A British Columbia Securities Commission panel has found that a Richmond man broke securities laws when he sold securities for a U.S. company.
Donald Verne Dyer raised money for Global 8 Environmental Technologies Inc. through Pacific Ocean Resources Corporation, a Langley-based company that Dyer owns. Dyer is in the business of raising money for public companies, though neither Dyer nor his company are registered to sell securities in B.C.
Dyer raised over $836,000 (US) for Global 8 from 83 investors across Canada and the U.S. He never met any of the investors, but illegally phoned them at their residences.
Global 8, a Nevada company quoted on the U.S. over-the-counter markets, has never filed a prospectus in B.C.
The commission has yet to decide on punishment. The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province.
People may view the decision on commission website, www.bcsc.bc.ca, by typing Dyer, Pacific Ocean Resources Corporation or 2011 BCSECCOM 563 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Learn how to protect yourself and become a more informed investor at www.investright.org.
