VANCOUVER, Feb. 11 /CNW/ -The British Columbia Securities Commission has
banned an Abbotsford man for 20 years who admitted he was responsible
for four related companies that made illegal distributions to investors
in Canada and the U.S.
Gregory Clark Carrington, an Abbotsford, B.C. resident, was the chief
executive officer and president of WebNet Converged Wireless Networks
Ltd., WebNet Broadcasting Corporation, WebNet Global Capital Partners
Ltd., and 3dh Capital Ltd.
In the BCSC settlement agreement, Carrington, 64, admitted that he
authorized, permitted or acquiesced in the four companies'
contraventions of B.C. securities laws when they distributed securities
under offering memoranda (OMs) that contained numerous
deficiencies. The OMs were misleading and not in the required form.
Under the deficient OMs the issuers raised about $8.7 million from 916
investors in various provinces, including B.C., and the U. S.
The BCSC cease traded WebNet Global Capital Partners on Jan. 25, 2008,
and the other three companies on June 25, 2008. The orders remain in
Under the settlement agreement, Carrington is prohibited, for 20 years,
from trading in securities, and from becoming or acting as a director
or officer of any issuer. Carrington is also prohibited, for 20 years,
from acting as a manager or consultant in connection with activities in
the securities market, and from engaging in investor relations.
Carrington's liabilities significantly exceed his assets. He has no
reasonable prospect of being able to pay the $100,000 that would have
been issued in the public interest.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
You may view the settlement agreement on our website www.bcsc.bc.ca by
typing in the search box, Gregory Clark Carrington or 2011 BCSECCOM 70.
If you have questions, contact Ken Gracey, media relations,
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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