VANCOUVER, June 29 /CNW/ - A British Columbia Securities Commission panel
have imposed sanctions against a former Vancouver-based securities salesperson
who failed to ensure that certain speculative and illiquid investments were
suitable for her clients.
The panel ordered Jill MacGregor Bock to pay a $25,000 administrative
penalty for violating securities rules. The panel also decided she must not
engage in investor relations activities or work in the exempt product market
for three years. At the end of the three-year period, the order will continue
unless and until the administrative penalty is paid and Bock is registered as
a salesperson with a registrant.
On February 27, 2007, the panel found that Bock had contravened section
48 - the suitability rule - when she sold exempt investments to certain
clients. She was employed by Foresight Capital Corp., a now-dissolved
investment dealer that was headquartered in Burnaby. Bock worked for the firm
out of her Vancouver office from 1998 to January 2001.
"We are satisfied that if Bock continued to sell exempt products, there
would be a serious risk that she would engage in similar unacceptable conduct
which would jeopardize the public interest," the panel said in their decision
on sanctions. They emphasized the special role that registrants play in the
regulatory system and investors' expectation of full regulatory compliance
In a related matter, the panel decided it was not in the public interest
to sanction Foresight. In its Feb. 27 findings, a majority of the panel found
that, except for the firm not having met its working capital requirements for
four months in 2002, BCSC staff had not proved their allegations against
"Foresight submits, and we agree, that the deficiency arose innocently
through administrative error and misunderstanding," the panel said. "Foresight
provided several cases involving small companies and relatively small capital
deficiencies. In these cases, the regulatory authority imposed fines only
where the breaches were of a recurrent nature, or they were accompanied by
more serious breaches."
The BC 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 in the
search box, Jill MacGregor Bock or Foresight Capital Corp. or 2007 BCSECCOM
365. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.
For further information:
For further information: Ken Gracey, (604) 899-6577 or, (B.C. & Alberta)