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BCSC panel sanctions former broker for lying to regulators and acting contrary to the public interest

  • Date:

    2015-05-08
  • Number:

    2015/41

Vancouver – A British Columbia Securities Commission (BCSC) panel has sanctioned Douglas William Falconer Wood for lying to regulators and acting contrary to the public interest.

In January 2015, the panel found that 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).

In its sanctions decision, the panel wrote that, “the nature of Wood’s misconduct does raise concerns about his fitness to be a registrant and whether he represents a risk to the capital markets.”

For his misconduct, the panel ordered Wood to pay an administrative penalty of $30,000. He is prohibited, for a period of one year, from becoming or acting as a registrant, and from acting in a management or consultative capacity in connection with the securities market.

You may view the findings decision on our website www.bcsc.bc.ca by typing Douglas William Falconer Wood or 2015 BCSECCOM 169 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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