Notices of Hearing & Temporary Orders

Harjit Singh Gill [Amended Notice of Hearing]

BCSECCOM #:
2004 BCSECCOM 24
Document Type:
Amended Notice of Hearing
Published Date:
2004-01-13
Effective Date:
2004-01-07
Details:

2004 BCSECCOM 24

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2004 BCSECCOM 24


Amended Notice of Hearing

Harjit Singh Gill
Section 161 of the Securities Act, RSBC 1996, c. 418


¶ 1 A hearing (the Hearing) will be held to give Harjit Singh Gill (Gill) an opportunity to be heard before the British Columbia Securities Commission considers whether it is in the public interest to make the following orders in respect of the Respondents:

1. under section 161(1)(a) of the Securities Act, RSBC 1996, c. 418, Gill comply with or cease contravening the Act;

2. under section 161(1)(b) of the Act, Gill cease trading in, and be prohibited from purchasing any securities;

3. under section 161(1)(d) of the Act, Gill resign any position he may hold as a director or officer of any issuer, and that he be prohibited from becoming or acting as a director or officer of any issuer;

4. under section 161(1)(d) of the Act, Gill be prohibited from engaging in investor relations activities;

5. under section 162 of the Act, Gill pay an administrative penalty;

6. under section 174 of the Act, Gill pay prescribed fees or charges for the costs of or related to the hearing; and

7. any other orders as may by appropriate in the circumstances.

¶ 2 The Commission will be asked to consider the following facts and allegations in making its determinations:

1. Gill is a resident of British Columbia.

2. Between January 1, 1997 and March 3, 1998 (the Relevant Period), Gill was registered as an investment advisor under the Act with Levesque Securities Inc. (Levesque).

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3. On July 3, 1997, Gill opened an account at Levesque for a client (the Account). The client deposited into the Account 73,696 shares of BPI-Industries Inc. (BPI), a reporting issuer on the VSE.

4. The client instructed Gill to liquidate the BPI shares in the Account over time.

5. Without instructions from the client, Gill used $101,815 from the sale of the BPI shares in the Account to purchase and sell shares of International Sargon Resources Inc. (Sargon) between June 27, 1997 and August 11, 1997 (the Trades). The Trades were unauthorized by the client, and consisted of 19 buys and 3 sells, resulting in a debit in the Account in August 1997 of $164,198.

6. In conducting the Trades ^, Gill acted contrary to sections 14 and 48 of the Securities Rules, B.C. Reg. 194/97 (the Rules) and Vancouver Stock Exchange Rule F.2.22(2).

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7. As a registered investment advisor, Gill performed the role of a gatekeeper in the securities industry. Gill’s conduct, as described herein, was contrary to his role as a gatekeeper and contrary to the public interest.

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The Hearing
¶ 3 Gill may be represented by counsel at the Hearing, and make representations and lead evidence. Gill is requested to advise the Commission of their intention to attend the Hearing by informing the Commission Secretary at PO Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC V7Y 1L2 phone: (604) 899-6500; email: commsec@bcsc.bc.ca.

¶ 4 Gill or his counsel is required to attend at the 12th Floor Hearing Room, 701 West Georgia Street, Vancouver, British Columbia, at a time to be determined, if they wish to be heard before the Commission sets a date for the Hearing.

¶ 5 Determinations may be made in this matter if Gill or his counsel do not appear at the Hearing.

¶ 6 January 7, 2004


¶ 7 Stephen J. Wilson
Executive Director