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BCSC Executive Director's Bulletin: Securities Regulator Alleges Richmond Man Illegally Sold Shares of U.S. Company
1/5/2011 1:15 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Jan 5, 2011 (Marketwire via COMTEX News Network) --
The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that a B.C. man contravened various securities laws when he and the company he controls sold the shares of an issuer quoted on the U.S. over-the-counter markets to 85 investors.
The notice of hearing says that Donald Verne Dyer, a Richmond, B.C. resident, raised money for Global 8 Environmental Technologies, Inc. (Global 8) through Pacific Ocean Resources Corporation (PORC), a Langley-based company that Dyer controls. The notice also says that Dyer and PORC distributed approximately US $836,000 in Global 8 securities to 85 investors.
The notice alleges that:
-- Between November 2005 and July 2009, Dyer and PORC illegally telephoned investors at their residences for the purpose of selling shares in Global 8, a company quoted on the U.S. over-the-counter markets.
-- Dyer and PORC illegally distributed securities because they are not registered to trade securities in B.C., and Global 8 has never filed a prospectus in B.C.
-- Dyer, as the sole director and officer of PORC, authorized, permitted, or acquiesced in the company's contraventions of securities laws, and, therefore contravened the same securities laws.
These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Jan 26, 2011.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
SOURCE: British Columbia Securities Commission
British Columbia Securities Commission Ken Gracey Media Relations 604-899-6577 or (Canada) 1-800-373-6393 www.bcsc.bc.ca
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