News Release
Scholarship dealer pays $5,000 for allowing unregistered trade
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Date:
2009-03-25 -
Number:
2009/17
Vancouver - In a settlement agreement with the British Columbia Securities Commission, a scholarship plan dealer has agreed to pay $5,000 for failing to keep one of its employees registered to sell securities.
In September 2008, USC Education Savings Plans Inc., a registered scholarship plan dealer, removed the categories of compliance officer and trading officer from Robert Sargent’s registration. Sargent remained with the dealer, holding registration as a branch manager.
On Dec. 12, 2008, Sargent conducted one trade of 37.5 scholarship plan units to a client, earning $1,875 in commissions, at which time USC had not registered Sargent to trade securities.
On Dec. 23, 2008, USC self-reported its failure to add the designation of salesperson to Sargent’s registration in September 2008. The dealer registered Sargent as a salesperson on Jan. 15, 2009.
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, USC Education Savings Plans Inc. or 2009 BCSECCOM 163. 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.