Settlements

Leslie Philip Price, et al. [Sec. 145, 145.1 & Agreed Stmt]

BCSECCOM #:
Document Type:
Sec. 145, 145.1 & Agreed Stmt
Published Date:
1989-04-21
Effective Date:
1989-04-14
Details:


IN THE MATTER OF The Securities Act S.B.C. 1985, c. 83
as amended
AND IN THE MATTER OF Leslie Philip Price, Brian Edward Stanford
and William Thomas Lightbody
Section 145 and 145.1 Orders
N. de Gelder
April 14, 1989

STATUTES CITED:

Securities Act, S.B.C. 1985, c. 83, ss. 30, 31, 32, 55, 56, 57, 58, 81, 82, 145, 145.1.
   ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed by Leslie Philip Price ("Price") and the Superintendent of Brokers (the "Superintendent") a copy of which is attached hereto as Schedule "A";

   NOW THEREFORE the Superintendent being of the opinion that it is in the public interest to do so, orders:

1.
under section 145 of the Act, all of the exemptions described in sections 30 to 32, 55 to 58, 81 or 82 of the Act do not apply to Price for a period of 15 years from April 14, 1989 up to and including April 14, 2004;
2.
under section 145.1 of the Act, Price will not act as a director or officer of any reporting issuer for a period of 15 years from April 14, 1989 up to and including April 14, 2004. Dated April 14, 1989 at Vancouver, British Columbia.
Schedule "A"

IN THE MATTER OF THE SECURITIES ACT
S.B.C. 1985, c. 83, AS AMENDED
AND
IN THE MATTER OF LESLIE PHILIP PRICE, BRIAN EDWARD STANFORD
and WILLIAM THOMAS LIGHTBODY


AGREED STATEMENT OF FACTS AND UNDERTAKING

   The following agreement has been reached between Brian Edward Stanford ("Stanford") and the Superintendent of Brokers (the "Superintendent");

1.
As the basis for orders made pursuant to sections 145 and 145.1 of the Securities Act, S.B.C. 1985, c. 83, as amended (the "Act") withdrawing the statutory exemptions of Stanford and prohibiting Stanford from becoming or acting as a director or officer of any reporting issuer, Stanford acknowledges the following facts as correct:
a)
Stanford was a shareholder and principal of Anglo Securities Ltd. ("Anglo"), a registered dealer under the Act and a member of the Vancouver Stock Exchange (the "Exchange");
b)
Carepoint Medical Services Ltd. ("Carepoint") at all material times was listed for trading on the Exchange and William Thomas Lightbody ("Lightbody") was a director, officer and promoter of Carepoint from November 1985 to August 1986;
c)
Carepoint issued a Statement of Material Fact with an effective date January 27, 1986 underwhich it offered 550,000 shares to the public. Anglo was appointed Carepoint's agent to offer 400,000 of the shares to the public which distribution was completed.
d)
during the period from January 1986 to August 1986 inclusive, Leslie Philip Price ("Price") was authorized to trade in, or in the alternative, was giving trading instructions for at least 13 separate trading accounts at Anglo (the "Trading Accounts") in which accounts there were trades in the shares of Carepoint (the "Securities");
e)
during the period from January 1986 to August 1986 inclusive, Price, with the acquiescence of Stanford, directly or indirectly traded in the Securities. These trades resulted in a misleading appearance of trading activity in and/or an artificial price for the Securities.
f)
during the period January 1986 to August 1986 inclusive, Price with the acquiescence of Stanford entered orders for the Securities through the Trading Accounts but did not make full Settlement of the accounts as they became due;
g)
the inability of Price to settle the Trading Accounts at Anglo, in conjunction with Anglo's other capital deficiencies contributed to a deficiency in its net free capital position as required by the rules of the Exchange, leading to the financial failure of Anglo in or about August 1986;
h)
Carepoint, under the direction of Lightbody placed $200,000 of its funds with Anglo on deposit;
i)
Anglo, at the request of Lightbody and the other directors of Carepoint, paid Lightbody the amount of $57,000 out of the Carepoint funds which were being held on deposit at Anglo;
j)
on May 28, 1987 by Notice to Members #118/187 Stanford was disciplined by the Exchange for entering orders for trading in shares of Carepoint which did not result in a change of beneficial ownership of the security;
2.
Stanford consents to an order of the Superintendent pursuant to sections 145 and 145.1 of the Act in the form of order attached hereto as Schedule "A";
3.
Stanford waives his right to a hearing a review by the British Columbia Securities Commission pursuant to section 149 of the Act with respect to the order;
B.E. STANFORD
             N. de GELDER
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Brian Edward StanfordSuperintendent of Brokers