News Release

Vancouver – An investment firm and an employee have agreed to pay $12,500 to the B.C. Securities Commission after admitting the firm’s employee offered investment advice to clients and traded securities on their behalf without being registered.

In a settlement with the commission, John D. Cantelon and Donald W. Wood, advising partners of Investax Management Inc., said they knew that employee Andrew Richard Jukes had provided investment advice to clients even though he was not registered, as required by the Securities Act. In addition, Jukes also acted as the firm’s compliance officer even though Cantelon was the compliance officer of record.

(Investax Management Inc. is registered as an investment counsel under the Securities Act. Jukes was registered as a financial adviser between February 1987 and February 1991 and as an advising partner between December 1992 and February 1997.)

The firm agreed to pay the commission $7,500 while Jukes agreed to pay $5,000. Both Jukes and Investax also agreed to comply with securities regulations in future.

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 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.