The B.C. Securities Commission has fined The Tavistock Capital Corporation and its director for insider trading.
The report comes after several tumultuous news cycles dating back to the summer of 2018. The BCSC first alleged that multiple key individuals directing several different B.C. companies participated in a scheme that raised over $50 million dollars and disregarded not only public interest but also the Securities Act.
The Tavistock Capital Corporation and its director Robert John Lawrence have come to an agreement with the executive director of the BCSC to pay a joint fine of $200,000, over shares it had sold for approximately $285,000.
According to the BCSC, Tavistock failed to disclose it was managing shares for the issuer, which had also hired the company for consulting work. Lawrence himself also violated the act by allowing the transaction.
The BCSC released a statement Friday on the decision saying that Tavistock broke the rules and Lawrence signed off on the misconduct.
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As punishment, Tavistock and Lawrence are banned for three years from purchasing any securities or exchange contracts of any reporting issuers.
A hearing for the other involved companies will begin on Sept. 11, 2023.
This isn’t the only time the BCSC has had to hand down a punishment. According to its website, there are approximately 410 companies or individuals with outstanding sanctions, some dating back to 1987.
Roger Collins
