BCSC settles with former B.C. resident for breaching national mining standard
Vancouver - In a settlement agreement with the British Columbia Securities Commission (BCSC), Wally Elmer Boguski admitted to his responsibility for the deficient disclosure of two junior mineral exploration companies.
Boguski was a B.C. resident during the relevant period and the president, CEO, and a director of both Victory Resources Corporation and Sierra Iron Ore Corporation (now known as Crystal Lake Mining Corporation). Boguski is no longer the president, CEO, and a director of Victory, but retains those positions at Crystal Lake.
The agreement states that between 2011 and 2013, Boguski caused both Victory and Sierra to issue disclosure that contained deficiencies and errors, in contravention of various provisions of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). NI 43-101 protects investors by providing transparency surrounding mining resource estimates, capital and operating costs, and economic analysis. As a director and officer of Victory and Sierra, Boguski is liable for both companies' contraventions of NI 43-101.
The agreement acknowledges that Boguski cooperated with BCSC staff throughout the disclosure reviews and made efforts to comply with staff directions.
Boguski undertakes to pay $20,000 in respect of settlement of this matter. He is also banned from acting as a director or officer of any issuer (with certain exceptions) until July 20, 2018, or the successful completion of a course on the requirements of NI 43-101, whichever is later.
You may view the settlement agreement on our website, www.bcsc.bc.ca, by typing Wally Elmer Boguski or 2017 BCSECCOM 231 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 and companies 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 (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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