VANCOUVER, Dec. 18, 2012 /CNW/ - The British Columbia Securities
Commission has settled with Aaron Ross, a corporate communications
officer who admitted to making materially misleading statements when
engaging in investor relations on behalf of Aguila American Gold
Limited. Aguila is a B.C.-based mining company that trades on the TSX
In a settlement agreement, Ross, a B.C. resident, admitted that he made
statements that he ought to have known were misrepresentations while
engaging in investor relations on behalf of Aguila.
The settlement states that on February 18, 2011, Aguila issued a news
release disclosing drill results on a property in Peru. The news
release included disclaimers regarding the quality and grade of the
Ross, while engaging in investor relations for Aguila, made calls and
sent emails to over 130 potential investors identified on a list. A
BCSC investigator was listed among the prospective investors, and was
contacted by Ross the day before the Aguila news release was issued.
In the settlement, Ross acknowledged that during the course of the
conversation with the BCSC investigator, he made promotional statements
about Aguila that breached section 50(1)(d) of the Securities Act, and
section 2.3(1) of NI 43-101, the national mining disclosure rule.
For his misconduct, Ross has agreed to pay $2,500 to the commission, and
is banned from engaging in investor relations activities for two years.
The settlement agreement notes that Ross has no prior regulatory
history, and that he has taken the Public Companies: Financing, Government and Compliance course through Simon Fraser University Continuing Studies.
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 Aaron Ross, Aguila American Gold Limited or 2012 BC SECCOM
471 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, contact Richard Gilhooley, media relations, 604-899-6713.For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).