News Release

Vancouver – A former CEO of a publicly traded company has paid the BC Securities Commission (BCSC) a total of $121,403 for selling nearly a million shares of the company while a cease trade order was in effect.

William Trainer was the CEO of Vicinity Motors Corp., an electric bus manufacturer whose shares traded on the TSX-V and Nasdaq exchanges. Vicinity is now in receivership.

In August 2024, Vicinity applied to the BCSC for a management cease trade order (MCTO) – which generally prohibits trading of shares of a company by that company’s CEO and CFO – because it would be unable to file interim financial statements and related disclosure by the required deadline. Trainer submitted a signed consent form acknowledging that he was prohibited from trading Vicinity shares while the MCTO was in effect.

Two months after the BCSC issued the MCTO, Trainer sold approximately 997,000 shares of Vicinity for proceeds of $91,403, in breach of the MCTO.

Upon being notified of the BCSC’s investigation into this trading, Trainer promptly initiated settlement discussions.

As part of the settlement agreement, Trainer, who has no history of securities misconduct in B.C., paid $91,403 as disgorgement – representing the amount he obtained from his prohibited trading – plus a $30,000 payment to settle the matter.

He also agreed to not serve as a director or officer of any issuer or registrant for 10 years, with a limited exception for a private family company, along with restrictions on his trading and purchasing of securities and derivatives.

Trainer is further prohibited for 10 years from acting as a registrant or promoter, advising or otherwise acting in a management or consultative capacity in the securities or derivatives markets, and engaging in promotional activities in those markets.

About the BC Securities Commission (www.bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

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