News Release
BCSC reprimands investment management firm
-
Date:
2005-07-08 -
Number:
2005/38
Vancouver -- The British Columbia Securities Commission disciplined a Toronto-based investment management firm for breaching the registration requirement of the Securities Act.
Martin, Lucas & Seagram Ltd., an investment counsel and portfolio manager headquartered in Toronto, has reached a settlement with the BCSC after it admitted to advising as many as nine B.C. clients over a period spanning almost 45 years without being registered to do so in B.C. Under the settlement, the firm must pay $135,695 to the BCSC, a sum that includes registration fees that it would have had to pay to properly operate in B.C.
On March 24, 2005, the firm registered under the Act as a portfolio manager and investment counsel in B.C.
The B.C. Securities Commission is the 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, Martin, Lucas & Seagram Ltd. or 2005 BCSECCOM 449. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.