News Release
Investment dealer pays $30,000 for contravening cease trade orders
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Date:
2011-06-01 -
Number:
2011/45
Vancouver – As part of a settlement agreement with the British Columbia Securities Commission, TD Waterhouse Canada Inc. (TDW) has paid $30,000 for trading in securities that were subject to cease trade orders, on behalf of B.C. clients.
The agreement states that TDW, a Toronto-based investment dealer and member of the Investment Industry Regulatory Organization of Canada (IIROC), self-reported to commission staff about trades it had made in the securities of four cease-traded companies. The companies involved were Oriens Travel & Hotel Management Corp, Flotek Industries Inc., Sungro Minerals Inc., and Lux Energy Corp.
The agreement also references two cases where TDW did not report breaches of cease-trade orders. Commission staff notified TDW of breaches involving Kunekt Corporation and Americas Energy Company, or Aeco (formerly Trend Technology Corporation).
TDW has entered into previous settlement agreements with the BCSC for trading in cease-traded securities. In December of 2001, TDW paid $28,923.07 to the commission, after which the company agreed to develop and implement systems to monitor and report cease-trade orders. In November 2005, TDW agreed to pay $20,000 to the commission in relation to trades involving cease-traded companies.
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 agreement on our website www.bcsc.bc.ca by typing TD Waterhouse or BCSECCOM 252 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Ken Gracey, media relations, 604-899-6577. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org