News Release

BCSC panel imposes sanctions for breaching cease trade order and misrepresentation

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Vancouver – The British Columbia Securities Commission (BCSC) imposed a total of $55,000 in financial sanctions on three B.C. residents who caused an issuer to breach a cease trade order and make misrepresentations to investors.  

Colin V. Hall, Anne Sanders and Rolf Eugster were top executives at ecoTECH, a Nevada-based green energy company that sold $55,100 worth of securities in 2013 to 16 investors despite a cease trade order issued by the BCSC in 2012. In addition, they failed to tell investors about the order.

Hall, Sanders and ecoTECH – a reporting issuer in B.C. – also distributed $3.3 million worth of securities to 15 people as compensation for services rendered in breach of the order.

The panel found that individuals “who intentionally contravene a cease trade order of the Commission pose a significant risk to our capital markets.”

As a result of their misconduct, Hall and Sanders were each ordered to pay administrative sanctions of $20,000, and Rolf Eugster was ordered to pay $15,000.

In addition to the financial sanctions, Hall and Sanders are prohibited for five years and Eugster is prohibited for four years from:

  • trading in or purchasing securities or exchange contracts (with some limited exceptions)  
  • relying on any exemption under the Securities Act
  • 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 

The securities of ecoTECH are still subject to a cease trade order. The panel did not order any financial sanctions against ecoTECH because doing so would “indirectly harm investors who have already been harmed by the misconduct in this case.” 

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

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 www.investright.org