VANCOUVER, May 21 /CNW/ - Under a settlement agreement with the British Columbia Securities Commission, an investment dealer has paid $12,000 for violating a cease trade order when it traded shares on the U.S. Over-the-Counter Bulletin Board (OTCBB) that were previously cease-traded.
Northern Securities Inc. twice accepted unsolicited orders on behalf of a B.C. client to sell shares of P2 Solar Inc., an OTCBB reporting issuer under B.C. Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets. These securities were cease traded in B.C. at the time. In doing so, Northern breached the cease trade order, and acted contrary to the public interest.
Northern did not refuse the trades, as its system did not include the P2 cease trade order. Once it became aware of the breaches, the firm cancelled the trades and reversed its commissions. Northern reported both breaches to the BCSC.
The B.C. Securities Commission is the independent provincial agency responsible for regulating trading in securities in the province. You can view the settlement agreement on our website www.bcsc.bc.ca by typing Northern Securities or 2010 BCSSECOM 293 into the search box. If you have questions, contact Brenda-Lea Brown, media relations 604-899-6554.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.
SOURCE British Columbia Securities Commission
For further information: For further information: Brenda Lea Brown, (604) 899-6554 or (Canada) 1-800-373-6393