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News Release

BCSC alleges illegal distribution

  • Date:

    2015-07-02
  • Number:

    2015/54

Vancouver – The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that John Leonard Carswell, Robert Thomas Helina, Donald Weiss, Yawar Sattar Khan, David Kenge Kato, SunCentro Corporation, and YDS Energy, Resources and Humanitarian Relief Corporation engaged in unregistered trading and an illegal distribution. Carswell, Helina, Khan, and Kato are all residents of B.C., and Weiss is a resident of Alberta.

The notice alleges that between 2011 and 2013, SunCentro distributed securities to 26 investors who did not qualify under any prospectus exemption, raising US$249,525. BCSC staff maintains that Weiss referred six of these investors, YDS referred 19, and Carswell recruited one investor himself.

Carswell is a director and the President, Chief Executive Officer, Chief Financial Officer, and Secretary and Treasurer of SunCentro, a Nevada solar energy company with a head office located in Vancouver, B.C. Carswell has never been registered under the Securities Act, and SunCentro has never filed a prospectus in B.C.

Helina has been Chairman of SunCentro since August 2010, and was registered from 1991 to 2008. He is not currently registered.

YDS  is a B.C. corporation with its office in Delta, B.C. Khan is a director and the President and Chief Executive Officer of YDS, while Kato is a director and Vice President of YDS. Neither has ever been registered.

Weiss has never held a director or officer position with SunCentro, and he has never been registered.

BCSC staff contends that SunCentro, YDS, Carswell, Helina, Weiss, Khan, and Kato breached securities laws regarding prospectus and registration requirements. Staff also alleges that Carswell and Helina, as directors and officers of SunCentro, authorized, permitted or acquiesced in SunCentro’s contraventions, and that Khan and Kato, as directors and officers of YDS, authorized, permitted or acquiesced in YDS’s contraventions.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on August 4, 2015, at 9:00 a.m.

You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing John Leonard Carswell, Robert Thomas Helina, Donald Weiss, Yawar Sattar Khan, David Kenge Kato, SunCentro Corporation, and YDS Energy, Resources and Humanitarian Relief Corporation, or 2015 BCSECCOM 166 in the search box. Information about 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 of Canada (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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Richard Gilhooley, Media Relations
604-899-6713

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