News Release

Released: April 9, 1996  Contact: Ron Messent  660-4800 or (BC only) 1-800-373-6393

The British Columbia Securities Commission has reprimanded Victoria mutual fund dealer Connor Financial Corporation ("CFC") and its principal, Joel Gerrett Connor, for CFC's failure to comply with a Commission order made in December 1995. The Commission has also ordered CFC

- to pay a fine of $10,000,
- not to deal with any new clients for 3 months,
- to pay costs of the Commission hearing,
- to send a notice of the Commission decision to clients, and
- to send a copy of the decision to clients on request.

The Securities Commission decision follows a hearing held in February and March 1996.

Following a previous hearing in 1995, the Commission found that CFC had illegally retained interest on client funds and published a misleading advertisement. In December, the Commission fined CFC $40,000, prohibited CFC from holding client funds and ordered CFC to send to its clients a copy of a notice prepared by the Commission.

CFC sent to about 1,800 clients a modified, and less informative, version of the Commission notice. The Commission held another hearing in February and March 1996 and found that CFC had contravened the order to send the Commission notice to clients.

CFC also contravened an order to send copies of the original Commission decision promptly to clients who requested it. Copies were sent two or three weeks after the clients requested them.

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 (9 pages) may be obtained in person at 1100 - 865 Hornby Street, Vancouver, British Columbia.