BC Securities Enforcement Roundup – May 2016

BC Securities Enforcement Roundup – May 2016

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 two BCSC enforcement decision and a reciprocal order relating to three individuals, as well as three Mutual Fund Dealers Association of Canada (MFDA) decisions.

For more detailed information on the cases listed below, click the links to view the news release.

BCSC Settlement Agreement – Teresa Kathleen de La Boursodière

In a settlement agreement with the BCSC, Boursodière admitted that she engaged in unregistered advising.

Boursodière has agreed to pay to the BCSC $7,500 in respect to the settlement of this matter. She is also prohibited from trading in securities (with limited exceptions) and from becoming or acting as an adviser for a period of three years.

BCSC Settlement Agreement – Kamaljeet Kaur Sumal

In a settlement agreement with the BCSC, Sumal admitted that she made false statements to a BCSC investigator during a compelled interview.

Sumal paid $5,000 to the BCSC, and agreed to be prohibited from becoming or acting as a director or officer of any issuer or registrant until the later of one year from the date of this agreement, and the date on which Sumal successfully completes a course on the responsibilities of officers and directors to the satisfaction of the Executive Director.

MFDA Decisions and Reasons – Russell Chang

An MFDA Hearing Panel has issued its decision and reasons following a penalty hearing in the matter of Chang.

Chang is facing sanctions prohibiting him from conducting securities related business in any capacity associated with an MFDA member for three years, and must pay a fine in the amount of $25,000 and costs in the amount of $2,500.

MFDA Settlement Agreement – Brian Blundell

An MFDA Hearing Panel accepted the settlement agreement with Blundell.

Blundell has paid a fine of $10,000, costs of $1,000, and in the future will comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder.

MFDA Reasons for Decision – Ronald Gibson

An MFDA Hearing Panel has issued its Reason for Decision related to the settlement agreement with Gibson.

Gibson has been ordered to pay a fine in the amount of $1,000 and costs in the amount of $2,500.

Access to more cases:

BCSC

Reciprocal Orders – Amy May Hanna-Rogerson, Gurpreet Singh Pawar, and David James Rogerson