News Release
Company president banned from securities markets
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Date:
2003-04-23 -
Number:
2003/30
Vancouver – The B.C. Securities Commission has banned a company president from the securities markets for at least three years and ordered him to pay $10,000 after he admitted to illegally raising over $750,000 from investors.
In a settlement with the commission, Raymond Michael Roger Sasseville, the president, controlling shareholder and a director of A.W. Auto Watch Group Inc., admitted that between Feb. 24, 1998 and Dec. 21, 2001 he caused Auto Watch to distribute 2,969,490 of its common shares to 75 investors.
Auto Watch did not file a prospectus, and was not registered, under the Securities Act and was unable to rely upon any statutory exemptions from these requirements, in distributing its securities to the investors.
Under the settlement, Sasseville is banned for a minimum of three years from being a director and officer of any issuer and from engaging in investor relations activities on behalf of any issuer.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement agreement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.