BCSC settles with B.C. man who traded securities without registration
Vancouver – The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a B.C. man who traded securities without registration when he purchased shares in a private placement for investors.
Les Weinstein, a B.C. resident, admitted in the settlement that he entered into two subscription agreements with an issuer to purchase 700,000 shares of the issuer. In both of these subscription agreements, Weinstein acted as an intermediary between the issuer and investors when he purchased 463,000 of the total 700,000 shares on behalf of the investors. In doing so, Weinstein traded in securities without being registered and without an available exemption from the registration requirement under the Securities Act.
Weinstein has agreed to pay $5,000 to the Commission and he is prohibited from acting as a registrant or promoter and from engaging in investor relations activities until the later of two years or until he has paid the Commission.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Les Weinstein or 2018 BCSECCOM 305 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
The Canadian Securities Administrators maintains national databases for disciplined persons and firms and cease trade orders. These databases include all persons in Canada disciplined for securities trading offences.
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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604-899-6854 or 1-800-373-6393 (toll free)
Learn how to protect yourself and become a more informed investor at www.investright.org