VANCOUVER, July 23, 2012 /CNW/ - As part of a settlement agreement with
the British Columbia Securities Commission, Kilburn Ogilvie Waymann
Investment Management Ltd. (KOWIM) and Trevor G. Kilburn have agreed to
pay $12,000 to the commission for failing to establish and maintain an
adequate compliance system, and failing to maintain a minimum level of
The agreement states that a compliance audit conducted by the BCSC in
June 2011 found that KOWIM, a portfolio manager registered in British
Columbia and located in Kelowna, failed to maintain minimum regulatory
capital between September 29, 2010 and July 14 2011. Additionally, the
audit revealed that the company had failed to establish and maintain an
adequate compliance system.
Kilburn, a Kelowna resident, is registered as an advising
representative, director and officer of KOWIM. At all material times,
Kilburn was KOWIM's ultimate designated person and its chief compliance
The agreement also notes that KOWIM cooperated fully with commission
staff during and after the audit, and acted quickly to correct the
specific shortfalls identified.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the settlement agreement on our website www.bcsc.bc.ca by typing Kilburn Ogilvie Waymann Investment Management Ltd. or 2012
BCSECCOM 289 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).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).