Notices of Hearing & Temporary Orders

EDWARD JOHN CARTER, et. al. [Sec. 171]

BCSECCOM #:
Document Type:
Sec. 171
Published Date:
1999-11-05
Effective Date:
1999-11-02
Details:


COR#99/285

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

AND

IN THE MATTER OF EDWARD JOHN CARTER, DAVID HOWARD WARD,
CARL L. LAZZELL, COLIN DESMOND CARTER, CHERYL HENNESSEY AND MARSHA SCOTT LUNDY
(COLLECTIVELY, THE “RESPONDENTS)

Revocation Order Under Section 171

1. WHEREAS:
      1.1 in 1987, Edward John Carter (“Ed Carter”), David Howard Ward (“Ward”), Colin Desmond Carter (“Colin Carter”) and Carl L. Lazzell (“Lazzell”) were charged under the Criminal Code of Canada with offences relating to the manipulation of the prices of shares trading on the Vancouver Stock Exchange and fraud perpetrated on a mutual fund based in the United States (the “Charges”);

      1.2 on May 17, 1988, the Supreme Court of British Columbia, in a civil action relating to the Charges, found Ed Carter, Ward, Cheryl Hennessey (“Hennessey”) and Marsha Scott Lundy (“Lundy”) liable for the losses of the mutual fund (the “Judgement”);

      1.3 on May 30, 1988, as a result of the Charges and Judgement, the Superintendent of Brokers issued temporary orders (the “Temporary Orders”) under section 145(2) of the Securities Act, S.B.C. 1985, c. 83 (the “Former Act”) that had the effect of precluding the Respondents from being able to rely on the exemptions in sections 30 to 32, 55, 58, 81 and 82 of the Former Act;

      1.4 simultaneously with the Temporary Orders, the Superintendent of Brokers gave notice of a hearing (the “Hearing”) to be held on June 10, 1988, to give the Respondents an opportunity to be heard before the Commission to determine whether further orders should be made under section 145(1) of the Former Act;

      1.5 on June 9, 1988, the Commission adjourned the Hearing generally, BY CONSENT, and extended the Temporary Orders until such time as a hearing is held and a decision rendered;

      1.6 Ward was killed in January 1997;

      1.7 Colin Carter was acquitted of the Charges against him in October 1990; and

      1.8 Colin Carter, Hennessey and Lundy all live in Ontario and the Executive Director has advised the Commission that he does not intend to proceed with the Hearing against them;

2. AND WHEREAS the Commission considers that to revoke the Temporary Orders in respect of some of the Respondents would not be prejudicial to the public interest;

3. IT IS ORDERED, under section 171 of the Securities Act, R.S.B.C. 1996, c. 418 that the Temporary Orders against Ward, Colin Carter, Hennessey and Lundy are revoked.


DATED at Vancouver, British Columbia, on November 2, 1999.




                          Douglas M. Hyndman
                          Chair
©2025 British Columbia Securities Commission