News Release

Vancouver - A British Columbia Securities Commission panel has ordered two men criminally convicted of fraud out of the province's capital markets.

Using a section of the Securities Act that allows the commission to issue sanctions based on criminal convictions, a commission panel issued sanctions against Terry James Minnie and Raymond Patrick Shaw. 

On March 8, 2007, Minnie and Shaw were convicted of fraud and theft in the Supreme Court of British Columbia for their roles in an investment scheme that resulted in at least $1.8 million in investor losses. The court sentenced Minnie to five years of jail time, and Shaw received a conditional sentence of two years less a day followed by three years' probation.

Under the commission's order, Minnie cannot, except in limited circumstances, act as a director or officer of any issuer, trade in securities or engage in investor relations in his lifetime. Shaw is prohibited, except in limited circumstances, from engaging in investor relations, acting as a director or officer, or trading in securities for 20 years.

The executive director intends to discontinue administrative proceedings before the Commission related to the same facts. 

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Terry James Minnie or Raymond Patrick Shaw or 2007 BCSECCOM 500 or 2007 BCSECCOM 501. 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.