Settlements

JAMES ALBERT WIED [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1998-05-01
Effective Date:
1998-04-24
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF JAMES ALBERT WIED


Agreed Statement of Facts and Undertaking


1. The following agreement has been reached between James Albert Wied (“Wied”) and the Executive Director.

Statement of Agreed Facts:

2. As the basis for the undertakings referred to in paragraph 4 of this agreement, Wied acknowledges the following facts as correct:
      (a) Wied was registered, pursuant to section 34 of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”), as an Investment Advisor with Great Pacific Management Co. Ltd. (“Great Pacific”) from February 15, 1995 to December 4, 1997;

      (b) Wied was an employee of Surrey Metro Savings Credit Union (“Surrey Metro”) from January 3, 1995 to December 4, 1997;

      (c) Wied was licensed under the Insurance Act from February 17, 1995 to December 4, 1997 with Metro Insurance Services Ltd. (“Metro Insurance”), which is a wholly-owned subsidiary of Surrey Metro; and

      (d) Wied’s employment with Great Pacific, Surrey Metro and Metro Insurance (the “Employers”) was terminated on December 4, 1997, for just cause, in the opinion of the Employers, because Wied was alleged to have engaged in prohibited personal financial transactions with a client that constituted a conflict of interest and a breach of corporate policy and his employment agreement.
3. On or about January 29, 1998 and February 11, 1998, Wied sent out letters to his former clients of Great Pacific and Metro Insurance, in which he held himself out as being registered at a time when he was not registered to trade in securities, contrary to section 54(2) of the Act, and, in sending out the letters, Wied engaged in acts in furtherance of a trade, including soliciting and advertising, at a time when he was not registered to trade in securities, contrary to section 34 of the Act.

Settlement and Undertaking:

4. Wied undertakes:
      (a) to be subject to strict supervision, as set out in the Supervision Report Form attached as Schedule “A”, for a twelve-month period, commencing on the date of his registration under the Act with any employer; and

      (b) not to breach the Act, the Rules or any applicable regulations, policies and guidelines.

5. Wied agrees to pay the sum of $3,000 to the order of the British Columbia Securities Commission, $1,000 of which represents a portion of the costs of conducting the investigation, in accordance with the terms set out in a Promissory Note executed by Wied in favor of the Commission with the following payment schedule:
      (a) $500 upon the execution of this agreement; and

      (b) an additional $500 on or before, August 1, 1998, November 1, 1998, February 1, 1999, May 1, 1999 and August 1, 1999.

6. Wied 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 the agreement and any related orders.

DATED at Vancouver, British Columbia, on April 24, 1998.




___________________________)
Witness Signature)
)
Henning Wiebach____________)
Witness Name (please print))
2100 - 1111 West Georgia Street)___________________
Vancouver, BC V7X 1K9_____)James Albert Wied
Address )
Campney & Murphy)
Barrister & Solicitor___________)
Occupation)

DATED at Vancouver, British Columbia, on April 24, 1998.





Michael Watson
A/Executive Director



Schedule “A”
SUPERVISION REPORT

To: British Columbia Securities Commission
Attention: Chief Examiner, Registration

I hereby certify as a senior officer/director/branch manager that strict supervision of ____________________________ [name of individual subject to supervision] has been conducted by the undersigned for the month ended _______________, 19____. I have also personally attended the office of
[name of individual subject to supervision] at least one time this month to review his files. I have no cause for concern regarding the activities of this individual based on my review procedures. These procedures were sufficient to ensure at least the following:
      (1) All orders - including buys, sells, and transfers - have been approved and initialled by a senior officer before entry;

      (2) All client accounts have been reviewed for the following:
          (a) unsuitability of investments, including inconsistency with stated objectives
          (b) excessive trading
          (c) improper use of discretion
          (d) violation of disclosure document requirements, incl. prospectus, leveraging, etc.
          (e) inappropriate personal use or borrowing of client funds;
      (3) All trading activity in this individual’s client and personal accounts has been reviewed on a daily basis [please attach summary of trading activity for month];

      (4) No transactions have been made in any new account until the full and proper documentation is in place;

      (5) No client complaints have been received during the period covered, except as follows:

    ________________________________________________ (attach details if appropriate)


    Dated: ______________, 19____Signed:
    ___________________________
    Name/Title:
    ___________________________
    Firm Name:
    ___________________________
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