BCSC panel finds that former investment advisor illegally distributed securities
Vancouver – A British Columbia Securities Commission panel has found that a former investment advisor engaged in an illegal distribution.
The panel found that in April 2011, Robert Waters, a B.C. resident sold shares of Berkeley Coffee & Tea Inc. to 45 investors for total proceeds of $312,977 without being registered and without having filed a prospectus.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
Berkeley and Sean Tan have settled with the executive director, admitting that they distributed these securities without having filed a prospectus, contrary to section 61 of the Securities Act (2012 BCSECCOM 424).
You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Robert Waters or 2014 BCSECCOM 215 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).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
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Richard Gilhooley, Media Relations
604-899-6854 or 1-800-373-6393 (toll free)
Learn how to protect yourself and become a more informed investor at www.investright.org