News Release
Investment dealer fined for violating cease trade order
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Date:
2004-05-18 -
Number:
2004/24
Vancouver – An investment dealer has agreed to pay the B.C. Securities Commission $10,000 for violating a cease trade order.
The BCSC cease-traded the shares of Solucorp Industries Ltd. in October 2000. Since July 2002, Solucorp’s shares have been quoted on the Pink Sheets Electronic Quotation Service in the United States. In March 2003, the BCSC varied its cease trade order to allow certain B.C. residents to sell Solucorp shares bought before October 2000. Investment dealer Northern Securities Inc. violated the orders when it traded Solucorp shares bought after that date.
Northern executed these trades because of deficiencies in changes it made to its internal systems in April 2003. The violations came to light when some clients transferred their accounts to another firm. In March 2004, Northern corrected these deficiencies and gave the BCSC an undertaking to maintain its internal systems to prevent further cease trade order violations.
The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. The settlement can be accessed through the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.