VANCOUVER, July 5, 2018 /CNW/ - In a settlement agreement with the British Columbia Securities Commission (BCSC), Keir Reynolds has admitted to insider trading.
Reynolds, a B.C. resident, was an insider of a wearable smart technology company called Mezzi Holdings Inc. He became a director of Mezzi on February 18, 2014, and was appointed chairman on April 7, 2014 and CEO on September 16, 2014.
On June 20, 2014, Mezzi entered into a reverse takeover transaction (RTO), whereby it was to be vended into a public company that traded on the TSX Venture Exchange (TSX-V) and the Börse Frankfurt. The letter of intent with respect to the RTO was first publicly disclosed on April 25, 2014.
The settlement agreement states that between February 2014 and April 2014, with knowledge of undisclosed material information concerning the pending RTO, Reynolds funded and directed trades in the account of another individual to buy 114,500 shares of the public company involved in the RTO on the TSX-V. Neither Reynolds nor the individual who held the account made any profit as a result of this trading.
To settle this matter, Reynolds has agreed to pay $15,000 to the BCSC. The Executive Director of the BCSC has also issued an order that Reynolds resign any position he holds as a director or officer of an issuer that issues securities to the public. He has also been banned for three years from becoming or acting as a director or officer of any issuer that issues securities to the public and from trading in or purchasing any securities or exchange contracts of an issuer he is in a special relationship with, with limited exceptions.
You may view the settlement agreement on our website, www.bcsc.bc.ca, by typing Keir Reynolds or 2018 BCSECCOM 195 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
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
For further information: Media Contact: Alison Walker, 604-899-6713; Public inquiries 604-899-6854 or 1-800-373-6393 (toll free), [email protected]