News Release
Commission Panel Imposes New Restrictions on Canadian Global and Suspends Registrations of Two Sales Representatives
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Date:
2000-01-21 -
Number:
2000/03
Released: January 17, 2000 Contact: Michael Bernard
899-6500 or
(BC only) 1-800-373-6393 Vancouver – A B.C. Securities Commission panel has imposed new restrictions on the registration of Canadian Global Investment Corp. and suspended the registrations of two of its sales representatives pending a full hearing into alleged irregularities in the investment dealer’s business practices.
The panel imposed the new restrictions after commission staff cease-traded the securities of Columbia Ostrich, which were being sold by Global sales representatives. At the same time, the panel suspended the registrations of Danny Francis Bilinski and Robert Pierre Lamblin.
Temporary restrictions were imposed by the panel on Canadian Global and its sales people last October based on concerns that gross commissions came mainly from selling exempt market securities, the suitability of those investments, the whereabouts of $5 million of clients’ funds and that investments were being funnelled into the parent company of Canadian Global and a wholly owned subsidiary.
The new restrictions, effective until Jan. 25, limit Canadian Global Investment and its staff to selling mutual fund securities for which there is a prospectus. A hearing has been scheduled for Jan. 24.
The panel’s orders had the effect of permitting the distribution of securities of Canadian Global Real Estate Holdings Ltd., Gorlan Trailer Technologies Inc. and Pacific Bowling Centres Inc. through a registered dealer other than Canadian Global Investment Corp.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.