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,
SOURCE British Columbia Securities Commission
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