VANCOUVER, Sept. 18 /CNW/ - The Executive Director of the British
Columbia Securities Commission has issued a notice of hearing alleging that a
B.C.-based medical device firm and its former president and CEO illegally sold
approximately $2.3 million of the company's shares to investors.
The notice of hearing says that, from July 27, 1998 until April 23, 2005,
James Richard Elliot was a director, the president and CEO of MDMI
Technologies Inc., a medical device company that conducts business in Canada
According to the allegations in the notice, Elliot and MDMI illegally
traded and distributed securities when they sold approximately $2.3 million of
the company's shares to 262 B.C. investors between February 2002 and March
2005 without registration or filing a prospectus. The notice also alleges
Elliot, as an officer and director, contravened the Securities Act by
permitting MDMI to sell its shares without registration or filing a
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.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view notices of hearings on our website www.bcsc.bc.ca. If you have
questions, contact Ken Gracey, Media Relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (B.C. & Alberta)