Panel Nigel P. Cave Vice Chair

Judith Downes Commissioner

Gordon L. Holloway Commissioner

Hearing Date July 18, 2018

Submissions Completed August 9, 2018 

Date of Findings September 5, 2018 

Appearing 

Mila Pivnenko

Nicholas Isaac For the Executive Director 

I. Introduction

[1] This is the sanctions portion of a hearing under sections 161(1) and 162 of the Securities Act, RSBC 1996, c. 418. The Findings of this panel on liability made on April 16, 2018 (2018 BCSECCOM 113) are part of this decision.

[2] These are the reasons of all panel members on all issues, except for the decision on orders under section 161(1)(g) of the Act. Commissioner Downes’ dissenting reasons on that issue are below.

[3] We found that the respondents:

a) contravened section 34(a) of the Act with respect to trading in securities between October 2010 and September 2014 in the amount of $2,675,238; and

b) contravened section 61 of the Act with respect to 45 issuances of securities for $1,535,238.

[4] The parties were given an opportunity to make written and oral submissions with respect to the appropriate sanctions in this case. The executive director provided written and oral submissions. The respondents provided written submissions only. 

[5] During the oral hearing, we asked the parties for further written submissions concerning the application of orders under section 161(1)(g) of the Act in circumstances where such order arises only from contraventions of section 34(a) of the Act. The executive director provided those submissions to us and we have considered those submissions as part of reaching our decision in this matter. The respondents were advised of our request for further submissions but did not provide further written submissions on this issue.

[6] This is our decision with respect to sanctions.