Settlements

RICHARD PATRICK JOSEPH MAHONEY [Agreed Stmt.]

BCSECCOM #:
Document Type:
Agreed Stmt.
Published Date:
2000-02-11
Effective Date:
2000-02-07
Details:


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

AND

IN THE MATTER OF RICHARD PATRICK JOSEPH MAHONEY


Agreed Statement of Facts and Undertaking


1. The following agreement has been reached between Richard Patrick Joseph Mahoney (the “Respondent”) and the Executive Director.

2. As the basis for the undertakings referred to in paragraph 3 of this agreement, the Respondent acknowledges the following facts as correct:
      2.1 the Respondent was registered under the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) as a registered representative, restricted to trading in securities other than forward contracts, while employed by Moneywatch Consultants Ltd. (“Moneywatch”), securities dealer, from December 5, 1996 to December 4, 1998, and from December 16, 1998 to March 8, 1999;
      2.2 the Respondent was involved in the sale of the securities Canada House on Robson Second Mortgage Fund (the “Canada House Mortgage”) offered by Multimetro Mortgage Corporation, and sold $60,000 worth of the Canada House Mortgage securities to seven clients of Moneywatch;
      2.3 the Canada House Mortgage securities were not approved by Moneywatch for sale to its clients;
      2.4 the Respondent received $5,400 in sales commissions for his sales of the Canada House Mortgage securities; and
      2.5 since Moneywatch had not approved the sale of the Canada House Mortgage securities, and the Respondent had not obtained permission from Moneywatch to carry on such business activities, the Respondent was in breach of section 14 of the Securities Rules, B.C. Reg. 194/97, as amended by B.C. Reg. 18/98 (the “Rules”), which required the Respondent to deal fairly, honestly and in good faith with the clients of Moneywatch.

3. The Respondent undertakes to pay the British Columbia Securities Commission the sum of $3,000, of which $500 represents the cost of the investigation and the remainder a penalty.

4. The Respondent 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.

DATED at Kelowna, British Columbia, on January 21, 2000.

“B. MacNeil” )
Witness Signature )
                      )
Barb MacNeil ) “R.P.J. Mahoney”
Witness Name (Please Print) ) Richard Patrick Joseph Mahoney
                      ) (Signature)
861 Ogden Road )
Address )
                      )
Administrator )
Occupation )
      DATED at Vancouver, British Columbia, on February 7, 2000.


                          Steve Wilson
                          Executive Director
©2024 British Columbia Securities Commission