News Release
Securities Commission Releases Dion Decision
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Date:
1995-12-15 -
Number:
95/33
Released: December 7, 1995 Contact: Ron Messent 660-4800 or 1-800-373-6393
The British Columbia Securities Commission has prohibited Robert Ross Errol Dion from participating in the securities markets for 20 years following a hearing on November 7, 1995.
Dion pled guilty on May 29,1995, to one count of having defrauded Prudential Bache Securities Canada Ltd., between July 31, 1990, and September 11, 1990, contrary to section 380(1)(a) of the Criminal Code of Canada.
The charge related to NSF cheques totalling $265,980.80 issued to Prudential Bache as payment for shares as part of a scheme involving numerous direct and nominee share purchases and sales of six Vancouver Stock Exchange listed companies.
In addition to withdrawing Dion's trading privileges for 20 years, the Commission prohibited Dion from acting as an officer or director of any reporting issuer for 20 years.
The Commission said:
...the public here was led into believing that the trading activity in the six Exchange companies in August 1990, represented bona fide transactions between various persons dealing at arm's length in a free and open market. Instead, the transactions reflected fictitious activity and investors were misled. Dion orchestrated a trading scheme in the shares of six Exchange companies that was highly abusive and prejudicial to the integrity of the capital markets. In our view, we consider it to be in the public interest to keep Dion out of the capital markets for a significant period of time.
The British Columbia Securities Commission is a provincial government agency responsible for regulating trading in securities and exchange contracts.
Copies of the Commission's decision (7 pages) may be obtained in person at 1100 - 865 Hornby Street, Vancouver, British Columbia.