Allegations dismissed against B.C. man and company
Vancouver – A panel of the British Columbia Securities Commission has dismissed allegations that a B.C. man and the company he controlled violated the B.C. Securities Act by guaranteeing repayment of promissory notes and by issuing promissory notes without being registered.
The panel found that James Marc Gravelle and WY ATAP Investments Inc. (WY) did not violate the Securities Act in jointly issuing eight promissory notes with guaranteed repayment of the entire principal. Although a person trading in securities is generally prohibited from making representations of guaranteed repayment, the notes issued by Gravelle and WY contained such a guarantee. So the representations by Gravelle and WY to investors were “simply a restatement of the promise to pay in the document.”
The panel also ruled that Gravelle and WY’s conduct qualified for an exemption from the requirement to be registered to trade in securities and therefore they did not violate the Securities Act in issuing the promissory notes.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
Columbia Securities Commission is the independent provincial government agency
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administration of the Securities Act.
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