News Release

BCSC settles with B.C. men for breaching a cease trade order and illegally distributing securities

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Vancouver - In a settlement agreement with the British Columbia Securities Commission (BCSC), Robert Alexander Sim and Brian Edward Sims have admitted they breached a cease trade order and illegally distributed securities in First Choice Products Inc. Both men are B.C. residents and were officers and directors of First Choice during the relevant period. Robert Sim was First Choice's CEO and Brian Sims was the company's CFO.

The agreement states that from January to March 2014, Sim and Sims distributed First Choice securities to 19 investors for proceeds of $105,500. These distributions breached a cease-trade order (CTO) issued by the Executive Director of the BCSC on February 4, 2013, prohibiting any person from trading First Choice securities. The CTO remains in force.

The agreement also states that Sim and Sims distributed securities to 12 of the 19 investors without filing a prospectus and without a valid exemption, for proceeds of $49,000.

For their misconduct, Robert Sim has agreed to pay $5,000 to the BCSC and Brian Sims has agreed to pay $3,000. Both men have been ordered to resign any positions they hold as, and are prohibited from becoming or acting as, a director or officer of any reporting issuer. They have also been banned from trading in or purchasing any securities (with limited exceptions), acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities. Their bans are to remain in effect until the later of the date that they fulfil their payment obligations to the Commission and March 16, 2020.

Sim and Sims have also agreed to successfully complete a course of study on the duties and responsibilities of corporate officers and directors that is acceptable to the Executive Director prior to acting as a director or officer of a reporting issuer upon the expiry of their market bans.

You may view the settlement agreement on our website,, by typing Robert Alexander Sim, Brian Edward Sims or 2017 BCSECCOM 95 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined 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 of Canada (MFDA).

About the British Columbia Securities Commission (

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:
Alison Walker

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