May 06, 2016 12:00 am | Author: investright
Every month we release an Enforcement Roundup. We cover
British Columbia Securities Commission (BCSC) regulatory cases and report on
other self-regulatory organizations’ decisions when pertinent. From time-to-time,
we also cover criminal cases related to our decisions or investigations.
This Enforcement Roundup contains one BCSC enforcement
decision and one notice of hearing, as well as two Mutual Fund Dealers
Association of Canada (MFDA) decisions.
For more detailed information on the cases listed below,
click the links to view the news release.
A BCSC panel found that Jardine breached a settlement order
prohibiting him from being a director or officer of any issuer by acting as a
de facto director of Claridge Ventures Inc., a mining company quoted on the
Over-the-Counter (OTC) market in the United States.
The panel ordered that Jardine pay a fine of $40,000 and
resign any position he holds as a director or officer of any issuer. The panel
also ordered that Jardine be prohibited from BC’s capital markets for a period
of seven years.
The decision notes that the parties submitted joint
settlement recommendations on sanctions, which the panel found to be in the
public interest. The BCSC’s Executive Director has discontinued proceedings
A MFDA Hearing Panel has issued its Reasons for Decision
confirming the sanctions imposed on Husain.
Husain must pay a fine in the amount of $2,500, costs in the
amount of $5,000, and shall pay the above noted fine and costs by June 15,
A MFDA Hearing Panel approved the settlement agreement
between the MFDA and Lisborg.
Lisborg is prohibited from conducting securities related
business in any capacity for a period of three months, must pay a fine in the
amount of $40,000, must pay costs in the amount of $2,500, and in the future
must comply with all MFDA By-laws.
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