BCSC panel fines former registrant for illegally advising on purchase of securities
Vancouver – A British Columbia Securities Commission panel has fined Roberta Merlin McIntosh (a.k.a. Berta McIntosh, Roberta Sims, Roberta Butcher, Roberta Mayer) $30,000 for illegally advising an investor to purchase exempt market securities. The panel also ordered that McIntosh be banned from participating in B.C.’s capital markets for ten years.
In November 2014, the panel found that McIntosh, a B.C. resident and former registrant who resigned in 2003, illegally advised an investor to purchase certain exempt market securities in April 2011. McIntosh was not registered when she did this. The investor followed McIntosh’s advice.
In its sanctions decision, the panel wrote that, “Although she resigned in 2003, as a former registrant, she should have been aware of the fundamental prohibition against unregistered advising.”
The panel ordered that McIntosh pay to the commission the $11,730 she earned in commissions as a result of her misconduct, as well as a fine of $30,000.
The panel also ordered that McIntosh resign any position she holds as a director or officer of an issuer or registrant. She is prohibited from trading in securities, purchasing securities or exchange contracts (with limited exceptions), and from becoming or acting as a director or officer of any issuer or registrant. She is also prohibited, for the same period, from becoming or acting as a registrant or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market. These prohibitions remain in place until the later of February 26, 2025 and the date the ordered amounts have been paid.
McIntosh has also been ordered to successfully complete a course of studies satisfactory to the Executive Director concerning the obligations of registrants and participants in the capital markets in the event she decides to participate in the capital markets again.
You may view the sanctions decision on our website www.bcsc.bc.ca by typing Roberta Merlin McIntosh, Bert McIntosh, Roberta Sims, Roberta Butcher, Roberta Mayer, or 2015 BCSECCOM 69 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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