In the November edition of the Enforcement Roundup, we discuss one finding and three enforcement actions from the BC Securities Commission (BCSC), and additions to the Investment Caution List.
Dunn, a West Vancouver resident, violated a BCSC order by acting as a director of two companies and failed to disclose his enforcement history while raising money from investors, a BCSC panel has ruled.
Dunn had signed a settlement agreement with the BCSC in March 2016 for unregistered trading and illegal distribution of securities in connection with investments he raised for a seniors housing complex in Creston. The order prohibited Dunn for two years from, among other things, becoming or acting as a director or officer of any issuer or registrant unless he owned all of the shares.
BCSC Criminal Charges
Panyavong, a former Surrey resident who misused investor funds, has pleaded guilty to theft and using forged documents.
Panyavong was sentenced in B.C. Provincial Court in Surrey to 18 months of probation after receiving credit for 15 days of time served in jail. He also must pay $30,000 in restitution to the victim.
Sheikh, a former resident of Surrey, is charged with one count of fraud over $5,000. This Criminal Code charge relates to misconduct that allegedly took place in B.C. from 2015 to 2017. Sheikh was arrested after a warrant was issued in connection with the fraud charge.
On November 15, Sheikh was released on numerous conditions and $100,000 cash bail. He must abide by a curfew at his residence in Ontario and surrender all travel documents. He is prohibited from leaving Canada; contacting the alleged victim in this case; selling, promoting, buying, trading or distributing securities; and engaging in any investor relations activities, among other conditions.
Rochefort pleaded guilty to misappropriating investors’ funds to pay for his own personal expenses and cash withdrawals.
Rochefort pleaded guilty on November 7 in B.C. Provincial Court in Victoria to four counts of theft over $5,000. As part of his plea, he must serve a conditional sentence of nearly two years and must pay approximately $77,000 in restitution to five victims. Rochefort’s conditional sentence will be served under house arrest and a curfew.
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 B.C. residents as clients.
Below are seven additions to the Investment Caution List in November 2022.
Trade Union claims to be located in the Commonwealth of Dominica and it also claims to offer accounts for trading in forex, commodities, stocks and indices.
Investments Global claims to offer accounts for trading in forex and other financial assets.
5Markets claims to be located in the St. Vincent and the Grenadines and it also claims to offer accounts for trading in forex, commodities, stocks and indices.
TradeAllianceLP claims to be located in the United Kingdom and it also claims to offer accounts for trading in CFD, forex, commodities, cryptocurrencies, stocks and indices.
Olympus4X claims to be located in Switzerland and it also claims to offer accounts for trading in forex, stocks, indices and cryptocurrencies.
Prime Coin claims to offer accounts for trading in forex, commodities, cryptocurrencies, stocks and indices.
DiamondTrades claims to be located in the United Kingdom and it also claims to offer investment plans for cryptocurrency trading.
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 by e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using the BCSC’s online complaint form.