Settlements

CHRISTOPHER MICHAEL STUART [Agreed Stmnt.]

BCSECCOM #:
Document Type:
Agreed Stmnt.
Published Date:
1999-10-29
Effective Date:
1999-10-26
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF CHRISTOPHER MICHAEL STUART


Agreed Statement of Facts and Undertaking

The following agreement has been reached between Christopher Michael Stuart (“Stuart”) and the Executive Director:

1. WHEREAS:
      1.1 the British Columbia Securities Commission (the “Commission”) commenced proceedings by way of a Notice of Hearing issued on July 17, 1998, which named Stuart as one of the Respondents;

      1.2 Stuart is also named in proceedings commenced in Alberta (the “Alberta Hearing”) by the Alberta Securities Commission (the “ASC”) concerning similar facts to those alleged in the British Columbia proceeding;

      1.3 the Commission adjourned its Notice of Hearing so far as the allegations against Stuart are concerned on the basis that the Alberta hearing would proceed;

      1.4 Stuart agreed, by way of settlement agreement dated April 28, 1999, that any orders made by the ASC against him shall be imposed on a concurrent and reciprocal basis against him by the Commission, subject to any appeal which Stuart may take against any orders made in Alberta, pursuant to the Alberta Securities Act; and

      1.5 on September 8, 1999, Stuart entered into a Settlement Agreement with the ASC and on September 10, 1999, the ASC approved the Settlement Agreement (both of which are attached hereto as Schedule “A”) and ordered that (the “Alberta Order”):
          1.5.1 Stuart resign all positions that he holds as a director of any issuer and be prohibited from becoming or acting as a director of any issuer for a period of five (5) years from the date of the Alberta Order;

          1.5.2 Stuart be subject to a lifetime ban on acting in any designated compliance of supervisory position with a member of the Alberta Stock Exchange or any sucessor exchange; and

          1.5.3 Stuart pay the following amounts:
              (a) an administrative penalty in the sum of $100,000; and

              (b) $25,000 to the ASC in reimbursement of its costs of the investigation in this matter.
2. THEREFORE, Stuart undertakes and agrees to the following:
      2.1 Stuart resign all positions that he holds as a director of any issuer and be prohibited from becoming or acting as a director of any issuer for a period five (5) years from the date of this agreement;

      2.2 Stuart be subject to a lifetime ban on acting in any designated compliance or supervisory position with a member of the Vancouver Stock Exchange or any successor exchange; and

      2.3 Stuart will pay $5,000 to the Commission representing a portion of the cost of its investigation.
DATED at Calgary, Alberta, on September 28, 1999.

“Lois Logan” )
Witness Signature )
Lois Logan )
Witness Name (please print) )
#32 – 11407 Braniff Rd. S.W. ) “CHRISTOPHER MICHAEL STUART”
Calgary, Alta )
Address )
Executive Assistant )
Occupation )

DATED at Vancouver, British Columbia, on October 26, 1999.


                          Steve Wilson
                          Executive Director
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