Settlements

ABIODUN SOFOLUWE SOWEMIMO [Sec. 161 & Settlement Agrmnt.]

BCSECCOM #:
2001 BCSECCOM 742, 2001 BCSECCOM 743
Document Type:
Sec. 161 & Settlement Agrmnt.
Published Date:
2001-07-13
Effective Date:
2001-07-12
Details:


2001 BCSECCOM 742




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

AND

IN THE MATTER OF ABIODUN SOFOLUWE SOWEMIMO

Order Under Section 161

[para 1]
1. WHEREAS a Settlement Agreement was executed by Abiodun Sofoluwe Sowemimo (“Sowemimo”) and the Executive Director, a copy of which is attached hereto as Schedule "A".

[para 2]
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)(b) of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) ,
Sowemimo cease trading in any security for a period of 10 years from the date of this order,
other than under section 45(2)(7) of the Act.

2.2 pursuant to section 161(1)(d)(ii) of the Act, Sowemimo is prohibited from becoming or
acting as a director or officer of any issuer, except a private issuer, for a period of 10 years from the date of this order.

2.3 pursuant to section 161(1)(d)(iii) of the Act, Sowemimo is prohibited from engaging in investor relations activities for a period of 10 years from the date of this order.


DATED at Vancouver, British Columbia, on July 12, 2001.




Steve Wilson
Executive Director

2001 BCSECCOM 743


    Schedule "A"


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

    AND

    IN THE MATTER OF ABIODUN SOFOLUWE SOWEMIMO

    Settlement Agreement

    [para 1]
    1. The following settlement of issues has been reached between Abiodun Sofoluwe Sowemimo (“Sowemimo”) and the Executive Director.

    Agreed Statement of Facts

    [para 2]
    2. As the basis for the order and undertaking referred to below, Sowemimo acknowledges the following facts as correct:

    2.1 Sowemimo is resident in Vancouver, B.C. and was registered under the Securities Act, R.S.B.C. 1996, c. 418 (the "Act") from January 11, 1999 to October 2, 2000to sell mutual funds through Investors Group Financial Services Inc. in British Columbia.

    2.2 Sowemimo forged the signatures of two clients in order to misappropriate $31,498.14 from
    client funds during August 2000 (the “Misappropriation”), thereby he knowingly perpetrated a fraud contrary to section 57(b) of the Act.

    2.3 By orchestrating the Misappropriation, Sowemimo failed to deal fairly, honestly and in good faith with clients, contrary to section 14(1) of the Securities Rules, B. C. Reg. 194/97.

    Undertaking

    [para 3]
    3. Sowemimo undertakes to refrain from applying for registration under the Act for a period of 10 years from the date this agreement is signed.

    Order

    [para 4]
    4. Sowemimo consents to an order by the Executive Director (the "Order") that:

    4.1 pursuant to section 161(1)(b), Sowemimo cease trading in any security for a period of 10 years from the date of this Order, other than under section 45(2)(7) of the Act.

    4.2 pursuant to 161(1)(d)(ii), Sowemimo is prohibited from becoming or acting as a director or officer of any issuer, except a private issuer, for a period of 10 years from the date of this Order.

    4.3 pursuant to section 161(1)(d)(iii), Sowemimo is prohibited from engaging in investor relations activities for a period of 10 years from the date of this Order.



    Waiver

    [para 5]
    5. Sowemimo waives any right hemay 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 the Order.


    DATED at Vancouver, British Columbia, on July 9,2001.


    ________________________________
    Abiodun Sofoluwe Sowemimo
      _____________________________
      Witness Signature

      Cindy Morrison, MA_________________
      Witness Name (Please Print)

      _____________________


      Address

      ____________________________
      Occupation


      DATED at Vancouver, British Columbia, on July 12, 2001.





      Steve Wilson
      Executive Director