VANCOUVER, April 5, 2012 /CNW/ - A British Columbia Securities Commission panel has sanctioned a Richmond resident for breaking securities laws by selling securities for a U.S. company.
In December 2011, a commission panel found that Donald Verne Dyer raised US$836,000 from 83 investors from across Canada and the U.S. for Global 8 Environmental Technologies Inc, a Nevada company quoted on the U.S. over-the-counter markets that has never filed a prospectus in B.C. The commission panel concluded that the structure of the transactions was a transparent scheme to avoid compliance with securities laws. Global 8 has been cease traded in British Columbia.
Dyer sold the Global 8 securities through Pacific Ocean Resources Corporation, a Langley-based company that he owns. Dyer and his company are not registered to sell securities in B.C. Pacific Ocean was also sanctioned.
The panel also found that Dyer never met any of the investors, but illegally telephoned them at their residences.
The panel prohibited Dyer from buying and selling securities and acting as a director or officer of any issuer for 10 years.
The panel also prohibited Dyer, for the same period, from becoming or acting as a registrant or promoter, from acting in a management or consultative in connection with the securities market, and from engaging in investor relations activities.
Dyer was ordered to pay a $65,000 fine. All prohibitions will remain in place until the later of 10 years or such time as the fine is paid.
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 Donald Verne Dyer, Pacific Ocean Resources Corporation or 2012 BCSECCOM 104 in the search box. Information regarding disciplinary proceedings is 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
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