Commission (BCSC) issued one settlement agreement, four enforcement decisions, and one notice of hearing. The Mutual Fund Dealers Association of Canada (MFDA) issued one decision relating to a BC resident. The Investment Industry Regulatory Organization of Canada (IIROC) accepted one settlement agreement relating to BC residents. You can find a […]
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