U.S. resident agrees to sanctions for illegally trading in securities
Vancouver – In a settlement agreement with the British Columbia Securities Commission (BCSC), Sharon Downing has admitted that she engaged in an illegal distribution of securities.
The agreement states that between June and November 2008, Downing acted as a finder for Thomas Arthur Williams and the following companies (collectively, the Global Group of Companies):
- Global Wealth Creation Opportunities Inc.;
- Global Wealth Creation Opportunities Inc. (Belize);
- Global Wealth Financial Inc.;
- Global Wealth Creation Strategies Inc.;
- CDN Global Wealth Creation Club RW-TW; and
- 2002 Concepts Inc.
Between February 2007 and April 2010, Williams and the Global Group of Companies raised approximately $11.7 million from approximately 123 investors. In her capacity as a finder for Williams, Downing introduced three investors to the Global Group of Companies. These investors, for whom no prospectus exemptions applied, collectively invested $180,000. Downing, a United States resident who has never been registered in any capacity in B.C., received US $3,231 in commissions.
Downing acknowledged that by introducing investors to the Global Group of Companies, she breached securities laws regarding registration and prospectus requirements.
Downing has agreed to pay to the BCSC the US $3,231 she earned in commissions. She is also prohibited from trading in securities (with limited exceptions), and from becoming or acting as a promoter or registrant for a period of three years. Downing is also banned, for the same period, from acting in a management or consultative capacity in connection with the securities market, and from engaging in investor relations activities.
The agreement notes that Downing invested $60,000 of her own money in the Global Group of Companies, and has no reasonable prospect of its recovery.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Sharon Downing or 2015 BCSECCOM 64 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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