Stewart Douglas Loughery and Military International Limited [Decision]
BCSECCOM #:2019 BCSECCOM 78
2019 BCSECCOM 78
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Stewart Douglas Loughery and Military International Limited
Nigel P. Cave
January 9, 2019
January 9, 2019
Date of decision
March 4, 2019
For the Executive Director
- 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 27, 2018 (2018 BCSECCOM 134) are part of this decision.
- We found that:
(a) the respondents contravened a cease trade order issued by the executive director on December 11, 2002; and
(b)Loughery, acting as either a de facto officer or director of Military International Limited, authorized, permitted or acquiesced to Military’s contravention of the cease trade order and thereby, pursuant to section 168.2(1) of the Act, also contravened the cease trade order.
- The parties were given an opportunity to make written and oral submissions with respect to the appropriate sanctions in this case. The executive director provided written and oral submissions.
- The hearing with respect to sanctions was originally scheduled for September 4, 2018. At 10:02 am on September 4, 2018 (i.e. after the commencement of the hearing), Loughery applied for, and obtained, an adjournment of the sanctions hearing for medical reasons. The hearing was rescheduled for January 9, 2019. On the morning of January 9, 2019, Loughery applied for a further adjournment of the sanctions hearing for medical reasons. We dismissed that application on January 9, 2019, with reasons to follow.
- Prior to Loughery’s adjournment application, neither of the respondents had provided written submissions. Therefore, the sanctions hearing proceeded without written or oral submissions from either of the respondents.
- These are our reasons with respect to dismissing Loughery’s application for a further adjournment of the sanction hearing. This is also our decision with respect to sanctions.