Settlements

Judy Lilli-Anne Lane [Sec. 144 & Agreed Stmt]

BCSECCOM #:
Document Type:
Sec. 144 & Agreed Stmt
Published Date:
1992-10-16
Effective Date:
1992-10-14
Details:


IN THE MATTER OF the Securities Act, S.B.C. 1985, chapter 83
AND IN THE MATTER OF Judy Lilli-Anne Lane
Orders Under Section 144
W.D. Nesmith
October 14, 1992

   ORDER:--  WHEREAS an Agreed Statement of Facts and Undertaking was executed between Judy Lilli-Anne Lane ("Lane") and the Superintendent of Brokers (the "Superintendent") a copy of which is attached hereto as Schedule "A";

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

1.
pursuant to section 144(1)(c) of the Securities Act S.B.C. 1985, c. 83 (the "Act"), the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Lane for a period of nine years from the date of this order; and
2.
pursuant to section 144(1)(d) of the Act, Lane is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of nine years from the date of this order.
W.D. NESMITH
Superintendent of Brokers

* * * * *
SCHEDULE "A"
Agreed Statement of Facts and Undertaking

   The following agreement has been reached between Judy Lilli-Anne Lane ("Lane") and the Superintendent of Brokers (the "Superintendent"):

1.
As the basis for orders pursuant to section 144 of the Securities Act, S.B.C. 1985, c. 83 (the "Act"), cancelling Lane's registration, withdrawing her statutory trading exemptions and prohibiting her from becoming or acting as a director or officer of any reporting issuer, Lane acknowledges the following facts as correct:
(a)
Lane was a registered representative employed with Midland Doherty Limited ("Midland") in Vancouver from July, 1980 to January, 1988;
(b)
TP Resources Ltd. ("TP") and Capri Resources Ltd, ("Capri") were companies incorporated in British Columbia, whose shares traded on the Vancouver Stock Exchange;
(c)
in order to generate commissions for herself, Lane engaged in unauthorized trading of TP and Capri in the accounts of several of her clients and caused substantial losses to Midland;
(d)
Lane misinformed her clients who questioned trading activity in their accounts;
(e)
on January 14, 1988, Midland terminated the employment of Lane and her registration in British Columbia was surrendered;
(f)
on July 14, 1988, an information was laid against Lane alleging certain criminal offences, and on December 6, 1988, Lane pleaded guilty to using a document as if it were genuine, knowing the said document to be forged, contrary to section 326(1)(a) of the Criminal Code of Canada;
(g)
on February 2, 1989, Lane received a suspended sentence and was placed on a probation order for two years; and
(h)
on December 12, 1988, a Temporary Order and Notice of Hearing was issued by the British Columbia Securities Commission (the "Commission") withdrawing Lane's statutory trading exemptions and prohibiting her from becoming or acting as a director or officer of any reporting issuer until a hearing is held and a decision rendered.  On December 22, 1988, an extension of the Temporary Order was granted by the Commission with the consent of counsel for Lane and staff of the Commission.
2.
Lane consents to orders of the Superintendent that:
(a)
Lane's registration is cancelled;
(b)
Lane's statutory exemptions under the Act are removed for nine years; and
(c)
Lane is prohibited from acting as a director or officer of any reporting issuer in British Columbia for nine years.
3.
Lane waives any right she 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 and any related orders.
4.
Lane agrees to pay to the Minister of Finance and Corporate Relations the sum of $1,000 for costs related to the investigation of this matter by staff of the Commission.
Witness:"Derek LaCroix"         )
Barrister & Solicitor   )"Judy Lilli-Anne Lane"
880-1090W. Georgia St.  )
Vancouver, B.C. V6E 3V7 )
W.D. NESMITH
Superintendent of Brokers