In February, the BC Securities Commission (BCSC) issued one temporary order and one Investor Alert about a possible recovery room scheme directed at Morgan Dragon Development Corp. investors. The Mutual Fund Dealers Association (MFDA) released one decision relating to a BC resident. The Investment Industry Regulatory Organization of Canada did not release any decisions or settlements during February relating to BC residents.
You can find a summary of some of the recent matters below.
Last month, we published the CSA Enforcement Report with our colleagues from across Canada. If you are interested in BCSC enforcement cases over the past year, you can go to the concluded cases database on the CSA Enforcement report website, choose 2013, and search for BC as the province. If you do this, you will find that the BCSC concluded 12 enforcement cases last year. In the same database, you can choose to see particular types of cases from across the country. You can link to the actual decision or settlement for each individual case directly from the concluded cases database.
BCSC Temporary Order and Notice of Hearing – SPYru Inc., Paradox Distributors (1992) Ltd., Echo Partners Ltd., U-GO Brands Nutritional Products Inc., Peter David Harris, Lorne Neil Cire, Christopher Andrew Burke, Millard Michael Kwasnek, and Joseph Yvan JeanClaude Thibert (a.k.a. John Thibert)
The BCSC’s executive director issued a temporary order and notice of hearing against the respondents. The temporary order prohibits the respondents from participating in BC’s capital markets. On March 13, 2014, the Commission will decide whether to extend the temporary order until a hearing is held and a decision rendered. The allegations in the notice of hearing have not been proven.
A MFDA Hearing Panel permanently banned Rush from registration and fined him $90,000 after determining, amongst other things, that he engaged in securities related business outside the member firm.
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 three BCSC enforcement decisions and one notice of hearing. The roundup also contains […]