BCSC investigates alleged scheme run by “consultants”

first_img The B.C. Securities Commission (BCSC) is temporarily prohibiting a group of more than 50 purported “consultants” buying or selling the securities of 11 companies listed on the Canadian Securities Exchange (CSE), alleging that they participated in a scheme that is abusive to the capital markets, the BCSC announced Monday.This commission is also prohibiting the listed companies from raising capital under the consultant exemption, and banning all CSE-listed firms from using the exemption to sell shares to the collection of “consultants.” ASC sanctions violation of cease trade order Related news Facebook LinkedIn Twitter vancouver downtown skyline with mountains davidgn/123RF Share this article and your comments with peers on social media IE Staff Man charged with violating OSC order Court orders probation for trading ban violation Keywords Cease trade ordersCompanies British Columbia Securities Commission Temporary orders are designed to halt possibly abusive conduct, while giving the regulator’s staff time to complete an investigation.The BCSC has scheduled a hearing for Dec. 7 to determine whether to extend the orders. The commission has not brought formal allegations against any of the companies or people involved, nor have its allegations been proven.The orders arises from an ongoing BCSC investigation into transactions between the purported consultants – which Executive Director Peter Brady refers to as “the BridgeMark Group” – and B.C. companies operating in the cannabis, cryptocurrency, mining and alternative energy sectors.The commission alleges that four companies, after selling a total of $17.9 million worth of shares to members of BridgeMark earlier this year, returned $15.3 million to members of the group. BridgeMark then sold those securities in the market, often at prices far below what its members had paid, netting about $6.2 million.The four companies subsequently issued news releases saying they had raised a certain amount of money by selling their shares, even though they had paid most of the purchase amount back to BridgeMark, the BCSC alleges.The commission alleges that the securities sales to BridgeMark were illegal because they improperly used the consultant exemption to avoid filing a prospectus, a formal document that provides details of an investment. It is concerned that BridgeMark members are not consultants, that they provided little or no consulting services to the issuing companies, and engaged in the scheme for their own profit — conduct the commission describes as “abusive to the capital markets.”The BCSC is concerned that BridgeMark engaged in similar transactions with seven other companies. Altogether, BridgeMark purchased a total of more than 252 million securities from 11 listed companies between February and August, paying $50.9 million. The temporary order prohibits the 11 CSE-listed companies from using the consultant exemption to sell their shares.last_img read more

Hydrogen development in South Africa

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Hot air balloon lands in alligator-ridden pond

first_imgThinkstock(ORANGE COUNTY, Fla.) — Several people got quite a fright this morning when the hot air balloon they were riding in went down in a pond that contained “multiple alligators,” according to Orange county, Florida, authorities.ABC-affiliate WFTV said seven people were in the balloon when the pilot tried to land in a field near Walt Disney World.The pilot told Florida Highway Patrol troopers that wind caused the balloon to drift to a nearby retention pond.Air balloon lands off SR 429 near Western Way. 16 people aboard. No one injured. @WFTV pic.twitter.com/Tb3LXsCWFj— Roy Ramos (@RRamosWFTV) July 3, 2017As seen in the video taken by one of the balloon occupants, the pilot can heard calmly saying, “Alright folks, we’re gonna get a little wet. Sorry about that!”The balloon’s basket slowly lowers into the pond. A few people gasp as someone jokes, “You pay extra for the water landing, guys!”Then, people try to balance on the top of the basket to avoid getting their ankles wet.“Don’t fall out!” one person yells.Suddenly, the basket tips over, and screams can be heard in the video.No one was injured during the emergency landing, troopers said.WFTV reported that a crew spent nearly an hour removing the hot air balloon from the pond.Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more