Enforcement Roundup: April 2022

In this edition of the Enforcement Roundup, we discuss an enforcement decision from the British Columbia Securities Commission (BCSC) and additions to the Investment Caution List. We also highlight two enforcement decisions from the Mutual Fund Dealers Association of Canada (MFDA).

BCSC Enforcement

BCSC Findings

QcX Gold Corp. (formerly First Mexican Gold Corp.), James Arthur Robert Voisin, and John Charles Archibald

A BCSC panel has found that mineral exploration company QcX Gold Corp., Voisin, and Archibald made false or misleading statements. The panel also found that Voisin, the company’s former president and CEO, committed illegal insider trading.

The panel will consider imposing sanctions on QcX, Voisin, Archibald and after submissions from BCSC staff and the respondents.

Read the news release for full details.

News Release

MFDA Enforcement

MFDA Settlement Agreements

Xiao Feng Xin

In the settlement agreement, Xin admitted to contravening various MFDA rules whilst he carried on business in New Westminster, B.C. The contraventions took place in May 2018.

Xin is prohibited from conducting securities-related business in any capacity while in the employ of or associated with any MFDA member for a period of one year, commencing April 13, 2022. He must also pay a $10,000 fine, $5,000 in costs, and shall comply with the contravened MFDA rules in the future.

Read the news release for full details.

News Release

Yeram Kwak

Kwak, who conducted business in Surrey, B.C. , admitted to contravening an MFDA rule when she signed a client’s signature on two account forms and submitted them to the MFDA member for processing.

Kwak must pay a fine of $11,000 and $2,500 in costs.

Read the news release for full details.

News Release

BCSC Early Intervention

Investment Caution List

The BCSC publishes an Investment Caution List to notify British Columbians about unqualified investments and unregistered activity originating from outside of the province that accept BC residents as clients.

Below are the April 2022 additions to the Investment Caution List.

BitXF claims to offer an online cryptocurrency trading platform.

Basel Capital Markets claims to be based in Cyprus and it claims to offer accounts for trading in forex, stocks, commodities and crypto currencies.

HKICTC claims to have offices in United States, Japan, South Korea, Malaysia, Hong Kong, Taiwan and other countries. It also claims to offer an online cryptocurrency trading platform.

FavorTrades claims to be located in St. Vincent and the Grenadines and it also claims to offer accounts for trading in forex, CFDs, indices, commodities and cryptocurrencies.

CryptSaveFx claims to be located in the United States and it also claims to offer investment plans for Bitcoin and gold.

Tradingfxsetup claims to be located in the United States and it also claims to offer investment plans for forex and cryptocurrency trading.

Hometradecryto.com claims to be located in the United States and it also claims to offer investment plans for forex, crypto trading and mining.

Prive Links Inc. claims to offer crypto trading plans with different rates of return.

PrimeOakmont claims to offer accounts for trading in cryptocurrencies.

WeTrade claims to be located in Canada. It also claims to offer an online cryptocurrency trading platform.

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using the BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.

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The Enforcement Roundup is a monthly summary of enforcement activities in British Columbia taken by securities regulators.

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The Enforcement Roundup is a monthly summary of enforcement activities in British Columbia taken by securities regulators.