VANCOUVER, March 1 /CNW/ - A British Columbia Securities Commission panel
has upheld allegations that a former Vancouver-based securities salesperson
violated securities rules when she failed to ensure that certain speculative
and illiquid investments were suitable for her clients, but dismissed related
allegations against her employer and one of its principals.
The commission panel found that Jill MacGregor Bock contravened section
48 - the suitability rule - when she sold exempt investments to certain
clients while she was employed by Foresight Capital Corp., a now-defunct
investment dealer that was headquartered in Burnaby. Bock worked for the firm
out of her Vancouver office from 1998 to early 2001.
The exempt investments that she sold to those clients were speculative
and illiquid. The businesses underlying the products that Bock recommended to
her clients all involved farming.
However, the panel dismissed allegations of misrepresentation against
Bock, and with one minor exception, it dismissed allegations against Foresight
Capital and Gilbert Wong, who was a director, president, and compliance
officer of the firm during the relevant period.
During the hearing, BCSC staff alleged that Foresight and Wong had
contravened the suitability rule because of Bock's conduct, failed to
establish and apply written prudent business procedures, failed to designate a
compliance officer, and failed to maintain the required working capital, all
contrary to the securities rules and the public interest.
A majority of the panel - commissioners Marc Foreman and Robert Milbourne
- found that, except for the firm not having met its working capital
requirements for four months in 2002, BCSC staff did not prove their
allegations against Foresight, and proved no allegations against Wong.
In dissenting findings, commissioner Robin Ford found that BCSC staff had
proved these allegations.
The panel directed the parties to make submissions on sanctions according
to the schedule set out in the findings.
The BC 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, Jill MacGregor Bock or Foresight Capital Corp. or 2007 BCSECCOM
101. If you have questions, contact Andrew Poon, Media Relations,
For further information:
For further information: Andrew Poon, (604) 899-6880, or (B.C. &