News Release

Vancouver - The British Columbia Securities Commission used a section of the Securities Act for the first time to issue enforcement orders against two men who violated securities laws in Ontario and Alberta.

After giving Joseph Edward Allen and Syed Kabir an opportunity to respond to an application for an order against them, a commission panel issued sanctions against both men. The panel used Ontario Securities Commission rulings against Allen and Kabir to come to its decision.

Under Section 161(6)(c) of the B.C. Securities Act, the commission "may, after providing an opportunity to be heard, make an order under subsection (1) in respect of a person if the person has been found by a securities regulatory authority or court in another jurisdiction to have contravened the laws of the jurisdiction respecting trading in securities or exchange contracts." 

On May 10, 2006, the Ontario Securities Commission ordered, among other things, that Allen permanently cease trading in securities and Kabir cease trading in securities for seven years.  The two had been previously sanctioned by the Alberta Securities Commission, which the OSC took into account in making its orders.

Under the B.C. order, Allen must permanently cease trading in securities or engaging in investor relations. Kabir cannot trade in securities or engage in investor relations activities for seven years. Both men may buy and sell securities and hold mutual funds for personal financial reasons.

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 in the search box, Joseph Edward Allen or Syed Kabir or 2007 BCSECCOM 309 or 2007 BCSECCOM 310. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.