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BC Securities Enforcement Roundup – March 2013

In March 2013, the BCSC released one settlement decision. The Commission also issued an Investor Alert on Profitable Sunrise and another on high-yield investment programs.

BCSC Settlement Agreement – Symmetry 2 Mortgage Investment Corporation 

Symmetry 2 Mortgage Investment Corporation admitted in a settlement agreement that it failed to meet its regulatory filing obligations and illegally distributed securities. From 2003 to 2011, Symmetry distributed securities with a value of approximately $13.9 million to 126 investors without filing the required exempt distribution reports.

Of the claimed exemptions, all were applicable except for seven investors (accounting for $550,460) who were offered rescission.

Symmetry agreed to pay $10,000 to the commission after cooperating fully with commission staff.  Symmetry had no prior regulatory or disciplinary history.

IIROC’s Enforcement Report

Last month, IIROC published its Enforcement Report for 2012, which highlights its work of enforcing IIROC’s member conduct and market integrity rules.

This inaugural report provided a high-level overview of IIROC’s role in domestic securities regulation and enforcement. It outlines IIROC’s strategic enforcement priorities and initiatives and provides summaries of its most noteworthy cases illustrating IIROC’s focus on cases involving seniors and suitability.

In addition to the news release linked above, the report’s homepage contains a video highlighting IIROC’s enforcement efforts, and a graphical representation of the investigations and prosecution numbers in each province. You will also find the full report and a link to an enforcement statistics page.

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