Settlements
Richard Thomas Speiss [Agreed Stmt.]
|
BCSECCOM #:
|
Document Type:
Agreed Stmt.
|
|
Published Date:
1992-04-03
|
Effective Date:
1992-03-26
|
|
Details:
|
|
IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Richard Thomas Speiss
Agreed Statement of Facts and Undertaking
W.D. Nesmith
March 26, 1992
AGREED STATEMENT OF FACTS AND UNDERTAKING:-- The following agreement has been reached between Richard Thomas Speiss ("Speiss") and the Superintendent of Brokers (the "superintendent");
1. |  | As the basis for orders made pursuant to Section 144 of the Securities Act, S.B.C. 1985, c. 83 (the "Act"), withdrawing the statutory exemptions of Speiss for a period of three months, Speiss acknowledges that: | |
(a) | | Speiss is a director and officer of Infocorp Computer Solutions, Ltd. ("Infocorp"), a reporting issuer listed on the Vancouver Stock Exchange (the "Exchange"); | |
(b) | | on September 24, 1990 Speiss placed an order to buy 20,000 shares of Infocorp through his own brokerage account when he knew that an order was being entered to sell 20,000 shares of Infocorp at substantially the same time and at substantially the same price for his own account through another brokerage house; | |
(c) | | Speiss ought to have known that the resulting transaction was fictitious and that this trade might create a misleading appearance of trading activity in the shares of Infocorp; and | |
(d) | | Speiss failed to file insider reports disclosing changes in the nature of his ownership for trades done in September 1990 until December 10, 1990, after a cease trade order had been issued against him. | |
2. | | Speiss hereby consents to an order of the Superintendent under section 144(1)(c) of the Act withdrawing the exemptions contained in sections 30 to 32, 55, 58, 80 and 81 of the Act for a period of 3 months from the date of this order. | |
3. | | Speiss hereby agrees to pay to the Minister of Finance and Corporate Relations the sum of $500.00. | |
4. | | Speiss 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 and the related order. | |
| "Wayne Loeppky" | "Richard Thomas Speiss" | |
Superintendent of Brokers