VANCOUVER, March 6, 2013 /CNW/ - In a settlement agreement with the
British Columbia Securities Commission, Symmetry 2 Mortgage Investment
Corporation has admitted that it failed to meet its regulatory filing
obligations and illegally distributing securities.
Between 2003 and 2011, Symmetry distributed securities with a value of
approximately $13.9 million to 126 investors. Symmetry, unaware of
their obligation to file exempt distribution reports, failed to do so.
Once commission staff alerted Symmetry to its filing obligations, it
promptly filed exempt distribution reports, and paid all outstanding
Of the exemptions claimed by Symmetry, all were applicable except for
seven investors (accounting for $550,460). Following the discovery of
the illegal distributions, in cooperation with commission staff,
Symmetry sent letters to all affected investors that explained the
error, and offered full rescission of the investors' funds. All
investors chose to keep their investments with Symmetry.
For its transgressions, Symmetry has agreed to pay $10,000 to the
commission. The company has also agreed to comply with the Securities
Act, as well as all securities rules and applicable regulations.
Symmetry cooperated fully with commission staff, and the company does
not have a prior regulatory history with the BCSC.
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 Symmetry 2 or 2013 BCSECCOM 9 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).