March’s edition of the Enforcement Roundup includes two British Columbia Securities Commission (BCSC) settlement agreements, and one investor alert. We also address an investor alert from the Canadian Securities Administrators (CSA), one settlement agreement from the Mutual Fund Dealers Association of Canada (MFDA), and one settlement agreement from the Investment Industry Regulatory Organization of Canada (IIROC).
BCSC Investor Alert
The BCSC is warning the public about potentially fraudulent ads by companies offering opportunities to work from home as securities traders during the COVID-19 pandemic.
Click below to read the full details about the investor alert.
CSA Investor Alert
The CSA is warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection.
A common way they do this is through pump-and-dump schemes involving publicly traded small “shell” companies.
Learn more about this investor alert by clicking below.
The BCSC has reached a settlement agreement with Bains and his company Firethorn, for unregistered activity and making a false or misleading statement.
As part of the settlement, Bains has agreed to pay $20,000, and Firethorn has agreed to pay $10,000, to the BCSC.
Neither Bains nor Firethorn has a history of regulatory misconduct in Canada and both admitted to their misconduct before the BCSC issued a Notice of Hearing.
Read the news release for more details.
The BCSC has reached a settlement agreement with Dunn and his former B.C. company for market manipulation.
Dunn has agreed to pay $35,000 to the BCSC. He is also prohibited for five years from various securities market activities.
Read the full news release for more details.
As part of the settlement agreement, Driver admitted that he accepted trading instructions without written authorization from the client of an account and that he failed to disclose confidential information about a security to his firm before trading it. The violations occurred while he was a registered representative in Vancouver.
Driver agreed to pay a $20,000 fine, and $1,500 in costs. He has also been suspended from approval in any capacity for 30 days, beginning March 9, 2020.
View the news release for more details.
In the settlement agreement, Minervia admitted to contravening an MFDA rule while conducting business in the Maple Ridge, B.C. area.
An MFDA Hearing Panel imposed sanctions on Minervia, including a $1,000 fine and $2,500 in costs. Minervia must also comply with the rule she contravened.
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.
In March, the BC Securities Commission (BCSC) issued three enforcement decisions and one settlement agreement. The Investment Industry Regulatory Organization of Canada (IIROC) released one settlement agreement relating to a BC resident. The Mutual Fund Dealers Association (MFDA) did not release any decisions or settlement agreements during March relating to BC residents. You can find […]