News Release
BCSC panel issues $100,000 fines and permanent bans against four individuals for advance-fee scheme
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Date:
2011-12-30 -
Number:
2011/99
Vancouver – A British Columbia Securities Commission panel has permanently banned four individuals and the purported company they claimed to represent for proposing to execute trades on behalf of B.C. residents in exchange for payment as part of an advance-fee scheme.
In its decision, the panel described the conduct of James Dupree, Ian T. Ball, Stephen Armitage and Peter B. Thompson as “dishonest and predatory”, and found that the four men broke securities laws when they telephoned two B.C. residents and proposed a scheme to acquire Apple stocks at a discount in exchange for an “advanced” payment of $9,000. The panel also stated that the four men’s misconduct “damages the integrity and reputation of our markets.”
Dupree, Ball, Armitage and Thompson claimed to be representatives of Douglas Charles, a purported offshore investment firm with offices in Switzerland and Panama. In reality, the company’s website (which remains active) consists almost entirely of text plagiarized from websites of other established financial services firms, and there is no evidence that Douglas Charles is a legitimate business.
In addition to permanently banning the four men, the panel also ordered that they pay an administrative penalty of $100,000.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Douglas Charles, James Dupree, Ian T. Ball, Stephen Armitage, Peter B. Thompson or 2011 BCSECCOM 574 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org