In this edition of the Enforcement Roundup, we discuss enforcement activities from the BC Securities Commission (BCSC) and additions to the Investment Caution List. We also highlight two enforcement decisions from the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC).
BCSC Enforcement
BCSC Settlement Agreements
Gregory Paul James Cameron, Wah Bo Chew, Matthew Evans Cameron, Chartwell Asset Management Inc.
As part of a settlement agreement with the BCSC, Gregory Cameron, Chew, Matthew Cameron, and Chartwell Asset Management Inc. are prohibited from participating in various market activities. They must pay a combined $210,000.
Chew and Matthew Cameron will also be subject to supervision during any periods for which they are registered under the Securities Act. This registration condition will apply until they have been registered cumulatively for a total of four or three years respectively.
The BCSC had issued a Notice of Hearing against Chartwell, Gregory Cameron, Chew and Matthew Cameron in December 2020, but they settled before the hearing began.
Read the news release for full details.
MFDA Enforcement
MFDA Settlement Agreements
Milne, who carried on business in Surrey, British Columbia, admitted that between February 2015 and February 2019, he obtained and possessed 60 pre-signed account forms in respect of 33 clients, contrary to the MFDA Standard of Conduct rule. In addition, between 2015 and 2019, he falsely represented to the member on its annual compliance confirmations that he did not accept, solicit, or maintain any pre-signed account forms.
As a result, Milne must pay a $22,500 fine and $2,500 in costs, and shall comply with the contravened rule in the future.
Read the news release for full details.
IIROC Enforcement
IIROC Sanctions
An IIROC hearing panel found that Movassaghi falsified client signatures on account documentation and misled IIROC enforcement staff in sworn interviews. As a result of the misconduct, the hearing panel imposed the following penalty on Movassaghi:
- Fine of $50,000 for the forgeries
- Fine of $50,000 for misleading IIROC
- Costs in the amount of $60,000
- Permanent ban on any registration with IIROC
The violations occurred while he was a registered representative with the Vancouver branch of Harbourfront Wealth Management Inc.. Movassaghi is no longer a registrant with an IIROC regulated firm.
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 March additions to the Investment Caution List.
Cryptoelle (a.k.a. Best-Invested LTD) claims to be based in the United Kingdom and it claims to offer investment packages with different rates of return.
Pooling Profit claims to be an investment company based in Canada and it claims to offer investment packages with different rates of return.
Nexus Markets LLC claims to be based in St. Vincent and the Grenadines and it also claims to offer an online cryptocurrency trading platform.
TC.Crypto claims to be based in St. Vincent and the Grenadines and it also claims to offer an online cryptocurrency trading platform.
TC Bridge Corp. claims to be registered in Accra, Ghana. It claims to offer accounts for trading in forex and CFDs on precious metals, commodities, indices, stocks and cryptocurrencies.
AroxCapital claims to be located in the United Kingdom and it also claims to offer accounts for trading in forex, indices, commodities, stocks and cryptocurrencies.
AOFEX-PRO claims to offer an online cryptocurrency trading platform.
Eliteforexlegaltrade claims to be based in Los Angeles, California and it claims to offer investment packages with different rates of return.
Secure Deal Crypto claims to have offices in New York and it claims to offer crypto investment packages with different rates of return.
Sunbitproa claims to offer an online cryptocurrency trading platform.
Cexiocrypto claims to be located in the United Kingdom and it also claims to offer investment plans for crypto trading and mining.
AbsoluteFXoptions247 claims to be based in the United Kingdom and it claims to offer crypto investment plans with different rates of return.
Capitalplus claims to offer accounts for trading in cryptocurrencies.
Crypto Trading Association claims to be located in St Vincent and the Grenadines and it also claims to offer accounts for trading in CFDs on stocks, currencies, indices and commodities.
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.
