Every month we release an Enforcement Roundup blog that highlights all of the notable securities law decisions related to BC residents in the previous month. We cover our completed 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 British Columbia Securities Commission (BCSC) enforcement decision, one notice of hearing, and a news release relating to reciprocal orders against 13 individuals. The BCSC also issued an Investor Alert. The enforcement Roundup also contains one Investment Industry Regulatory Organization of Canada (IIROC) settlement.
A BCSC panel has found that Rodney John Snider assisted in selling illegally distributed securities to four BC residents for proceeds of $21,000. The securities were promissory notes to Flag Resources (1985) Limited, an Alberta-incorporated mining company that was the subject of a cease trade order. The panel determined that Snider referred investors to a director of Flag Resources.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
In a settlement agreement with the BCSC’s Executive Director, Callaghan admitted that he breached the National Mining Rule (NI43-101) in connection with disclosure relating to Barkerville Gold Mines Ltd. For his misconduct, Callaghan agreed to a one-year market ban and undertook to pay $30,000 to the BCSC.
In the approved settlement agreement, Stefaniuk admitted that he made discretionary and unauthorized trades in a client’s account and misrepresented the existence of a client’s trading instructions on trade tickets to his firm.
In the approved settlement agreement, Stefaniuk agreed to a two-year ban from registration in any capacity from IIROC, strict supervision for two years, and rewriting an exam before re-registration with IIROC. As part of the agreement, Stefaniuk agreed to a fine in the amount of $35,000.
Access to more cases:
Reciprocal Orders – Howard Blumenfeld , Ronald Theodore Cloutier, John Colonna, Victor George DeLaet, John Douglas Lee Mason, Dennis Morice, Eric F. O’Brien, Nicholas David Reeves, Pasquale Schiavone, Gary Sorenson, Dale Edward Joseph St. Jean, Gregory Dennis Tindall, and Steven Vincent Weeres
In July, the BC Securities Commission (BCSC) issued seven notices of hearing and seven enforcement decisions. The Investment Industry Regulatory Organization of Canada (IIROC) released one enforcement decision and three settlement agreements relating to BC residents. The Mutual Fund Dealers Association (MFDA) did not release any decisions or settlement agreements during July relating to BC […]