BCSC panel finds Victoria man and mortgage company illegally distributed securities

VANCOUVER, April 25, 2017 /CNW/ - A British Columbia Securities Commission (BCSC) panel has found that Lance Sandford Cook and CBM Canada's Best Mortgage Corp. illegally distributed securities.

Cook, a Victoria, B.C. resident during the relevant period, was a mortgage broker registered in B.C., and the president and sole director of CBM. CBM was a mortgage broker company registered in B.C. that was dissolved in June 2014 for failing to file annual reports. Cook and CBM have never been registered under the Securities Act, nor have they ever filed a prospectus under the Act.

The panel found that Cook convinced four investors to invest money with him or with CBM in exchange for unsecured interest bearing promissory notes.

The panel made findings against Cook and CBM that they engaged in illegal distributions between June and December 2010:

  • Cook with respect to six distributions of securities to four investors for total proceeds of $380,000; and
  • CBM with respect to three distributions of securities to two investors for total proceeds of $180,000.

The panel also found that Cook was liable for CBM's distributions, stating "The evidence is clear that Cook was the controlling mind and management of CBM.  He clearly authorized, permitted, or acquiesced to CBM's contraventions."

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 Lance Sandford Cook, CBM Canada's Best Mortgage Corp. or 2017 BCSECCOM 136 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (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

For further information: Media Contact: Alison Walker, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), inquiries@bcsc.bc.ca

RELATED LINKS
http://www.bcsc.bc.ca

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890