VANCOUVER, March 19, 2015 /CNW/ - The British Columbia Securities Commission (BCSC) today announced that it will notify investors who lost money as a result of investing with Canadian Pacific Consulting and Michael Robert Shantz to make an application for compensation. The funds ($131,781.34) were ordered to be paid to the commission on May 22, 2012.
Under changes made to the Securities Act in November 2013, the commission must make funds that have been paid to the commission available to eligible investors who lost money as a result of respondent misconduct. The funds being made available today were frozen during BCSC staff's original investigation of Shantz and CPC.
"This is the first time the commission has been able to use its new powers to return money to investors," said Paul Bourque, Executive Director of the BCSC. "We want investors who lost money to CPC and Shantz to make claims and recover part of their investment. We hope there will be more opportunities in the future to return money to investors."
In March 2012, a BCSC panel found that Shantz and CPC committed fraud by soliciting German and Swiss residents to open trading accounts with CPC. Shantz and CPC falsely claimed that they would conduct gold futures or foreign exchange trading on behalf of these individuals. In May 2012, the panel fined Shantz $630,000 and ordered that he be permanently banned from B.C.'s capital markets. The panel also ordered Shantz to pay to the commission the $1,530,004 he obtained as a result of his illegal activity.
The commission urges investors who lost money in this case to make a claim to recover their losses. They must use the required form, and should make the claim as soon as they can and no later than March 19, 2018.
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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