BCSC panel finds that former broker lied to regulators and acted contrary to the public interest
Vancouver – A British Columbia Securities Commission panel has found that a former broker lied to regulators and acted contrary to the public interest.
The panel found that Douglas William Falconer Wood, a B.C. resident and a registered broker during the relevant period, repeatedly traded in securities that were on his employer’s restricted list, set up an offshore trading structure to conceal his trading activity (and then intentionally withheld this information from his employer), and lied to staff from the BCSC and the Investment Industry Regulatory Organization of Canada (IIROC).
Of Wood’s conduct, the panel wrote, “Individually, these facts might not be serious enough for a finding that they are contrary to the public interest but, when combined, lead us to the conclusion that the respondent’s conduct fell far short of what is expected of registrants. As such, the respondent’s conduct is contrary to the public interest.”
The panel dismissed allegations related to insider trading.
You may view the findings decision on our website www.bcsc.bc.ca by typing Douglas William Falconer Wood or 2015 BCSECCOM 28 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)
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