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June 07, 2013 12:00 am | Author: investright

 

In May 2013, the BCSC released two settlement agreements and four notices of hearing. Neither IIROC nor the MFDA released any decisions in May 2013 relating to BC residents

 

Below is a summary of a few of the May 2013 enforcement cases.

 

BCSC Settlement Agreement – Scotia Securities Inc.  

Scotia admitted in a settlement agreement that it traded securities of companies subject to BC cease trade orders or halt trade orders after it had received timely notification of the orders. Scotia conceded that it (or its predecessor) failed to identify and block execution of these trades for a variety of reasons.

 

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Scotia self-reported many of the breaches, and cooperated with commission staff in their review of the company’s conduct. Scotia paid $65,000 to the BCSC. 

 

BCSC Settlement Agreement – Daljinder Nagra  

Nagra admitted that he illegally sold securities in Saafnet Canada Inc., a company doing business as AlphaShield Co. Saafnet never made any filings with the BCSC and was unable to rely on exemptions in distributing securities to investors. Nagra introduced seven individuals to Saafnet and they invested over $450,000.

 

The settlement agreement noted that Nagra invested money himself and lost his entire investment.  Nagra also voluntarily compensated two of the investors. 

 

Nagra paid $7,500 to the BCSC and will take the officers and directors course within one year. Under the agreement, Nagra is banned, with limited exceptions, from BC’s capital market for five years.   

 

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Access to more cases 

 

BCSC  

 

Notice of hearing: Lance McManne, Orbuttron Ltd., and Orbuttron Sound Waves II Ltd.  

 

Notice of hearing: Daveed Zarr (a.k.a. Asi Lalky) and Zarr Energy Corporation  

 

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Notice of hearing: Siu Mui “Debbie” Wong, Siu Kon “Bonnie” Soo, and Wheatland Industrial Park Inc.  

 

Notice of hearing: Ronald Stephen McHaffie and BigFoot Recreation & Ski Area Ltd.  

 

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