VANCOUVER, Feb. 18 /CNW/ - The British Columbia Securities Commission
has settled with a B.C. man and a company that illegally distributed
securities to 20 investors for proceeds of approximately $1 million.
In the BCSC settlement agreement, Peter William Arthur Wise, an
insurance salesperson and financial planner, and Microline Veneer &
Forest Products Corp. (Microline) admitted that they distributed
securities to 20 investors without being registered under B.C.
securities laws and without filing prospectus with the commission.
Microline and Wise, a former mutual fund salesperson, purported to rely
on exemptions from securities laws. The fact that there were no
exemptions available to them for these 20 investors resulted in
Microline and Wise contravening B.C. securities laws.
During the relevant times, Wise, who lives and works in Prince George,
B.C., was a director of Microline, and he was responsible for the
distribution of the company's common shares.
As part of the settlement agreement, Wise paid $15,000 to the BCSC and
he is prohibited, with limited exceptions, from trading any securities
or becoming and acting as a director or officer of any issuer for three
years. Wise is also prohibited, for three years, from acting as a
manager or consultant in connection with activities in the securities
market, and from engaging in investor relations activities.
Finally, under the agreement, Microline's securities are permanently
cease traded, with some limited exceptions. In addition, the company
cannot trade securities or exchange contracts for the same period.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
You may view the settlement agreement on our website www.bcsc.bc.ca by typing in the search box, Peter William Arthur Wise, Microline
Veneer & Forest Products Corp., or 2011 BCSECCOM 86. If you have
questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
For further information: