News Release
Investment firm fined for breaching BCSC cease trade order
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Date:
2008-12-01 -
Number:
2008/79
Vancouver - The British Columbia Securities Commission has settled with an Ontario-based investment firm that admitted to allowing one of its employees to trade in securities that were under a cease trade order.
On June 5, 2008, the BCSC issued a cease trade order (CTO) against GeoGlobal Resources Inc., an Alberta-based oil and gas exploration company that is a reporting issuer in British Columbia.
John Gunther Jr., a registered representative employed at Jones, Gable & Company Limited, bought and sold GeoGlobal securities while the BCSC CTO was in place. Jones, an Ontario-based investment firm, failed to detect the CTO at the time of the trades.
On June 26, Jones detected a posted CTO issued against GeoGlobal by the Autorité des marchés financiers (AMF). Jones identified the BCSC CTO and self-reported the breach of the order to the commission on the same day. The firm subsequently cancelled Gunther’s sales of GeoGlobal shares in July.
Under the settlement agreement, Jones will pay $2,000 to the BCSC for breaching its CTO against GeoGlobal.
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, Jones, Gable & Company Limited or 2008 BCSECCOM 614. 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.