Settlements
MICHAEL JOHN CRAMER [Agreed Stmt]
BCSECCOM #:
|
Document Type:
Agreed Stmt
|
Published Date:
1997-06-13
|
Effective Date:
1997-06-10
|
Details:
|
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF MICHAEL JOHN CRAMER
Agreed Statement of Facts and Undertaking
The following agreement has been reached between Michael John Cramer (“Cramer”) and the Executive Director:
1. As the basis for the undertakings referred to in paragraphs 2 and 3 of this agreement, Cramer acknowledges the following facts as correct:
- (a) Cramer is currently registered as a Full Securities Salesperson pursuant to section 34 of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) with Vantage Securities Inc.;
(b) Cramer was registered as a Mutual Fund Salesperson pursuant to section 34 of the Act with F.P.C. Investments Inc. (“F.P.C.”) from March 15, 1990 to May 18, 1994;
(c) Cramer, while registered with F.P.C., arranged for at least three of his clients to enter into leveraged loan agreements at various times in 1993 (the “Leveraged Loans”) and purchased mutual funds on behalf of those clients with the proceeds of the Leveraged Loans; and
(d) Cramer failed to deliver the required disclosure document with respect to the Leveraged Loans to the three clients at the time of their purchase of mutual funds, contrary to Notice & Interpretation Note #87/67, titled “Leveraged Mutual Fund Purchases”.
- 3. Cramer undertakes to pay the British Columbia Securities Commission the sum of $750.00.
4. Cramer 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 the agreement and any related orders.
__________________________ | ) | |
Witness Signature | ) | |
) | ||
Mark Cramer_______________ | ) | |
Witness Name | ) | _____________________ |
401 - 1777 - 3rd Avenue | ) | Michael John Cramer |
Prince George, B.C. V2L 3G7_ | ) | |
Address | ) | |
) | ||
Financial Planner___________ | ) | |
Occupation | ) | |
Paul C. Bourque
Executive Director