News Release
BCSC fines firm and president for advising clients without registration
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Date:
2008-12-23 -
Number:
2008/86
Vancouver - An Ontario-based investment firm and its president will pay the British Columbia Securities Commission $18,750 in fines and fees after admitting to advising clients without being registered.
Cluster Asset Management Inc, an Ontario registrant, and its president, Peter Michael de Auer, admitted in a settlement agreement with the BCSC that the firm provided investment advice to two B.C. clients without registration under the Securities Act from July 2003 to April 2008.
Under the settlement agreement, Cluster and de Auer agreed to pay a $10,000 fine, and Cluster will pay $8,750 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, Cluster Asset Management Inc. or 2008 BCSECCOM 641. 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.