The B.C. Securities Commission (BCSC) has fined an investment dealer $40,000 for trading securities that had a cease-trade order.
Research Capital Corp. must also pay costs of the investigation and hearing.
Between February 2000 and February 2002, Research Capital contravened a cease-trade order against the shares of Thermo Tech Technologies Inc.
In 2001, BCSC staff learned that a number of brokerage houses had traded Thermo Tech shares illegally. The BCSC settled with 18 firms in late 2001 and early 2002. The trading by Research Capital continued until the investigation began in February 2002.
The BCSC accepted Research Capital’s claim that the contravention of the cease-trade order was inadvertent, but said that enforcement orders are necessary “to induce future compliance by Research Capital with the defined standards of conduct for registered dealers.”
The B.C. Securities Commission is responsible for regulating trading in securities and exchange contracts within the province.
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