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Commission panel dismisses allegations against firm

  • Date:

    2005-01-04

  • Number:

    2005/01

Vancouver – A British Columbia Securities Commission panel has dismissed allegations that a B.C.-headquartered company operating automated foreign exchange machines breached securities laws or acted contrary to the public interest.

In a notice of hearing issued on Oct. 19, 2004, BCSC staff made a temporary cease-trade order against the shares of QuickEx Inc. and trading bans against the company’s senior management — David J. Rogerson, Gregory Yanke, Stephen Spink and Paul Trennum. The four were also ordered to resign their positions as directors or officers of any issuer and they were prohibited from engaging in any investor relations activities. The notice alleged that the company and the four individuals breached securities laws and acted contrary to the public interest by misrepresenting the company’s operations and making unsupported financial projections.

QuickEx is not a reporting issuer in British Columbia but its shares are quoted on the Pink Sheets in the United States.

On Nov. 16, following a hearing in early November during which BCSC staff put forward all their evidence, a commission panel declined to extend the temporary orders against QuickEx and the four individuals.

On Nov. 26, QuickEx, Rogerson, Spink and Trennum applied for dismissal of the allegations against them in the BCSC notice of hearing. Yanke later joined in the application for dismissal.

After considering written submissions from BCSC staff and the respondents, the panel accepted the respondents’ submissions that, in the light of the ruling not to extend the temporary orders, there was insufficient evidence to prove the allegations. Accordingly, the panel decided not to make any orders under the Securities Act against the respondents.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. The decision can be accessed through the commission’s website www.bcsc.bc.ca by typing in the search box QuickEx Inc., David J. Rogerson, Gregory Yanke, Stephen Spink, Paul Trennum or 2005 BCSECCOM 1. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.