BCSC Archives - The Industry Spread

BCSC Settles Illegal Distribution Case Involving Nominee Director

The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a Nominee Director who was involved in a company that was illegally selling its shares. George Lay was a nominee director of Verico FS Capital Inc. (FS Capital), a B.C.-based company that raised $5.38 million from 35 investors between 2014 and 2017.

BCSC Reaches Settlement with Genus Capital Over Misuse of Soft Dollars

As part of the settlement, Genus, an investment management firm based in Vancouver, agreed to repay $1.67 million to current and former clients. All current clients will be repaid in the form of management fee credits; former clients will receive cash refunds. The firm also will pay $350,000 to the BCSC.

Securities Regulators Encourage Canadians to Help Identify and Stop Senior Financial Abuse

The Canadian Securities Administrators (CSA) is encouraging Canadians to be aware of the signs of financial abuse of seniors as part of World Elder Abuse Awareness Day (WEAAD) on June 15, 2019. Through a variety of online resources and activities across Canada, the CSA, its members and other senior-focused groups are highlighting the issue and the need to recognize, report and stop financial abuse of seniors.

Fraser Valley Man Penalized for Committing Fraud

A panel of the British Columbia Securities Commission (BCSC) has imposed a $350,000 administrative penalty on Fraser Valley Man William Wade Furman who deceived investors about his status as a registrant, his prior history of success in trading in securities and his use of investor funds.

B.C. Residents and Nevada-based Company Breached Cease Trade Order and Made Misrepresentations

A British Columbia Securities Commission (BCSC) panel has found that three B.C. residents and a Nevada-based green energy company breached a cease trade order of the BCSC and failed to tell investors about the existence of the order. 

ecoTECH (now known as Dong Fang Hui Le Inc.) and three of its top executives, Chief Executive Officer Colin V. Hall, Chief Financial Officer Rolf Eugster and Director Anne Sanders, sold $55,100 worth of securities in 2013 to 16 investors despite a cease trade order issued by the BCSC in 2012. In addition, they failed to tell investors about the order.

BCSC Panel Extends Temporary Orders

A British Columbia Securities Commission (BCSC) panel has extended temporary orders that were previously imposed on several individuals, companies and issuers in November 2018.

Investor Alert: High-Pressure Phone Calls for a B.C. Investment

The BCSC has recently learned that several vulnerable seniors in B.C. have been targeted by someone using high-pressure sales tactics, including daily phone calls, to encourage them to buy shares in CannaOne Technologies Inc. The caller, whose number appears on caller identification as coming from a 646 area code (New York), instructs people to buy a certain number of shares at a certain price, and tells them not to sell until they receive a follow-up phone call.

Canadian Securities Regulators Outline Next steps on the Development of an Integrated Information system

The Canadian Securities Administrators (CSA) today set out next steps for a new integrated information and filing system (the Renewed System) for Canada’s capital markets. The Renewed System will replace the System for Electronic Document Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI), the National Registration Database (NRD), and various local records filing systems.