B.C. securities regulator alleges illegal distribution
Vancouver – The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that Keith Henry Alexander sold securities in breach of securities laws concerning prospectus requirements.
The notice alleges that between February 1, 2007 and August 15, 2008, Alexander sold promissory notes in the Little Loan Shoppe through 1127477 Alberta Ltd., a numbered Alberta company for which Alexander was a director. Little Loan Shoppe was a payday loan business operated through a group of companies directed and controlled by Doris Nelson. BCSC staff contends that Alexander raised approximately $1,440,000 from 13 investors. Commission staff alleges that Alexander’s conduct was contrary to the public interest.
The notice alleges that of the $1,440,000 raised by Alexander, six investors (for a total of $395,000) did not qualify for any prospectus exemptions, thereby rendering the distribution illegal. Furthermore, Alexander has never been registered to sell securities in B.C.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on September 2, 2014, at 9:00 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Keith Henry Alexander or 2014 BCSECCOM 288 in the search box. You may view the Doris Nelson notice of hearing by typing 2013 BCSECCOM 8 in the search box. Information about 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 of Canada (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)
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