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BCSC panel sanctions former investment advisor who illegally distributed securities

2014/72
September 9, 2014

Vancouver – A British Columbia Securities Commission panel has fined and issued orders against a former investment advisor who engaged in an illegal distribution.

In June 2014, the panel found that Robert Waters, a B.C. resident, sold shares of Berkeley Coffee & Tea Inc. to 45 investors for total proceeds of $312,977 without being registered and without having filed a prospectus.

Waters was formally registered under the Securities Act as an investment advisor from March 6, 1985, to September 9, 1998.

In its sanctions decision, the panel noted that, “Waters engaged in serious misconduct” and that he, “failed to take responsibility for his actions or express any remorse for his conduct.”

The panel ordered that Waters resign any position he holds as a director or officer of any issuer. He is also prohibited from trading or purchasing securities (with limited exceptions), and from acting as a director or officer of any issuer for a period of six years. He is also prohibited, for the same period, from becoming or acting as a promoter or registrant, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.

The panel ordered that Waters pay a fine of $20,000. All prohibitions will remain in place until the later of six years, or such time as the fine is paid and Waters completes courses that are satisfactory to the Executive Director.

Berkeley and Sean Tan have settled with the Executive Director, admitting that they distributed these securities without having filed a prospectus, contrary to section 61 of the Securities Act (2012 BC SECCOM 424).

You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Robert Waters or 2014 BCSECCOM 215 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).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Media Contact:
Richard Gilhooley, Media Relations
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org



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