Settlements

Alexander DiCimbriani, et al. [Sec. 144]

BCSECCOM #:
Document Type:
Sec. 144
Published Date:
1996-10-25
Effective Date:
1996-10-17
Details:


DiCimbriani (Re)
IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Alexander DiCimbriani and W.B.
Investments Inc.
Order Under Section 144
D.E. Holley
October 17, 1996

ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed by DiCimbriani, W.B. Investments Inc. and the Executive Director, a copy of which is attached hereto as Schedule "A" (the "Agreement");

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

1.under sections 144(1)(c) of the Act, the exemptions described under sections 30 to 32.1, 55, 58, 80 and 81 of the Act do not apply to DiCimbriani for a period of 25 years from the date of the Order; and
2.under section 144(1)(d) of the Act, DiCimbriani be prohibited from becoming or acting as a director or officer of any reporting issuer, or of any issuer which provides management, administrative, consulting or investor relation services to any reporting issuer, until such time as:
(a)DiCimbriani has successfully completed a course of study satisfactory to the Executive Director concerning the duties and officers of reporting issuers;
(b)DiCimbriani has made full payment of the amount set out in paragraph 4 of the Agreement; and
(c)At least 25 years have elapsed from the date of the DiCimbriani Order.
3.W.B. Investments consents to an order (the "W.B. Order") by the Executive Director that under section 144(1)(c) of the Act, the exemptions described in sections 30 to 32.1, 55, 58, 80 and 81 of the Act do not apply to W.B. Investments for a period of the later of payment in full of the sum of the amount set out in paragraph 4 of the Agreement to the British Columbia Securities Commission or the expiry of 10 years from the date of the W.B. Order.
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 ALEXANDER DICIMBRIANI
AND
IN THE MATTER OF W.B. INVESTMENTS, INC.
Agreed Statement of Facts and Undertaking

The following agreement has been reached among Alexander DiCimbriani ("DiCimbriani"), W.B. Investments, Inc. ("W.B. Investments") and the Executive Director.

1.As the basis for the orders referred to in paragraphs two and three and the undertakings in paragraph four of this agreement, DiCimbriani and W.B. Investments each acknowledge the following facts as correct:
(a)DiCimbriani resides and maintains an office in Vancouver, British Columbia;
(b)W.B. Investments is a private issuer, incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59;
(c)at all material times, William David Bunt ("Bunt") was the sole director and officer of W.B. Investments but DiCimbriani was the directing mind of W.B. Investments and carried on the functions of a director, and acted in the capacity of an officer, of W.B. Investments;
(d)neither DiCimbriani nor W.B. Investments is registered under the Securities Act, S.B.C. 1985, c. 83 (the "Act") in any capacity;
(e)from November 1, 1991 DiCimbriani, on his own and through W.B. Investments, orchestrated an investment scheme (the "Investment Scheme") whereby DiCimbriani:
(i)solicited funds in excess of $300,000 dollars from at least 10 persons (the "Investors") for the stated purpose of investment in securities;
(ii)assisted the Investors in arranging mortgages on property, loans and lines of credit (including credit cards) through various financial institutions for the purpose of investing in the Investment Scheme;
(iii)opened or caused to be opened trading accounts (the "Trading Accounts") with brokerage houses in the names of DiCimbriani, W.B. Investments and certain of the Investors, with trading authority vested in DiCimbriani for which statements of account and trade confirmations were sent directly to DiCimbriani;
(iv)effected the purchase and sale of securities, including shares of several reporting issuers listed on the Vancouver Stock Exchange, through the Trading Accounts and;
(v)despite demands from Investors, failed to repay certain funds invested by certain of the Investors;
(f)as a result of the activities described in paragraph (d) above:
(i)DiCimbriani advised in securities and acted as a portfolio manager without registration, contrary to section 20 of the Act; and
(ii)W.B. Investments traded in securities without registration, contrary to section 20 of the Act;
(g)on November 30, 1994 Temporary Orders and a Notice of Hearing Under Section 144 (the "Temporary Orders") were issued by the Executive Director ordering that, among other things, the exemptions described in sections 30 to 32, 55, 58, 80 and 81 did not apply to DiCimbriani and W.B. Investments;
(h)the Temporary Orders have been extended from time to time and remain in effect and an Amended Notice of Hearing was issued by the Executive Director on August 29, 1996; and
(i)from December 1, 1994 to May 1, 1995, DiCimbriani placed instructions on behalf of Dr. Edward Wilby with broker Michael Tamaki of Canaccord to effect 57 dispositions of securities in the brokerage account of Dr. Edward Wilby.
2.DiCimbriani consents to an order (the "DiCimbriani Order") by the Executive Director that:
(a)under section 144(1)(c) of the Act, the exemptions described in sections 30 to 32.1, 55, 58, 80 and 81 of the Act do not apply to DiCimbriani for a period of 25 years from the date of the Order; and
(b)under section 144(1)(d) of the Act, DiCimbriani be prohibited from becoming or acting as a director or officer of any reporting issuer, or of any issuer which provides management, administrative, consulting or investor relations services to any reporting issuer, until such time as:
(i)DiCimbriani has successfully completed a course of study satisfactory to the Executive Director concerning the duties and officers of reporting issuers;
(ii)DiCimbriani has made full payment of the amount set out in paragraph 4 of this agreement; and
(iii)at least 25 years have elapsed from the date of the DiCimbriani Order.
3.W.B. Investments consents to an order (the "W.B. Order") by the Executive Director that under section 144(1)(c) of the Act, the exemptions described in sections 30 to 32.1, 55, 58, 80 and 81 of the Act do not apply to W.B. Investments for a period of the later of payment in full of the amount set out in paragraph 4 of this agreement or the expiry of 10 years from the date of the W.B. Order.
4.DiCimbriani undertakes and agrees to pay to the British Columbia Securities Commission the sum of $50,000 in full satisfaction of all claims by the Commission for penalties, costs, and any other assessments.  W.B. Investments undertakes and agrees to pay to the Commission the sum of $5,000.
5.W.B. Investments waives any right it 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.
6.DiCimbriani 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 any related orders, save and excepting any rights DiCimbriani may have to appeal the Court of Appeal Order appointing a Receiver or to appeal any ruling concerning the 1.3 million dollar lottery ticket.
DATED at Vancouver, British Columbia on October 16th, 1996.

"Sean B. Donovan")
Witness)
)
1700-595 Burrard Street)
Vancouver, B.C. V7X 1G4 )
Address)
)"Alexander DiCimbriani"
)Alexander DiCimbriani
Barrister & Solicitor)
Occupation)
W.B. Investments, Inc.
Per: "W.B. Bunt"