News Release
Costa Rican brokerage settles with B.C. regulator
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Date:
2006-12-06 -
Number:
2006/58
Vancouver - A Costa Rica-based brokerage firm has reached a settlement with the British Columbia Securities Commission after admitting to unregistered trading for B.C. residents.
Wellington Trading Group, S.A., of San Jose, Costa Rica, must pay $7,500 to the BCSC and has agreed to not seek or accept any B.C. residents as clients or purchase any securities or exchange contracts for or on behalf of any B.C. residents until it has registered under the B.C. Securities Act.
Wellington, a brokerage firm that provides clients with foreign currency and energy option contracts trading services, admitted that it opened accounts for 32 B.C. residents between Feb. 17, 2005 and March 20, 2006, without being registered to do so in B.C.
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, Wellington Trading Group or 2006 BCSECCOM 702. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.