News Release
Scholarship plan dealer settles with securities commission
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Date:
2003-10-17 -
Number:
2003/70
Vancouver – The B.C. Securities Commission has settled with a scholarship plan dealer that allowed unregistered salespeople to sell scholarship trust plan units to clients.
USC Education Savings Plans Inc. has agreed to pay the commission $10,000 for breaching the Securities Act requirement that an individual must be registered to trade securities.
On three separate occasions between November 2001 to December 2002, the registrations of salespersons at USC, a wholly-owned subsidiary of The International Scholarship Foundation, lapsed but they continued to sell scholarship trust plan units to clients.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.
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