BCSC revises freeze orders against individuals and companies alleged to have engaged in insider trading
Vancouver – The British Columbia Securities Commission (BCSC) has modified some of its freeze orders against several Lower Mainland residents and companies alleged to have been involved in a $50 million scheme and to have engaged in insider trading.
Between 2018 and 2019, the BCSC’s Executive Director issued freeze orders on the bank and brokerage accounts and real estate of several individuals and companies, including West Vancouver residents Justin Edgar Liu and Anthony Kevin Jackson and North Vancouver resident Cameron Robert Paddock, and the following companies where they were directors:
- Liu: Lukor Capital Corp.
- Jackson: BridgeMark Financial Corp.
- Paddock: Rockshore Advisors Ltd.
These individuals and companies are alleged to have engaged in insider trading by transacting in securities of certain issuers while in a special relationship with them and possessing undisclosed material information about them. The BCSC alleges that the individuals knew that the issuers would retain only a portion of the funds raised through certain private placements.
Jackson, Liu and Paddock applied to vary or revoke the freeze orders and the executive director sought a new preservation order against Paddock’s interest in a house.
A BCSC panel has reduced the amount of Liu’s assets that are frozen to $750,000, and reduced the amount of Jackson’s assets that are frozen to $50,000.
The panel also revoked the freeze orders with respect to Paddock, and dismissed the executive director’s application for a new preservation order against the interest in a house.
Current freeze orders with respect to Lukor and BridgeMark remain in place.
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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