News Release

BCSC panel finds that Kelowna man engaged in illegal distributions

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Vancouver – A British Columbia Securities Commission panel has found that Rodney John Snider was involved in distributions of securities in breach of securities laws.

The panel found that Snider, a resident of Kelowna during the relevant period, assisted in the sale of promissory notes to in Flag Resources (1985) Limited to four B.C. residents for proceeds of $21,000. Flag is an Alberta-incorporated mining company and reporting issuer in B.C. In 2005, the TSX Venture Exchange de-listed the company for failing to maintain exchange-listing requirements, and in 2006 the BCSC issued a cease trade order against Flag for failing to file financial records.

The panel determined that Snider referred the investors to Murdo Campbell McLeod (now deceased), a director of Flag. The sale of securities to these investors were illegal distributions.

Writing about Snider’s misconduct, the panel stated that, “The evidence is undisputed that Snider was attempting to identify investors whom he could refer to McLeod and Flag with a view to those investors investing in Flag. Snider did identify the four investors in question, referred them to McLeod and provided those investors with information about Flag’s assets.”

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

You may view the findings decision on our website www.bcsc.bc.ca by typing Rodney John Snider or 2015 BCSECCOM 338 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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Media Contact:
Richard Gilhooley, Media Relations

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)

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