VANCOUVER, June 4, 2015 /CNW/ - A British Columbia Securities Commission (BCSC) panel has found that Wireless Wizard Technologies Inc. (WWTI), Raymond Michael Roger Sasseville, Edith Marie Sasseville, and Richard Keller illegally distributed securities of WWTI.
Raymond Sasseville was involved in senior management of WWTI. Edith Sasseville was a director and, from time to time, the President of the company. Keller was WWTI's Chief Financial Officer. All three are B.C. residents, and none have ever been registered to sell securities under the Securities Act. WWTI's business was to develop and market a global positioning system (GPS) for motorcycles, and a wireless technology for conducting sales via text message. The company has never filed a prospectus in B.C
In its decision, the panel found that WWTI and Keller illegally distributed securities by distributing a WWTI convertible debenture to an investor (known as "Investor A") for total proceeds of $10,000 without being registered, without a prospectus, and for which no exemptions were available.
The panel also found that WWTI, Ray Sasseville, and Keller illegally distributed securities by distributing a WWTI convertible debenture to an investor (known as "Investor B") for total proceeds of US$47,500 without being registered, without a prospectus, and for which no exemptions were available.
Furthermore, the panel found that Edith and Ray Sasseville breached securities law by authorizing, permitting and acquiescing in the distributions of the WWTI convertible debentures to Investor A and Investor B.
The panel dismissed allegations pertaining to distributions that took place prior to December 18, 2007, as they found them to be outside of the allowable limitation period under the Securities Act.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website www.bcsc.bc.ca by typing Wireless Wizard Technologies Inc., Raymond Michael Roger Sasseville, Edith Marie Sasseville, Richard Keller, or 2015 BCSECCOM 100 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).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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