Former Vancouver resident receives seven-year market bans and pays $10,000
This press release replaces the October 9, 2009 release (Release) that incorrectly stated that Mr. Ryan Anthony Gibson admitted that he allowed a Panamanian Company to sell shares of a company he controlled to investors in the United Kingdom. The Commission has removed the Release from its website and asks that any outlet that published incorrect information based on the Release to retract and correct that information.
The corrected press release appears below.
Vancouver - In a BCSC settlement agreement, Mr. Ryan Anthony Gibson admitted to contravening B.C. securities laws when he authorized, permitted or acquiesced to the trading and distribution of shares of Rocky Mountain Gold Mining, Inc. Neither Rocky Mountain nor Gibson was registered to trade securities.
Gibson, a former Vancouver resident, was the sole officer and director of Rocky Mountain when it granted a Panamanian company options to purchase its shares. Gibson, on behalf of Rocky Mountain, accepted that the Panamanian company could exercise its options by way of promissory note.
The Panamanian company then resold the Rocky Mountain shares to U.K. investors. Approximately $2.4 million of Rocky Mountain shares were purchased by 166 U.K. investors. These transactions constituted trading and a distribution of securities by Rocky Mountain contrary to sections 34 and 61 of the Securities Act.
Gibson, on behalf of Rocky Mountain, maintained a company website for investors to review, and responded to some investors’ inquiries.
Under a BCSC order, Gibson is banned for seven years, except in limited circumstances, from trading and purchasing securities or exchange contracts. He is also banned for seven years from becoming or acting as a director or officer of an issuer, registrant or investment fund manager; acting as a registrant, investment fund manager, or promoter; acting in a management or consultative capacity in connection with the securities market; and engaging in investor relations activities.
Gibson also paid the BCSC $10,000 in settlement of this matter. There is no reasonable prospect of him paying a $50,000 fine that would otherwise be assessed in the public interest.
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, Ryan Anthony Gibson or 2009 BCSECCOM 569. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org .