Decisions
Specialized Surgical Services Inc., et. al. [Findings]
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BCSECCOM #:
2002 BCSECCOM 675
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Document Type:
Findings
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Published Date:
2002-07-29
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Effective Date:
2002-07-25
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Details:
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2002 BCSECCOM 675
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Hearing
| Panel | Adrienne Salvail-Lopez | Vice Chair |
| John K. Graf | Commissioner | |
| Roy Wares | Commissioner |
| Dates of Hearing | May 13, 14 and 28, 2002 |
| Date of Findings | July 25, 2002 |
| Appearing | |
| Mark Hilford C. Paige Leggat | For Commission Staff |
| David Steinart | For himself |
| James Swanney | For himself |
Introduction
¶ 1 These findings relate to a hearing under section 161 of the Securities Act, RSBC 1996, c. 418. The Executive Director issued a notice of hearing in this matter on May 9, 2001 and amended it on July 18, 2001, September 16, 2001 and March 7, 2002.
¶ 2 The notice of hearing contained a myriad of allegations against the following respondents: Foster First Financial Corporation, M.W. Foster & Associates Ltd., Falconhouse Investments Inc., Mark Webster Vaughan Foster, Teresa Inez Marie Mitrou, Specialized Surgical Services Inc., James Swanney, David Steinart, Wayne A. Hansen, Peter Hoogewerf, Barry Crocker, George Gow, Miles F. Kilshaw and Robert B. Murray. Before the hearing, the Executive Director entered into settlement agreements, each containing an agreed statement of facts, with all but three of the respondents. Those settlement agreements are not in evidence in this hearing.
¶ 3 The remaining respondents are Specialized Surgical Services Inc. and two of its directors, James Swanney and David Steinart. The notice of hearing alleges that:
¶ 1 These findings relate to a hearing under section 161 of the Securities Act, RSBC 1996, c. 418. The Executive Director issued a notice of hearing in this matter on May 9, 2001 and amended it on July 18, 2001, September 16, 2001 and March 7, 2002.
¶ 2 The notice of hearing contained a myriad of allegations against the following respondents: Foster First Financial Corporation, M.W. Foster & Associates Ltd., Falconhouse Investments Inc., Mark Webster Vaughan Foster, Teresa Inez Marie Mitrou, Specialized Surgical Services Inc., James Swanney, David Steinart, Wayne A. Hansen, Peter Hoogewerf, Barry Crocker, George Gow, Miles F. Kilshaw and Robert B. Murray. Before the hearing, the Executive Director entered into settlement agreements, each containing an agreed statement of facts, with all but three of the respondents. Those settlement agreements are not in evidence in this hearing.
¶ 3 The remaining respondents are Specialized Surgical Services Inc. and two of its directors, James Swanney and David Steinart. The notice of hearing alleges that:
- Specialized Surgical made misrepresentations in two offering memorandums;
- Swanney and Steinart authorized, permitted or acquiesced in misrepresentations made by Specialized Surgical, breached their duties as directors under the Company Act,RSBC 1996, c. 62 and distributed securities without a prospectus; and
- Swanney perpetrated a fraud on a person in British Columbia.
¶ 4 The hearing began on May 13, 2002. Steinart attended the entire hearing and testified. Swanney attended only for final submissions.