Enforcement Roundup: August 2021

The August 2021 edition of the Enforcement Roundup features enforcement decisions from the British Columbia Securities Commission (BCSC), the Mutual Fund Dealers Association of Canada (MFDA), and the Investment Industry Regulatory Organization of Canada (IIROC).

BCSC Enforcement

BCSC Panel Decision

Forum National Investments Ltd., Daniel Clozza

The BCSC panel found there was insufficient evidence to prove that Forum National Investments Ltd. or its Chief Executive Officer, Daniel Clozza, committed misconduct in 2012 as alleged by the BCSC in an Amended Notice of Hearing.

As a result, the panel has dismissed allegations that Clozza and Forum National Investments Ltd. committed market manipulation. The panel also dismissed allegations that Clozza had made false or misleading statements to the BCSC in a sworn affidavit due to lack of evidence.

Read the news release for full details.

News Release

MFDA Enforcement

MFDA Settlement Agreements

Natasha Maureen Goodison (a.k.a. Natasha Maureen Johal)

Goodison, who conducted business out of the Gibsons, BC area, admitted that between approximately January 2016 and April 2016 she misappropriated $7,000 obtained from one client, contrary to the MFDA Standard of Conduct rule.

As part of the settlement, Goodison must pay a $7,500 fine and $5,000 in costs. She is also permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any member of the MFDA.

Read the news release for full details.

News Release

MFDA Sanctions

Matthew Elliott de Haan

De Haan, who conducted business out of the City of Abbotsford, BC area, admitted to contravening the member’s policies and procedures and various MFDA’s rules.

As a result, De Hann must pay a $15,000 fine and 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 five years.

Read the news release for full details.

News Release

IIROC Enforcement

IIROC Settlement Agreements

Kamal Lidder

Lidder admitted he engaged in discretionary trading in several clients’ accounts and distributed sales and marketing materials to his clients, which his firm did not approve.

As part of the settlement, Lidder agreed to pay a $15,000 fine and $2,000 in costs.

The conduct occurred while he was a registered representative with the Vancouver branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Kamal Lidder is currently in the industry in a registered capacity with the Vancouver branch of Canaccord Genuity Corp.

Read the news release for full details.

News Release

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 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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More Resources

Understand Registration

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

Identify Misconduct

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