Former CEO banned for 20 years for illegal distributions

VANCOUVER, Feb. 11 /CNW/ -The British Columbia Securities Commission has banned an Abbotsford man for 20 years who admitted he was responsible for four related companies that made illegal distributions to investors in Canada and the U.S.

Gregory Clark Carrington, an Abbotsford, B.C. resident, was the chief executive officer and president of WebNet Converged Wireless Networks Ltd., WebNet Broadcasting Corporation, WebNet Global Capital Partners Ltd., and 3dh Capital Ltd.

In the BCSC settlement agreement, Carrington, 64, admitted that he authorized, permitted or acquiesced in the four companies' contraventions of B.C. securities laws when they distributed securities under offering memoranda (OMs) that contained numerous deficiencies. The OMs were misleading and not in the required form. 

Under the deficient OMs the issuers raised about $8.7 million from 916 investors in various provinces, including B.C., and the U. S.

The BCSC cease traded WebNet Global Capital Partners on Jan. 25, 2008, and the other three companies on June 25, 2008. The orders remain in effect.

Under the settlement agreement, Carrington is prohibited, for 20 years, from trading in securities, and from becoming or acting as a director or officer of any issuer. Carrington is also prohibited, for 20 years, from acting as a manager or consultant in connection with activities in the securities market, and from engaging in investor relations.

Carrington's liabilities significantly exceed his assets. He has no reasonable prospect of being able to pay the $100,000 that would have been issued in the public interest.

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 in the search box, Gregory Clark Carrington or 2011 BCSECCOM 70. 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:

Ken Gracey
604-899-6577 or
(Canada) 1-800-373-6393


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