News Release
Securities Commission Makes Reciprocal Orders Against Woods
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Date:
1997-02-13 -
Number:
97/07
Released: February 13, 1997 Contact: Barbara Barry 660-4800 or (BC only) 1-800-373-6393
The British Columbia Securities Commission has prohibited Larry Earl Woods of Ontario from trading securities and being a director or officer of an issuer in British Columbia for five years. The Commission's Executive Director also required Woods to successfully complete a course concerning the duties and responsibilities of directors and officers.
The orders were announced in a decision by the Securities Commission following a hearing held in September 1996. Woods has been subject to temporary orders having the same effect since November 1990.
The Securities Commission made the regulatory orders on the basis of findings against Woods in the Ontario Court and regulatory orders issued by the Ontario Securities Commission.
On October 5, 1990, Woods was convicted in the Ontario Court of insider trading in securities of Plastic Engine Technology Corporation ("Petco") and was fined $15,000. On February 24, 1994, Woods’ appeal of this conviction was dismissed and the Crown’s appeal of his sentence was allowed. The fine was set aside and a term of imprisonment of 90 days imposed. Woods’ application for leave to appeal that decision was denied.
On September 29, 1995, based on the findings of the Court, the Ontario Securities Commission prohibited Woods from trading for a period of 15 years.
At the time of Woods’ original conviction in 1990, he was a director of another company listed on the Vancouver Stock Exchange. Securities Commission staff imposed temporary orders at that time to remove him from the securities market in British Columbia. The Commission extended the orders pending resolution of the Ontario proceedings.
In its decision released today, the Commission noted the importance of cooperation among provincial securities regulators in Canada:
The orderly and credible regulation of the securities market throughout Canada, not to mention common sense, argues strongly that such applications be favourably received. However, the Commission's responsibility in hearing such applications is no different than in any other case. In each case, the Commission must consider what is in the public interest, and act accordingly.
After considering Woods’ conduct in Ontario, the Commission determined that regulatory orders were appropriate. In establishing the term of the prohibition in British Columbia, the Commission considered the different circumstances in this jurisdiction:
The British Columbia Securities Commission is a provincial government agency responsible for regulating trading in securities and exchange contracts.
Copies of the Commission’s decision (8 pages) may be obtained in person at 1100 - 865 Hornby Street, Vancouver, British Columbia.