Le Lézard
Classified in: Business
Subject: LAW

BCSC settles illegal distribution case involving nominee director

VANCOUVER, Jan. 10, 2020 /CNW/ - The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a B.C. man who was the nominee director of a company that illegally sold its shares.

Chun Ying (also known as Jim) Pan was a nominee director of FS Financial Services (Alberta) Inc., a company that raised $12.8 million between 2015 and 2017.

All of the shares were sold without a prospectus, a formal document that explains the details of an investment and the risks involved. None of the sales qualified for an exemption from the prospectus requirements under the Securities Act.

Pan admitted that he participated in FS Alberta's fundraising, signing cheques and signing loan agreements between the company and investors. He also recruited the first employee who later because the other nominee director of the company.

As part of the settlement, Pan has agreed to pay $40,000 to the BCSC and to take a course on the duties and responsibilities of corporate officers and directors.

He is also prohibited for five years from: 

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:

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

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News published on 10 january 2020 at 12:00 and distributed by: