Garo Aram Deyrmenjian, Raffi Khorchidian, David Craven, and EuroHelvetia TrustCo. S.A. now known as EHT Corporate Services S.A. [Decision]
BCSECCOM #:2019 BCSECCOM 93
2019 BCSECCOM 93
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Garo Aram Deyrmenjian, Raffi Khorchidian,
David Craven, and EuroHelvetia TrustCo. S.A. now known as
EHT Corporate Services S.A.
Gordon L. Holloway
Suzanne K. Wiltshire
January 16, 2019
January 16, 2019
Date of Decision
March 11, 2019
For the Executive Director
Robert Cooper, Q.C.
For Garo Aram Deyrmenjian
For Raffi Khorchidian
Angus M. Gunn, Q.C.
For David Craven and EuroHelvetia TrustCo. S.A.
now known as EHT Corporate Services S.A.
This is the sanctions portion of a hearing under sections 161(1) and 162 of the Securities Act, RSBC 1996, c. 418. The Findings of this panel on liability made on April 25, 2018 (2018 BCSECCOM 125) are part of this decision.
We found that:
a) each of Raffi Khorchidian, Garo Aram Deyrmenjian and EHT Corporate Services S.A. contravened section 57(a) of the Act in respect of the shares of Kunekt Corporation, and
b) David Craven, as a managing director of EHT, authorized, permitted or acquiesced in EHT’s conduct that contravened section 57(a) and that under section 168.2 of the Act, Craven also contravened section 57(a).
The executive director and the respondents provided written and oral submissions with respect to the appropriate sanctions in this case.
The respondents stated that their submissions on sanctions were made without prejudice to their various applications to the Court of Appeal seeking leave to appeal the Findings.
This is our decision with respect to sanctions for the respondents’ misconduct.
On September 28, 2018, EHT and Craven (the applicants) also made an application under section 171 of the Act to revoke or vary parts of the Findings and to dismiss the allegations against them in the amended notice of hearing dated March 8, 2017. We heard the application on November 2, 2018. We gave our ruling denying the application at the hearing. Our reasons are set out below.