Settlements

ALLISTER K. TEO, et. al. [Settlement Agrmt.]

BCSECCOM #:
Document Type:
Settlement Agrmt.
Published Date:
2000-06-23
Effective Date:
2000-06-15
Details:


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

AND

IN THE MATTER OF ALLISTER K. TEO AND
ALLISTER TEO CONSULTING SERVICES

Settlement Agreement


1. The following agreement has been reached between Allister K. Teo (“Teo”) and Allister Teo Consulting Services (collectively, the “Respondents”), and the Executive Director.

Agreed Statement of Facts

2. As the basis for the undertakings referred to in paragraph 4 of this agreement, the Respondents acknowledge the following facts as correct:
      2.1 Teo is a resident of Burnaby, British Columbia, and has never held any registration under the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”), or its former enactment.

      2.2 Allister Teo Consulting Services is a proprietorship owned by Teo, which was registered pursuant to the Partnership Act, R.S.B.C. 1996, c. 348, on July 23, 1996, and has never been registered in any capacity under the Act.

      2.3 During the period from March 1, 1994 through December 31, 1998 (the “Material Period”), Teo, either operating through Allister Teo Consulting Services or otherwise, engaged in the trading of securities and exchange contracts on behalf of two residents of British Columbia (the “Clients”). The trades were made through registered dealers in British Columbia by the Respondents, for the trading accounts of the Clients at those dealers.

      2.4 During the Material Period, the Respondents had received ongoing compensation, in the form of either a flat annual fee or a commission based on investment performance, for making the trades in securities and exchange contracts on behalf of the Clients.

      2.5 The compensation that the Respondents had received from the Clients, for providing the trading service and investment research, totalled $14,100.53 over the four-year period.

      2.6 During the Material Period, the Respondents breached section 34(1)(a) of the Act, by trading in securities and exchange contracts without registration and without an exemption from the registration requirements of the Act.

3. The Executive Director has taken into account the following facts as factors mitigating the sanctions that would otherwise have applied in the public interest:
      3.1 The Respondents voluntarily ceased trading in securities and exchange contracts on behalf of the Clients in January of 1999, and, since then, have not breached the registration provisions of the Act.

      3.2 In sworn evidence supported by documentation, Teo represented to the staff of the British Columbia Securities Commission (the “Commission”) that he had donated the entire sum of $14,100.53 (the “Donations”), which he had received from the Clients, to the following charitable organizations:
          3.2.1 World Vision Canada;

          3.2.2 Vancouver Chinese Christian Evangelistic Association; and

          3.2.3 Vancouver Canaan Church.
      3.3 The Donations were made in the same year in which the compensation was received.

      3.4 Other than receiving annual personal income tax deductions, which he derived from his charitable donations, Teo did not derive any direct personal benefits from the trading services that he had provided to the Clients during the Material Period.

      3.5 Teo has cooperated fully with the staff of the Commission in providing information with respect to this matter.

4. The Respondents undertake to:

      4.1 comply fully with the Act, the Securities Rules, B.C. Reg. 194/97, as amended by B.C. Reg. 18/98, and any applicable regulations, policies and guidelines; and

      4.2 pay $4,000.00 to the Commission at the time of entering into this settlement, $500.00 of which represents the costs of the investigation, and the remainder a penalty, which will be paid into the Industry Education Fund.

5. The Respondents waive any right they may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement.

DATED at Vancouver, British Columbia, on June 8, 2000.


“J. Ahmad” )
Witness Signature )
      )
Jasmin Z. Ahmad )
Witness Name (Please Print) )
19th Flr. 885 W. Georgia St. ) “A.K. Teo”
Vancouver, B.C. V6C 3H4 ) Allister K. Teo
Address )
)
Barrister & Solicitor )
Occupation )


DATED at Vancouver, British Columbia, on June 8, 2000.


“J. Ahmad” )
Witness Signature )
)
“Jasmin Z. Ahmad” )
Witness Name (Please Print) )
19th Flr. 885 W. Georgia St. ) “A.K. Teo”
Vancouver, B.C. V6C 3H4 ) Allister Teo Consulting Services
Address ) (Authorized Signatory)
)
Barrister & Solicitor )
Occupation )


DATED at Vancouver, British Columbia, on June 15, 2000.






Steve Wilson
Executive Director
©2024 British Columbia Securities Commission