Settlements

Ronald J. Craig [Sec. 144]

BCSECCOM #:
Document Type:
Sec. 144
Published Date:
1996-01-05
Effective Date:
1995-12-28
Details:


Craig (Re)
IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Ronald J. Craig
Order Under Section 144
D.E. Holley
December 28, 1995

ORDER:-- WHEREAS Ronald J. Craig is the beneficial owner of shares in the capital of Boswell International Technologies Inc.;

AND WHEREAS an Agreed Statement of Facts and Undertaking was executed by Craig and the Superintendent of Brokers, a copy of which is attached hereto as Schedule "A" (the "Agreement");

NOW THEREFORE the Superintendent, considering that it would be in the public interest to do so, orders , BY CONSENT, that:

1.under section 144(1)(c) of the Act, the exemptions described under sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Craig for a period of four years, except that Craig may trade shares that he beneficially owns at the date of the Agreement, subject to the following conditions:
(a)that before any such trades take place, Craig must deliver a sworn declaration to the Superintendent, listing all of the securities he beneficially owns at the date of the Agreement;
(b)that any such trades must take place within 180 days from the date of this Order through a registered dealer designated in writing by Craig;
(c)that before any such trades take place, Craig must deliver to the registered dealer a copy of this Order and an irrevocable direction to pay to the Commission the first $20,000 of net proceeds from the trades;
(d)that, within ten days of the end of each month in which trading occurs, Craig files with the Superintendent a report in Form 36 disclosing his trades; and
2.under section 144(1)(d) of the Act, Craig is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of four years from the date of this Order.
D.E. HOLLEY, Superintendent of Brokers

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

The following agreement has been reached between Ronald J. Craig and the Superintendent of Brokers:

1.As the basis for the order and undertaking referred to in paragraph 2 of this Agreement, Craig acknowledges the following facts as being true:
(a)Boswell International Technologies Inc. is a reporting issuer, incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59 and its commons shares are listed and posted for trading on the Vancouver Stock Exchange;
(b)Craig has been, since June 21, 1982, a director of Boswell until he resigned his position on November 30, 1995;
(c)Craig, while an insider of Boswell, made changes to his direct or indirect beneficial ownership of, or control or direction over, securities of Boswell;
(d)on repeated occasions, between January, 1991 and August, 1995, the required insider reports were filed beyond the time limit set out in section 70(4) of the Act.  The late filed reports disclosed trades in excess of six million shares and were filed up to 18 months late;
(e)certain of the insider reports referred to in paragraph (d) were not in the required form and required amendment;
(f)on August 11, 1995 Craig was ordered, under section 146(1) of the Act, to cease trading in the securities of Boswell until he filed the required records in a form satisfactory to the Superintendent of Brokers; and
(g)during the period February 12, 1993 to June 30, 1993, Craig caused twelve trades involving 110,000 shares of Boswell held by him to take place among brokerage accounts under his sole control and direction.   The trades did not result in a change of beneficial ownership of the shares.  Craig knew or ought reasonably to have known that these trades created or resulted in a misleading appearance of trading activity in the shares of Boswell, contrary to section 41.1 of the Act.
2.Craig consents to an order (the "Order") of the Superintendent that:
(a)under section 144(1)(c) of the Act, the exemptions described under sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Craig for a period of four years, except that Craig may trade shares that he beneficially owns at the date of the Agreement, subject to the following conditions:
(i)that before any such trades take place, Craig must deliver a sworn declaration to the Superintendent, listing all of the securities he beneficially owns at the date of the Agreement;
(ii)that any such trades must take place within 180 days from the date of this Order through a registered dealer designated in writing by Craig;
(iii)that before any such trades take place, Craig must deliver to the registered dealer a copy of this Order and an irrevocable direction to pay to the Commission the first $20,000 of net proceeds from the trades; and
(iv)that, within ten days of the end of each month in which trading occurs, Craig files with the Superintendent a report in Form 36 disclosing his trades;
(b)under section 144(1)(d) of the Act, Craig is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of four years from the date of this Order.
3.Craig agrees to pay the amount of $20,000 to the British Columbia Securities Commission.
4.Craig waives any right he may have under the Act or otherwise to a hearing, hearing and review, judicial review or appeal related to or in connection with or incidental to this Agreement and the related Order.
DATED at Vancouver, British Columbia, on  December 28, 1995.
_____________________________ )
Witness                         )
)
T. W. Stewart  _________________)
Barrister and Solicitor        )
Witness Name                    )
)
2438 Marine Drive______________)
West Vancouver, B.C.____________)Ronald J. Craig
_____________________________)
Address
D.E. HOLLEY, Superintendent of Brokers