VANCOUVER, Jan. 25 /CNW/ - The British Columbia Securities Commission has settled with a man who admitted that his trades resulted in the misleading appearance of trading activity in the shares of an exchange-listed issuer.
In a BCSC settlement agreement, Konstandino Michopoulos, a New Westminster resident, admitted that he created a misleading appearance of trading activity in the shares of Dorex Minerals Inc., an exploration company that trades on the TSX Venture Exchange. Michopoulos is a shareholder of Dorex, and he has been involved in other publicly traded junior issuers as either a director or financer.
In total, Michopoulos participated in 64 "wash" trades (he was both the buyer and seller), and 26 "match" trades (a family member's account was on the other side of the transaction). The trades had the effect of re-aging debts that had accumulated in the accounts, and created a misleading appearance of trading activity.
There is no evidence Michopoulos' trading significantly affected the value of Dorex's securities, and he did not profit from his trading.
Under the settlement agreement, Michopoulos is prohibited, with limited exceptions, for four years from trading or purchasing any securities or exchange contracts. In addition, he is banned for three years from acting as a director or officer of any issuer, and he paid $11,000 to the BCSC.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement agreement on our website www.bcsc.bc.ca by typing in the search box Konstandino Michopoulos, or 2010 BCSECCOM 38. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.
SOURCE British Columbia Securities Commission
For further information: For further information: Ken Gracey, (604) 899-6577 or (Canada) 1-800-373-6393