News Release
Company president gets market ban for failing to fully disclose stock trades
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Date:
2005-05-03 -
Number:
2005/27
Vancouver – The president of a B.C.-headquartered company has been banned from the securities market for at least 18-months and ordered to pay $10,000 to the British Columbia Securities Commission for his failure to fully disclose his trading activity in insider reports.
In a settlement reached with the BCSC, Jesus Ricafort Martinez, a one-time president, chief executive officer or director of Golden Fortune Investments, admitted that he failed to fully disclose his trading in Golden Fortune shares in four insider reports he filed, contrary to securities law requirements. Martinez failed to disclose 163 transactions that totalled over $1.8-million and 2.1-million Golden Fortune shares in four reports that covered trading activity for various time periods from July 1999 to November 2002.
Martinez, a B.C. resident, was an insider of Golden Fortune from Nov. 26, 1999 onwards. He has been a director or officer of several TSX Venture Exchange listed companies over the past 20 years. Golden Fortune shares were traded on the TSX-V until the company was cease-traded on Oct. 28, 2003 for failing to file annual audited financial statements. Golden Fortune was delisted from the exchange on April 20, 2004.
Under Martinez’s 18-month ban, he must resign any position he may hold as a director or officer of any issuer and he must complete a course of study on the duties and responsibilities of directors and officers before the ban can be lifted. He can only trade securities through a single account in his name with a registered dealer. He must also file insider reports to correct the omissions in the previous four insider reports and pay the applicable late filing fees.
The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Jesus Ricafort Martinez or 2005 BCSECCOM 258. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.