BCSC panel fines Victoria man $50,000 and bans him for 15 years

VANCOUVER, May 4 /CNW/ - An 85-year-old Victoria man was fined and given a 15-year market ban by a British Columbia Securities Commission panel for illegally distributing securities and breaching an existing order against him.

John Arthur Roche McLoughlin and his company, MCL Ventures Inc, raised $312,000 through the sale of securities to 22 investors without being registered and without a prospectus.

In doing so, McLoughlin breached an existing BCSC order from February, 2001, that banned him from trading in securities, becoming or acting as a director or officer of any issuer, and engaging in investor relations activities. That order arose from McLoughlin's participation in another illegal distribution. McLoughlin has yet to pay the BCSC the $25,000 he agreed to in connection with those orders.

For his misconduct, the panel banned McLoughlin, with limited exceptions, from trading any securities except for his own account, and from becoming or acting as a director or officer of any registrant, investment fund manager or promoter for 15 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.

As McLoughlin engaged in the same misconduct for which he had previously been sanctioned and continued to breach the orders against him in spite of repeated warnings from BCSC staff, the panel increased the $20,000 fine sought by the commission to $50,000.

In addition to the orders against McLoughlin, the panel also permanently cease-traded MCL Ventures Inc.

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 in the search box, John McLoughlin or 2011 BCSECCOM 202. If you have questions, contact Richard Gilhooley, Media Relations, 604-899-6713.

SOURCE British Columbia Securities Commission

For further information:

Richard Gilhooley
604-899-6517 or
(Canada) 1-800-373-6393

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