Alberta company and Pitt Meadows man ordered to pay penalties for violating cease-trade order
Vancouver – An Alberta company that sold mine detection and military equipment and a Pitt Meadows man have been sanctioned by the British Columbia Securities Commission (BCSC) for breaching a 2002 cease trade order issued against the company.
A BCSC panel found that Military International Limited and Stewart Douglas Loughery, acting as a de facto director or officer of Military, breached that order between 2010 and 2011 by entering into loan agreements with six investors for total proceeds of $170,000. None of that money has been repaid.
The panel imposed a $50,000 administrative penalty on Loughery, and he is prohibited for at least six years from acting as a company director or officer, working as a registrant or promoter, serving in a management or consultative capacity in the securities market, or engaging in investor relations activities.
Military was ordered to pay $170,000 – representing the amount it obtained in breaching the cease trade order – plus an administrative penalty of $20,000. In addition, the 2002 cease trade order will continue for at least a further five years, and will not be lifted until the company’s penalties are paid.
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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