Portfolio manager agrees to pay $12,000 for lack of compliance and failing to maintain minimum regulatory capital
Vancouver – As part of a settlement agreement with the British Columbia Securities Commission, Kilburn Ogilvie Waymann Investment Management Ltd. (KOWIM) and Trevor G. Kilburn have agreed to pay $12,000 to the commission for failing to establish and maintain an adequate compliance system, and failing to maintain a minimum level of regulatory capital.
The agreement states that a compliance audit conducted by the BCSC in June 2011 found that KOWIM, a portfolio manager registered in British Columbia and located in Kelowna, failed to maintain minimum regulatory capital between September 29, 2010 and July 14 2011. Additionally, the audit revealed that the company had failed to establish and maintain an adequate compliance system.
Kilburn, a Kelowna resident, is registered as an advising representative, director and officer of KOWIM. At all material times, Kilburn was KOWIM’s ultimate designated person and its chief compliance officer.
The agreement also notes that KOWIM cooperated fully with commission staff during and after the audit, and acted quickly to correct the specific shortfalls identified.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement agreement on our website www.bcsc.bc.ca by typing Kilburn Ogilvie Waymann Investment Management Ltd. or 2012 BCSECCOM 289 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).
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