VANCOUVER, March 30 /CNW/ - A British Columbia Securities Commission panel has found that a businessman and the technology company he controlled illegally distributed securities by making trades under securities law exemptions that were not available to them.
Between August 2004 and August 2007, William Dorn Beattie and Solara Technologies Inc., a company that developed technology for the vending machine business, sold securities to 46 investors and received $790,000. Beattie is Solara's sole director and its president.
"From the evidence it appears that Solara did not take sufficient care to ensure the requirements of the exemptions were met at the time of the trades, and did not keep appropriate records," the panel said. "We are left with the impression that Solara, not having taken sufficient care at the time of its trades, is now scrambling after the fact to find exemptions that may have been available."
Beattie also claimed to have relied on another individual to qualify Solara securities for exemptions, but the panel found that this did not relieve him of his responsibility to ensure the company complied with B.C. securities laws.
The panel also found that Beattie and Solara made a misrepresentation, filed false and misleading information with the commission, and contravened a cease trade order.
The panel has directed the parties to make submissions on sanctions according to the schedule set out in the findings.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, William Dorn Beattie, Solara Technologies Inc., or 2010 BCSECCOM 163. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
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: Ken Gracey, (604) 899-6577 or (Canada) 1-800-373-6393