Skip Navigation
About

News Release

Securities Commission Releases Decision in Dicimbriani, W.B. Investments Inc. and W. Bunt

  • Date:

    1995-07-28

  • Number:

    95/19

Released: July 24, 1995  Contact: Ron Messent  660-4800 or 1-800-373-6393

The British Columbia Securities Commission refused to stay an order freezing the $1.3 million proceeds of a winning 6/49 lottery ticket claimed by William David Bunt.

The decision followed an application by Alexander DiCimbriani, Bunt and W.B. Investments Inc. for a stay, pending a hearing and review, of an order by the Chair of the Commission, Douglas Hyndman, made on May 9, 1995, freezing the proceeds of the winning ticket. Commission staff alleged that the winning ticket may have been purchased by DiCimbriani with funds invested by individuals who had given money to DiCimbriani and W.B. Investments to invest on their behalf. Commission staff allege that Bunt may have claimed the winning ticket on DiCimbriani's behalf to avoid claims of creditors and the investors.

The Commission said:

An investigation into investment and advising activities operating outside of the regulatory registration system may interfere with and disrupt considerably the affairs of those involved. This may involve the freezing of assets until that process is complete. Unfortunately for the respondents, this consequence is the cost of being unregistered and doing business in a regulated industry. Without making any final determination in this regard, the freezing of the winning ticket appears to be a necessary regulatory response in the public interest. The freeze order maintains the status quo until it can be determined whether any clients have an interest in the winning ticket. To grant the stay in this case would allow for the dissipation of the very assets the Commission has sought to preserve for the benefit of the clients. In the circumstances of this case, it would be inappropriate and not in the public interest to consider staying the freeze order before hearing the substantive issues.

DiCimbriani, Bunt and W.B Investments are still facing a hearing before the Commission regarding allegations that they were trading and advising in securities without being registered under the Securities Act. Dates for the hearing will be set this September.

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.