BCSC levels allegations against advisor, firm and compliance officer for unsuitable investment recommendations and record-keeping violations
Vancouver – The British Columbia Securities Commission (BCSC) has alleged that an advisor in Prince George recommended high-risk securities to five investors without taking reasonable steps to ensure the products were suitable for them.
The BCSC alleges that Matthew Herbert Calvert recommended the investors purchase exempt market securities, which don’t require a prospectus, a formal document that explains the details of an investment and the risks involved. Calvert also recorded inaccurate “Know Your Client“ (KYC) information for those five investors.
During the time of these alleged violations, 2016 to 2019, Calvert was working for Ascenta Finance Corp., a North Vancouver exempt market dealer firm.
The BCSC alleges that Ascenta and its Chief Compliance Officer, Tracy Anne Mabone, failed to maintain records demonstrating Calvert’s compliance with suitability requirements
The BCSC’s allegations have not been proven. The commission has asked the parties to appear at the BCSC’s offices on October 27, 2022 if they wish to be heard before the Commission schedules a hearing.
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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