Settlements

LARRY A. BALISKY [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1998-05-29
Effective Date:
1998-05-26
Details:


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

AND

IN THE MATTER OF LARRY A. BALISKY

Agreed Statement of Facts and Undertaking


1. The following agreement has been reached between Larry A. Balisky (“Balisky”) and the Executive Director:

2. STATEMENT OF AGREED FACTS:
      2.1 As the basis for the undertakings referred to in paragraph 2 of this agreement, Balisky acknowledges the following facts as correct:

      2.2 Balisky is a medical doctor residing and practising in Chilliwack, British Columbia;

      2.3 Balisky is not a registrant under the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”) and is not entitled to trade in securities under the Act;

      2.4 Between May 1997 and August 1997, Balisky, as a Consultant for TAC International Ltd. (“TACL”), sold Bahamian International Business Corporations (“IBCs”) to ten residents of British Columbia;

      2.5 Between May 1997 and August 1997, Balisky also purchased IBCs from TACL for 41 other persons with his own money;

      2.6 TACL has not filed a prospectus with the British Columbia Securities Commission and so could not distribute a security under the Act unless it could rely upon an available exemption;

      2.7 As a result of selling IBCs to the ten persons referred to in paragraph 2.3 above, Balisky received sale proceeds for TACL of $15,000 and was entitled to commissions from TACL of $3,000, although the commissions have not yet been paid;
      2.8 Purchasing an IBC from TACL gave the purchaser the option of also buying an investment with a return, such that the sales of IBCs by Balisky constituted trades in securities, in breach of s. 34(1)(a) of the Act; and

      2.9 The sales of IBCs by Balisky also constituted a distribution of securities, in breach of s. 61(1) of the Act.
3. SETTLEMENT TERMS:
      3.1 Balisky undertakes and agrees to:

      3.2 comply with the Act and the Securities Rules, B.C. 479/95 and all applicable regulations, policies and guidelines; and

      3.3 pay $2,500 to the British Columbia Securities Commission as costs of its investigation.
4. Balisky 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.


Dated at Chilliwack, British Columbia, on May 14, 1998.






WITNESSLARRY A. BALISKY


DATED at Vancouver, British Columbia, on May 26, 1998.





Michael J. Watson
A/Executive Director
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