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News & Insights

Enforcement Roundup: July 2023

Wooden gavel atop a wooden desk with gold scales of justice representing BCSC's key focus of enforcement.
The Enforcement Roundup is a monthly summary of enforcement activities in British Columbia taken by securities regulators.

The July edition of the Enforcement Roundup covers recent enforcement news from the BC Securities Commission (BCSC) and the Canadian Investment Regulatory Organization (CIRO). It also includes four new additions to the Investment Caution List.

BCSC Enforcement

BCSC Orders and Decisions

Stock Social Inc., Kyle Alexander Johnston (CEO), ImagineAR Inc.  

A BC marketing company, Stock Social Inc., and its CEO must pay $50,000 and $25,000, respectively, for not adequately disclosing that the company distributed paid promotional material on behalf of five issuers.

A BCSC panel has also ordered one of those issuers, virtual reality production company, ImagineAR Inc., to pay $20,000 for failing to ensure that promotional material clearly disclosed that it was issued on its behalf.

Read the news release for full details.

BCSC Settlement Agreements

Todd David MacSween

A former Vancouver Island portfolio manager has agreed to pay $60,000 for steering clients into an unsuitable investment. As a portfolio manager with Fieldhouse Capital Management Inc., Qualicum Beach resident, MacSween was responsible for managing the Class M Global Macro Core Fund.

A BCSC compliance review of Fieldhouse in August 2021 revealed that 16 of MacSween’s clients invested approximately $4.3 million in Class M, even though the fund was too risky for them and unsuitable for their personal and financial circumstances.

As part of the settlement agreement, MacSween is prohibited for eight years from:

  • Becoming or acting as a registrant or promoter, and
  • Engaging in promotional activities by – or on behalf of – an issuer, security holder or party to a derivative, or another person that would benefit from such activity.

Read the news release for full details.

CIRO Enforcement

CIRO Settlement Agreements

Franceso Mauro aka Frank Mauro

Mauro admitted to failure in using due diligence to ensure that his investment recommendations were suitable for his client. The respondent has agreed to the following sanctions:

  • A fine in the amount of $30,000

Mauro also agreed to pay costs in the amount of $5,000.

Read the news release for full details.

BCSC Early Intervention

Investment Caution List

The BCSC publishes an Investment Caution List to notify British Columbians about unqualified investments and unregistered activity originating from outside of the province that accept BC residents as clients.

Below are the July additions to the Investment Caution List.


Alphas claims to be located in London, UK. It claims to offer trading services in stocks, crypto, commodities, indices, forex, metals, and NFTs.

Trade-X Foundation (TRXFO)

TRXFO claims to be located in London, UK. It claims to offer trading services in crypto, stocks, commodities, and currencies.

Alliance Swipe

Alliance Swipe claims to offer institutional and retail trading services to businesses and traders worldwide.

Frextrustinc Ltd.

Frextrustinc Ltd. claims to be a registered company in the United States and it also claims to offer investment plans for bitcoin trading.

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 by e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using the BCSC’s online complaint form.

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More Resources

Investment Caution List

Investment Caution List

The BCSC publishes a list of unregistered and unqualified investments being offered in British Columbia.

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