News Release
Firm fined for advising investors without registration in British Columbia
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Date:
2008-02-27 -
Number:
2008/18
Vancouver - The British Columbia Securities Commission has settled with an investment firm that has agreed to pay $16,250 after admitting to advising investors without proper registration.
MacDougall Investment Counsel Inc., a firm that holds registration in Quebec and Ontario, admitted in a settlement agreement with the BCSC that it provided investment advice to B.C. investors without registration under the Securities Act.
The firm admitted to providing investment advice to as many as nine clients between March 2004 and Sept. 23, 2007. During this period, the company did not hold registration in B.C. MacDougall registered as a portfolio manager and investment counsel in B.C. on Sept. 24, 2007.
Under the settlement agreement, MacDougall agreed to pay $16,250, which includes $8,750 representing registration fees that would have otherwise been payable to the commission.
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, MacDougall Investment Counsel Inc. or 2008 BCSECCOM 113. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website:www.investright.org 