A company director who defrauded an 86-year-old woman of $30,000 has been fined and banned from British Columbia securities markets for 25 years by the province's market regulator.
The B.C. Securities Commission has ordered Gordon Callies to pay a $125,000 administrative penalty for his role in an illegal distribution of securities while selling shares of Cambria Bancorp Ltd., a company in which he was a director.
Callies was also ordered to resign any position he holds as a director or officer of any company issuing securities, except those owned solely by himself or his family. He is prohibited from taking any such position or engaging in investor relations activities for 25 years.
Callies admitted he distributed securities of Cambria to 14 investors without being registered to trade in securities and without a prospectus.
He also admitted he converted $30,000 of the 86-year-old woman’s funds to his own use, contrary to her instructions.
