VANCOUVER, June 22, 2011 /CNW/ - A BC Securities Commission panel has
fined and ordered a 20-year market ban against a man who illegally
distributed securities, provided false information to investors and
employed boiler room techniques for the purpose of trading securities.
Thomas Joseph Sears and his company, Royal Crown Ventures Group Ltd.,
raised $1.9 million by distributing shares to 95 investors (including
56 B.C. residents) without being registered and without filing a
The panel also found that Sears and Royal Crown made false statements
with the intention of trading Royal Crown securities, and that they
telephoned residences in B.C. for the purpose of trading securities.
For his misconduct, the panel banned Sears from trading in securities,
purchasing securities or exchange contracts, and from becoming or
acting as a director or officer of any issuer, registrant, or
investment fund manager for 20 years. He is also prohibited, for the
same period, from becoming or acting as a registrant, investment fund
manager or promoter, from engaging in investor relations activities,
and from acting in a management or consultative capacity in connection
with the securities market.
The panel also ordered Sears to pay an administrative penalty of $1.9
million, noting that although fraud was not alleged, Sears engaged in
an illegal distribution, made misrepresentations in doing so, and
profited from his misconduct. In addition, there was no evidence that
Royal Crown was a legitimate business enterprise or that investors
would recover their investment.
In addition to the orders against Sears, the panel also permanently
cease-traded Royal Crown Ventures Group Ltd.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website, www.bcsc.bc.ca, by typing Thomas Joseph Sears or 2011 BCSECCOM 289 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:
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).