BCSC

Settlements

MICHAEL NORMAN KOPEC [Sec. 161 & Agreed Stmnt.]

BCSECCOM #:	Document Type: Sec. 161 & Agreed Stmnt.
Published Date: 1999-09-10	Effective Date: 1999-09-07
Details:

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

AND

IN THE MATTER OF MICHAEL NORMAN KOPEC

Order Under Section 161

1. WHEREAS an Agreed Statement of Facts and Undertaking was executed by Michael Norman Kopec (“Kopec”) and the Executive Director, a copy of which is attached hereto as Schedule “A” (the “Agreement”);

2. NOW THEREFORE the Executive Director, considering that it would be in the public interest to do so, orders, BY CONSENT, that:

2.1 pursuant to section 161(1)(c) of the

Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) the exemptions described in sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to Kopec for a period of two years from the date of the Order;

2.1.1 except that Kopec may trade securities beneficially owned by him at the date of the Order, subject to the following conditions:

(a) that before any trades take place, Kopec must deliver a sworn declaration to the Executive Director listing all of the securities beneficially owned by him;

(b) that any such trades must take place within one year of the date of the Order through a single registered dealer designated in writing by Kopec and approved by the Executive Director;

(d) that Kopec will instruct the registered dealer to provide the Executive Director with a copy of the confirmation slip evidencing the trade within four days of the date of the trade.

DATED at Vancouver, British Columbia, on September 7, 1999.

Steve Wilson

Executive Director

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

AND

IN THE MATTER OF MICHAEL NORMAN KOPEC

Agreed Statement of Facts and Undertaking

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

1. As the basis for the orders and undertakings referred to below, Kopec acknowledges the following facts as correct:

1.1 Kopec is a chartered accountant licensed to practice in British Columbia;

1.2 Glacier Ventures International Corp., formerly Selkirk Springs International Corp. (hereinafter, “Selkirk Springs”) is incorporated in British Columbia pursuant to the

Company Act, R.S.B.C. 1996, c. 62 and became a reporting issuer under the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) on October 14, 1988. Selkirk Springs’ shares are listed on the Vancouver Stock Exchange. All references to “shares” and “trading” herein relate to shares of Selkirk Springs;

1.3 Peter C. Tatham (“Tatham”) was a director and officer of Selkirk Springs from August 15, 1991 to November 12, 1998;

1.4 Kopec has been the personal accountant to Tatham from the summer of 1991 to March, 1999 and an accounting consultant to Selkirk Springs from early in 1993 to March, 1999;

1.5 during the period from September, 1992 to September, 1993 (the “Material Period”), Tatham traded in 20 brokerage accounts at nine registrants in British Columbia (the “Accounts”). Fourteen of the Accounts were in Tatham’s name;

1.6 six of the Accounts were in Kopec’s name (the “Kopec Accounts”). During the period from September 1992 to November 15, 1992, Kopec traded in the Kopec Accounts at the express direction of Tatham;

1.7 during the period from November 1992 to September 15, 1993, Tatham had trading authority over, and traded in, the Kopec Accounts;

1.8 during the Material Period, Tatham engaged in the practice of placing buy and sell orders in the Kopec and Tatham Accounts in such a way that payment for the shares was delayed, which practice is known as “debit kiting”, and which resulted in a misleading appearance of market activity. From September to November, 1992, Kopec participated in the debit kiting at the express direction of Tatham. From November 1992 to September 15, 1993, Kopec permitted or acquiesced in the use of the Kopec Accounts for debit kiting;

1.9 Tatham’s purpose for debit kiting was to generate funds for the use of Selkirk Springs in its operations. All funds generated in the accounts during the Material Period were loaned by Tatham to Selkirk Springs;

1.10 the debits in the account were repaid in full by Tatham to the registrants;

1.11 Kopec revoked Tatham’s trading authority on September 15, 1993. In the period from September 15, 1993, to October 15, 1993, Kopec and Tatham agreed to sell shares from the Kopec Accounts at a time, price and volume of Tatham’s choosing, resulting in at least two matched trades and a misleading appearance of market activity;

1.12 Kopec participated in the debit kiting and the matched trades when he ought reasonably to have known that the trading in the Kopec Accounts resulted in a misleading appearance of trading activity, contrary to section 57(a) of the

Act, and contrary to the public interest; and

1.13 Kopec did not profit directly, nor indirectly, from the trades.

2. Kopec consents to an order of the Executive Director (the “Order”) that:

2.1 pursuant to section 161(1)(c) of the

Act, the exemptions described in sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to Kopec for a period of two years from the date of the Order;

2.1.1 except that Kopec may trade securities beneficially owned by him at the date of the Order, subject to the following conditions:

(a) that before any trades take place, Kopec must deliver a sworn declaration to the Executive Director listing all of the securities beneficially owned by him;

(b) that any such trades must take place within one year of the date of the Order through a single registered dealer designated in writing by Kopec and approved by the Executive Director;

(d) that Kopec will instruct the registered dealer to provide the Executive Director with a copy of the confirmation slip evidencing the trade within four days of the date of the trade.

3. Kopec undertakes and agrees to:

3.1 pay $10,000 to the British Columbia Securities Commission (the “Commission”) of which $5,000 is a contribution to costs and the remainder a penalty; and

3.2 comply fully with the provisions of the

Act and the Securities Rules, B.C. Reg. 194/97.

4. Kopec waives any right he 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 and any related orders.

DATED at Vancouver, British Columbia, on September 7, 1999.

“Murray Clemens”
_____________________________ )
Witness Signature )
_____________________________ ) “Michael Norman Kopec”
Witness Name (Please print) )
_____________________________ ) Michael Norman Kopec
900 – 700 Howe Street___________ )
Address )
Lawyer_______________________ )
Occupation )

DATED at Vancouver, British Columbia, on September 7, 1999.

Steve Wilson

Executive Director