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Enforcement Roundup: February 2021

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

The February edition of the Enforcement Roundup includes two investor alerts, two enforcement actions from the BC Securities Commission (BCSC), and one enforcement action from the Mutual Fund Dealers Association of Canada (MFDA).

BCSC Enforcement

BCSC Settlement Agreement

Shayne William Sharma

Sharma, who promised investors a 25 per cent return and then used their money to gamble, has promised to repay them under a settlement with the BCSC.

Under the settlement agreement, Sharma must also pay $25,000 to the BCSC after paying back the investors in full, and is permanently banned from the capital markets.

Read the news release for full details of the case and settlement agreement.

News Release

BCSC Decision

Tim Johnston, Desert Lion Energy Inc.

A BCSC panel has dismissed Johnston’s request to set aside conditions imposed on him by the TSX Venture Exchange (TSX-V). Johnston is the former CEO of Desert Lion.

The panel concluded that the TSX-V had the jurisdiction to issue the decision and that there is no proper basis for the Commission to interfere with it.

Read the news release for full details.

News Release

Investor Alerts

BCSC Investor Alert

Exercise Caution During Stock Price Volatility

The BCSC is urging investors to exercise caution when buying or selling stocks experiencing extreme price volatility.

Read the investor alert for full details.

Investor Alert

CSA Investor Alert

Canadian Securities Regulators Warn Public About Trading Scam Using Fake Accreditation

The CSA is warning the public about a trading scam advertised under the name of Mercury Crypto Invest.

Read the investor alert for full details.

MFDA Enforcement

MFDA Settlement Agreement

Cindy Makonin

Makonin, who conducted business out of the Chilliwack, BC area, admitted to contravening the MFDA’s Standard of Conduct Rule.

Makonin must pay a $7,500 fine and $2,500 in costs. She is also prohibited from conducting securities related business in any capacity while in the employ or associated with any MFDA Member for five months.

Read the news release for full details.

Report a Concern

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Contact Centre 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 the BCSC’s online complaint form.

InvestRight.org is the BC Securities Commission’s investor education website. Subscribe to receive email updates from BCSC InvestRight.

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