February 3, 2009
BCSC makes reciprocal orders against 10 individuals
Vancouver - British Columbia Securities Commission panels have made reciprocal enforcement orders against 10 individuals sanctioned by securities commissions in Alberta, Ontario and New Brunswick.
They are Jose Castaneda, David Simpson, Jerome Stanislaus Xavier, Lorne Drever, Harry Niles, Liedong (Leon) Gu, Blair MacDougall, William M. Mallinson, Paul Norman Oliver, and Robert Waxman.
The BCSC makes reciprocal enforcement orders following a streamlined process when another commission has imposed sanctions on a person or the person has agreed with another commission to be sanctioned. BCSC orders can include one or more of the following sanctions:
- cease trading in and purchasing securities and exchange contracts;
- a prohibition from becoming or acting as a director or officer of any issuer, registrant or investment fund manager;
- a prohibition from becoming or acting as a registrant, investment fund manager or promoter;
- a prohibition from acting as a manager or consultant in the securities market; and
- a prohibition from engaging in investor relations activities
Under BCSC orders:
- Castaneda, Simpson, Drever and Niles are subject to permanent trading and various market bans in B.C. The BCSC orders are based on sanctions made by Ontario and New Brunswick securities commissions.
- Gu is subject to trading bans in B.C. until Nov. 4, 2011. MacDougall is subject to trading bans in B.C. until Dec. 27, 2010. Mallinson is subject to trading and various market bans in B.C. until Oct. 22, 2016. Oliver is subject to trading bans in B.C. until June 9, 2015 and various market bans in B.C. until June 9, 2009. The BCSC orders are based on Alberta Securities Commission sanctions.
- Waxman is subject to trading bans in B.C. until Jan. 8, 2018 and various market bans in B.C. until Jan. 8, 2028. The BCSC orders are based on Ontario Securities Commission sanctions.
- Xavier is subject to trading and various market bans in B.C. until May 5, 2013, or until he is registered under the Ontario Securities Act. The BCSC orders are based on Ontario Securities Commission sanctions.
For more information on the BCSC orders or sanctions by Alberta, Ontario or New Brunswick securities commissions, use the name of the individual or document references to conduct a search at www.bcsc.bc.ca, www.nbsc-cvmnb.ca, www.albertasecurities.com or www.osc.gov.on.ca.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.