News Release

Vancouver - A British Columbia Securities Commission (BCSC) panel has ordered monetary sanctions and temporary market bans against Lance Sandford Cook for illegal distributions. His company CBM Canada's Best Mortgage Corp. also received temporary market bans.

Cook, a Victoria, B.C. resident during the relevant period, was a mortgage broker registered in B.C., and the president and sole director of CBM. CBM was a mortgage broker company registered in B.C. that was dissolved in June 2014 for failing to file annual reports. Cook and CBM have never been registered under the Securities Act, nor have they ever filed a prospectus under the Act.

In April 2017, a BCSC panel found that Cook convinced four investors to invest money with him or with CBM in exchange for unsecured interest bearing promissory notes.

The panel made findings against Cook and CBM that they engaged in illegal distributions between June and December 2010:

• Cook with respect to six distributions of securities to four investors for total proceeds of $380,000; and
• CBM with respect to three distributions of securities to two investors for total proceeds of $180,000.

The panel also found that Cook was liable for CBM's distributions.

In its decision, the panel characterized Cook and CBM's actions as "either reckless or careless with respect to compliance with securities laws."

For his misconduct, the panel has ordered that Cook resign any position he holds as a director or officer of an issuer or registrant and pay an administrative penalty of $25,000. He has also been ordered to pay a disgorgement of $218,500, that being the amount he avoided paying as a result of his misconduct, minus interest payments returned to his investors.

Cook is also banned from trading in or purchasing any securities or exchange contracts (with limited exceptions), becoming or acting as a director or officer of any issuer or registrant, becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities. Cook's bans are to remain in effect for the later of five years or until he pays his monetary sanctions.

The panel also ordered that CBM be prohibited for five years from trading in or purchasing securities, becoming or acting as a promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities.

You may view the sanctions decision on our website, www.bcsc.bc.ca, by typing Lance Sandford Cook, CBM Canada's Best Mortgage Corp. or 2017 BCSECCOM 260 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Media Contact:
Alison Walker 
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org