VANCOUVER, Oct. 29, 2013 /CNW/ - A British Columbia Securities
Commission panel has found that a B.C. man committed fraud against two
British Columbia investors.
The panel found that Jefferson Franklin Mesidor committed fraud when he
falsely represented to two investors that he would pool their money
with his own to conduct foreign exchange trading for profit. Mesidor
failed to contribute any of his own money to the pool, and he used half
of the investors' money for purposes other than foreign exchange
The findings state that Mesidor deposited the investor funds in an
account in the name of Templeton Investments Inc., a company for which
he was the sole director. Between April 2007 and March 2008, the
Templeton account received a total of $32,280 from the two investors.
Mesidor lost half of the funds, $16,000, in foreign exchange trading and
used the other half of the funds for purposes other than foreign
$8,000 in cash withdrawals
$2,930 to pay for groceries, restaurants, and credit card payments
$2,500 to his personal bank account
$2,500 to a Melody Mitchell for "professional consulting services"
The panel also found that Mesidor prepared and delivered false and
misleading financial statements to the investors.
The panel directed the parties to make submissions on sanctions
according to the schedule set out in the findings.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website, www.bcsc.bc.ca, by typing Mesidor or 2013 BCSECCOM 460 in the search box. Information
regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial
securities regulators, the Investment Industry Regulatory Organization
of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations,
604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
Contact: Richard Gilhooley