News Release

BCSC reaches settlement with Richmond man for selling shares without prospectus

  • Date:

  • Number:


Vancouver – The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a Richmond man who admitted to illegally selling shares of his company. 

John Cockburn was the sole officer and director of Smart Trak Technologies Inc., which at the time of the misconduct, was involved in developing a security device that tracked cargo using GPS.

Smart Trak sold shares to 83 investors, raising $866,000, without a prospectus, a formal document that explains the details of an investment and the risks involved. None of the investors qualified for an exemption from the prospectus requirements under the Securities Act.

The BCSC issued a cease trade order against Smart Trak in 2017 for failing to file reports of the stock sales to the BCSC.

As part of the settlement, Cockburn agreed to pay $20,000 to the BCSC. He is also prohibited for four years from:

  • trading in or purchasing securities or exchange contracts (with some limited exceptions); 
  • being a director or officer of any issuer or registrant; 
  • being or acting as a registrant or promoter; 
  • acting in a management or consultative capacity in connection with the securities market; and
    engaging in investor relations activities.

Cockburn, 78, does not have any history of securities misconduct. 

About the British Columbia Securities Commission ( )  

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

Media Contact:
Elise Palmer  

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)

Learn how to protect yourself and become a more informed investor at