Settlements

GERALD HENRY TURCOTTE [Sec. 161 & Agreed Stmt]

BCSECCOM #:
Document Type:
Sec. 161 & Agreed Stmt
Published Date:
1997-06-06
Effective Date:
1997-06-03
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF GERALD HENRY TURCOTTE


Order Under Section 161


WHEREAS an Agreed Statement of Facts and Undertaking was executed by Gerald Henry Turcotte and the Executive Director, a copy of which is attached hereto as Schedule "A";

NOW THEREFORE the Executive Director, considering that it would be in the public interest to do so, orders, BY CONSENT, that:

1. under section 161(1)(c) of the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”), the exemptions described in sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to the Respondent for a period of 20 years from the date of this Order; and

2. under section 161(1)(d) of the Act, the Respondent be prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 20 years from the date of this Order;

on the condition that Turcotte may apply to the British Columbia Securities Commission (the “Commission”) for an order revoking or varying this order in accordance with any revocation or variation of the order issued against Turcotte by the Saskatchewan Securities Commission on March 4, 1997 or otherwise if, in the Commission's opinion, granting the revocation or variance order applied for would not be prejudicial to the public interest.

DATED at Vancouver, British Columbia, on June 3, 1997.





Paul C. Bourque
Executive Director

Schedule “A”
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF GERALD HENRY TURCOTTE


Agreed Statement of Facts and Undertaking


The following agreement has been reached between Gerald Henry Turcotte (“Turcotte”) and the Executive Director:

1. As the basis for the orders set out in paragraph 2 of this agreement, Turcotte acknowledges the following facts as correct:
      (a) on March 4, 1997, the Saskatchewan Securities Commission (the "Saskatchewan Commission") concluded an Agreement and Undertaking (the "Saskatchewan Agreement") with Turcotte, and issued a cease trade order (the " Saskatchewan Order") against Turcotte;

      (b) in August 1996, the Saskatchewan Commission held a hearing into Turcotte's activities while a registrant. As a registrant, Turcotte had drafted a will for a client naming himself executor and beneficiary. Under oath at the Saskatchewan Commission hearing, Turcotte said he had never drawn up another will other than the one in question, and was not named as executor of anyone's estate other than his own family. The hearing resulted in the Saskatchewan Commission suspending Turcotte's registration for one year, as it believed this to be an isolated incident;

      (c) the Saskatchewan Commission subsequently determined that Turcotte had drafted a will for another client almost simultaneously to drafting the first will. In this will, he named himself co-executor and beneficiary of the residue of the estate being shared with the other co-executor, although only in an amount not to exceed the standard fees for executorship allowed in Saskatchewan;

      (d) in a letter to the Saskatchewan Commission, Turcotte agreed to the issuance of a voluntary lifetime cease trade order, and subsequently concluded the Saskatchewan Agreement with the Saskatchewan Commission;

      (e) the Saskatchewan Order prevents Turcotte from trading in securities or exchange contracts in Saskatchewan for the remainder of his life, and provides that the exemptions from the trading, prospectus and take over bid provisions no longer apply to Turcotte;

      (f) Turcotte was registered as a mutual fund salesperson in British Columbia under the former Securities Act, S.B.C. 1985, c. 83 (the “Prior Act”) until August 28, 1996, when Turcotte voluntarily terminated his registration under the Prior Act;

      (g) on July 19, 1996, a consent order under section 144 of the Prior Act was issued whereby Turcotte's registration in British Columbia was suspended until a final determination of the matter was made by the Saskatchewan Commission.

2. Turcotte consents to an order of the Executive Director (the "Order"):
      (a) under section 161(1)(c) of the Securities Act, R.S.B.C. 1996, c. 418 (the "Act") the exemptions described in sections 44 to 47, 74, 75, 98 and 99 of the Act do not apply to Turcotte for a period of 20 years from the date of this Order; and

      (b) under section 161(1)(d) of the Act, Turcotte is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 20 years from the date of this Order;

      on the condition that Turcotte may apply to the British Columbia Securities Commission for an order revoking or varying this Order in accordance with any revocation or variation of the Saskatchewan Order or otherwise if, in the Commission's opinion, granting the revocation or variance order applied for would not be prejudicial to the public interest.
3. Turcotte waives any right he may have, under the Act, or otherwise to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement and the related Order.

DATED at Comox, British Columbia, on May 26, 1997.


_________________________)
Witness)
)
D. Boehmer_______________)_______________________
Witness Name (Please print))Gerald Henry Turcotte
)
5157 Island Hwy)
Courtenay, British Columbia_)
Address)

DATED at Vancouver, British Columbia, on June 3, 1997.






Paul C. Bourque
Executive Director
©2024 British Columbia Securities Commission