B.C. man and three companies breach BCSC cease trade order

VANCOUVER, BC, Feb. 7, 2024 /CNW/ - A B.C. resident and three companies connected to him have admitted in a settlement agreement to breaching a cease trade order issued by the B.C. Securities Commission (BCSC).

County Line Energy Inc., a B.C. reporting issuer and Nevada corporation, issued 23 debt securities totaling nearly US$97,000 between 2018 and 2021, in violation of a 2013 cease trade order. Two B.C. numbered companies, 0985358 B.C. Ltd. and 1207124 B.C. Ltd., sold more than 18 million shares in County Line during the same three-year stretch.

Aarif Jamani ? who was the sole director of 0985358 at the time ? authorized, permitted, or acquiesced in the company's misconduct, and therefore committed the same misconduct. He was warned by the BCSC that his actions were in breach of the cease trade order, but he ignored the warning and continued to sell shares in County Line through his company.

As part of the settlement agreement with the BCSC, Jamani paid $40,000 and County Line paid $10,000 to the BCSC.

In additional to the financial sanctions, Jamani and County Line are also temporarily prohibited from participating in the public markets for four years. Although the numbered companies admitted to their misconduct, the BCSC did not issue any orders against them.

Jamani is now the sole director of 1207124 and of County Line, but was not between 2018 and 2021. The cease trade order against County Line remains in effect.

None of the investors affected by the wrongdoing lost money on the investments, according to evidence obtained by the BCSC.

The B.C. 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