Settlements

Don Maxwell [Sec. 144 & Agreed Stmt]

BCSECCOM #:
Document Type:
Sec. 144 & Agreed Stmt
Published Date:
1996-03-01
Effective Date:
1996-02-26
Details:


IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Don Maxwell
Order Under Section 144
D.E. Holley
February 26, 1996

      ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed by Don Maxwell ("Maxwell") and the Executive Director, a copy of which is attached hereto as Schedule "A";

      NOW THEREFORE the Executive Director, considering that it would be in the public interest to do so, orders, BY CONSENT, that under section 144 (1) (d) of the Securities Act, S.B.C. 1985, c. 83, that Maxwell be prohibited from becoming or acting as a director or officer of any issuer for a period expiring on January 1, 2000.

D.E. HOLLEY, Executive Director


* * * * *
Schedule "A"
IN THE MATTER OF THE SECURITIES ACT
S.B.C. 1985, c. 83
AND
IN THE MATTER OF DON MAXWELL
Agreed Statement of Facts and Undertaking

      The following agreement has been reached between Don Maxwell ("Maxwell") and the Executive Director:

1.
As the basis for the order described in paragraph 2 and undertaking in paragraph 3 of this agreement, Maxwell acknowledges the following facts as correct:
(a)
Panther-6 Motor Car Company Ltd. ("Panther-6") was a private company incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59;
(b)
during the period from October 1990 to approximately March 1991, Maxwell was a director and shareholder of Panther-6;
(c)
on December 11, 1990, the Superintendent of Brokers issued a Notice of Hearing under section 144 of the Securities Act, S.B.C. 1985, c. 83 (the "Act") and Temporary Orders requiring that:
(i)
Maxwell and Panther-6 cease contravening sections 20, 35 and 42 of the Act; and
(ii)
all persons cease trading in the securities of Panther-6;
(d)
as a director of Panther-6, Maxwell:
(i)
knew or ought to have known that Panther-6 caused advertisements to be placed in The Vancouver Sun and The Province during the months of October and November 1990 to induce members of the public to participate in its business;
(ii)
caused to be circulated to the public during October and November 1990, promotional material describing the securities of Panther-6 and offering the securities for sale to residents of British Columbia;
(iii)
during October and November 1990, made written and oral representations (collectively, the "Representations") to residents of British Columbia relating to the future value or price of securities of Panther-6 and indicating that the securities of Panther-6 would be listed and posted for trading on a stock exchange;
(e)
Maxwell and Panther-6 were not registered to trade in securities under section 20 of the Act;
(f)
no prospectus was filed in respect of the securities of Panther-6 as required under section 42 of the Act;
(g)
as a result of the activities described in paragraph (c) above, Maxwell knew or ought reasonably to have known that:
(i)
Panther-6 was trading in its securities without registration and without a prospectus having been filed and a receipt obtained, contrary to sections 20 and 42 of the Act; and
(ii)
the Representations were made without the written permission of the Executive Director, contrary to sections 35(1)(b) and (c) of the Act.
2.
Maxwell consents to an order (the "Order") by the Executive Director that under section 144(1)(d) of the Act that Maxwell be prohibited from becoming or acting as a director or officer of any issuer for a period expiring on January 1, 2000.
3.
Maxwell consents to pay to the British Columbia Securities Commission the sum of $2,000.
4.
Maxwell 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 or the related Order.
      DATED at Vancouver, British Columbia, on February 26, 1996.

Linda Newell)
Witness Name (Please print))
British Columbia)
Securities Commission)
Address)Don Maxwell
Senior Investigator)
Occupation
D.E. HOLLEY, Executive Director