Enforcement Roundup – November 2017
In this edition of the Enforcement Roundup, we cover two British Columbia Securities Commission (BCSC) panel decisions, two settlement agreements, and one notice of funds received. We also have one panel decision from the Mutual Fund Dealers Association of Canada (MFDA).
BCSC Panel Decisions
A BCSC panel fined and permanently banned Hable from B.C.’s capital markets for market manipulation and submitting false information to the BCSC.
The panel found that in February 2013, Hable carried out market manipulation in regards to the shares of Samaranta Mining Corporation, of which he was the executive vice president of mining and exploration during the relevant period. The panel also found Hable submitted a fabricated document to a BCSC investigator.
For his misconduct, Hable must pay the BCSC an administrative penalty of $400,000 and pay $157,596.96 in disgorgement. He is also permanently banned from B.C.’s capital markets.
A BCSC panel reciprocated the Alberta Securities Commission’s enforcement orders against Branconnier.
BCSC Settlement Agreements
In a settlement agreement, Brooks admitted that he traded on insider information.
For his misconduct, Brooks agreed to pay $140,000 to the BCSC. He is subject to several market bans for six months.
In a settlement agreement, Smith admitted he traded securities without registration and without an available exemption from registration. For his misconduct, Smith agreed to pay $25,000 to the BCSC.
BCSC Notice of Funds Received
In October 2013, a BCSC panel found that Mesidor committed fraud.
In January 2014, the panel ordered Mesidor to pay the BCSC the $16,000 he obtained as a result of his misconduct. On November 1, the BCSC gave notice that it received $5,714.51 pursuant to a panel order.
The BCSC encourages investors who lost money to Mesidor to submit their proof of claim no later than November 1, 2020. The form can be found here.
For more information on how the BCSC returns funds to investors, visit the BCSC’s Returning Funds to Investors page.
MFDA Panel Decision
In an agreed statement of facts, Romano admitted to contravening MFDA bylaws, rules, and policies by signing the signatures of two clients on three account forms and submitting the forms for processing. She also admitted to contraventions when she obtained, possessed, and used one pre-signed account form to process a transaction on behalf of one client.
The MFDA panel fined Romano $1,000 and ordered her to pay costs of $2,500. She is prohibited from conducting securities-related business in any capacity while in the employ of, or associated with, any MFDA Member for one month from the date of the order. Romano must also successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to being designated as a Branch Manager.
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 anonymous using BCSC’s online complaint form.