VANCOUVER, April 25, 2019 /CNW/ - The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a B.C. man who helped an issuer raise funds without being registered.
Lyle Charles Hogaboam raised a total of $585,000 from six investors on behalf of the issuing company, receiving $11,700 in finder's fees. Despite such trading in securities, Hogaboam was not a registrant under the B.C. Securities Act, and he did not have an exemption from the requirement to be registered.
Hogaboam, who also invested his own and his family's funds in the issuer and lost over $1 million, cooperated with BCSC staff throughout the investigation and admitted to the misconduct.
As part of the settlement, Hogaboam promises to pay $20,000 to the BCSC, due immediately. He also is prohibited for four years, or until such time as he pays the $20,000, from trading in or purchasing securities or exchange contracts (with some limited exceptions); from being a director or officer of any issuer or registrant; from being or acting as a registrant or promoter; from acting in a management or consultative capacity in connection with the securities market; and from engaging in investor relations activities.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Lyle Charles Hogaboam in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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