News Release
Quebec-based investment firm fined for advising in B.C. without registration
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Date:
2008-10-02 -
Number:
2008/65
Vancouver - The British Columbia Securities Commission has settled with a Quebec-based investment firm that agreed to pay $19,825 in fines and fees for advising clients without being registered.
Lester Asset Management Inc., an investment counsel and portfolio manager registered in Quebec, admitted in a settlement agreement with the BCSC that it provided investment advice to as many as three B.C. clients without registration under the Securities Act from 1999 to Oct. 30, 2007.
Under the settlement agreement, Lester agreed to pay a $6,000 fine and $13,825 for registration fees that otherwise would have been payable to the BCSC if the firm had been registered.
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, Lester Asset Management Inc. or 2008 BCSECCOM 531. 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.