VANCOUVER, June 24, 2013 /CNW/ - The executive director of the British
Columbia Securities Commission has issued a notice of hearing alleging
that the director and sole executive officer of a Nevada corporation
knowingly made false statements to commission staff and structured his
business in order to evade B.C. securities regulations.
The notice states that on July 14, 2008, BCSC staff sent a letter to
inform Independence Energy Corp. that the company's significant
connections to B.C. meant that it would be subject to reporting
requirements in B.C. unless it could demonstrate the requirements did
On September 15, 2008, Independence responded by claiming that its head
office had been recently relocated to Calgary, Alberta, and that B.C.'s
rules governing Over-the-Counter (OTC) reporting issuers did not apply
to Independence. Additionally, Bruce Thomson, a director and the sole
executive officer of Independence, claimed to be a resident of Calgary.
Staff alleges that Independence's representations to the BCSC were
false, as Thompson had structured his affairs to create the false
appearance that he and Independence were conducting business from
Calgary. Staff alleges that Thomson:
arranged to sublease a Calgary office that he never used and did not pay
arranged for Independence's mail that was delivered to a Calgary address
to be forwarded to his residence in Vancouver, B.C.
arranged for someone to take phone calls for Independence in Calgary,
and then relay messages to him in Vancouver
starting in 2008, gave false Calgary business and residential addresses
to U.S. securities regulators
Staff maintains that by structuring his affairs to evade B.C.
regulations, Thomson harmed the reputation and credibility of the
province's securities market. Furthermore, by providing staff with
information that in a material respect is false or misleading, and by
failing to file the periodic disclosure required of companies reporting
in B.C., Independence breached securities laws.
On June 20, 2012, Independence was cease-traded in B.C. for its ongoing
failure to comply with its filing obligations.
These allegations have not been proven. Counsel for the executive
director will apply to set dates for a hearing into the allegations
before a panel of commissioners on July 9, 2013 at 9:00am.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Bruce Thomson, Independence Energy Corp., or 2013 BCSECCOM
191 in the search box. Information regarding disciplinary proceedings
can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial
securities regulators, the Investment Industry Regulatory Organization
of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information:
For media inquiries, please contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, please call 604 899 6854 or 1 800 373 6393 (toll free).