News Release
BCSC reprimands investment adviser
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Date:
2004-12-06 -
Number:
2004/51
Vancouver – The British Columbia Securities Commission disciplined an investment adviser and his firm for not complying with the business requirements under the securities legislation.
Adrian Mastracci and KCM Wealth Management Inc. have reached a settlement with the BCSC. Mastracci agreed to pay $5,000 to the BCSC. The BCSC reprimanded KCM Wealth Management.
Mastracci is the principal of KCM Wealth Management. Both Mastracci and the firm are registered under the securities legislation. In 2002 and 2003, KCM Wealth Management contravened the securities legislation when the firm did not:
- keep proper business records,
- have the required capital,
- file annual audited financial statements, and
- subordinate Mastracci’s loan to claims of clients and creditors.
The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities in the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Adrian Mastracci or KCM Wealth Management Inc. or 2004 BCSECCOM 670. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.