BCSC alleges that a Nevada company and three B.C. residents breached a cease trade order and made misrepresentations to investors
Vancouver - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that three B.C. residents and a Nevada-based company breached a cease trade order and made misrepresentations to investors.
EcoTECH Energy Group Inc. is a Nevada corporation whose securities are quoted on the over-the-counter (OTC) markets in the U.S. and is an OTC reporting issuer in B.C. During the relevant period, Colin V. Hall was a director and CEO of ecoTECH, Rolf Eugster was the CFO, and Anne Sanders was a director and executive vice president. All three are B.C. residents.
On July 17, 2012, the Executive Director ordered that all trading of ecoTECH securities cease. This order remains in force.
The notice alleges that ecoTECH breached a cease trade order by selling its securities to 16 investors for proceeds of $55,100 and by distributing $3,279,150 worth of securities to 15 persons as compensation for services rendered. The notice also alleges that ecoTECH made misrepresentations to the 16 investors it sold securities to by failing to inform the investors of the cease trade order.
The notice also alleges that as directors and/or officers of ecoTECH, Hall, Eugster and Sanders authorized, permitted, or acquiesced in ecoTECH's contraventions, and are therefore liable for those contraventions.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on June 26, 2018 at 9:00 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing ecoTECH Energy Group Inc., Colin V. Hall, Rolf Eugster, Anne Sanders or 2018 BCSECCOM 144 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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