Mr. Brian Kladko reports

SURREY WOMAN JAILED FOR FAILING TO ATTEND HEARING

Renee Michelle Penko has been sent to jail for 30 days after failing to attend a court hearing during the British Columbia Securities Commission's (BCSC) efforts to collect her outstanding fines.

In its 2016 sanctions decision (2016 BCSECCOM 283), the BCSC ordered Ms. Penko to pay an administrative penalty of $40,000 and to disgorge $155,000. Ms. Penko has not paid her fines, and the BCSC has been persistent in taking steps to collect them.

After executing a writ of seizure and sale, which resulted in no assets, and scheduling an examination in aid, which Ms. Penko did not attend, the BCSC issued a subpoena to debtor to Ms. Penko on Nov. 6, 2018. A subpoena to debtor is a collection step that requires debtors to provide information about their financial situation and can lead to a court-ordered payment plan.

On Nov. 6, Ms. Penko failed to attend the subpoena to debtor hearing. She was then required to appear in court on Dec. 4, but she did not. The BCSC then obtained an apprehension order from the court and on Dec. 31, Ms. Penko surrendered to the court. The judge found she was in contempt and sentenced her to 30 days in jail. The court also ordered her to appear before the court in New Westminster on Jan. 30, 2019.

Ms. Penko, a former registrant, was a finder in a fraud operated by Thomas Arthur Williams, a former registrant permanently banned for fraud by a BCSC panel.

In its 2016 sanctions decision, in addition to issuing fines, the BCSC imposed conditions on her registration, prohibited her from purchasing or trading in securities, acting in a management or consultative capacity in connection with the activities in the securities market, and engaging in investor relations activities, all with exceptions. She was also ordered to resign any position she holds as a director or officer of any issuer or registrant. Her bans and supervision are to remain in effect until the later of the date that she pays her monetary orders and Aug. 17, 2020.

About the British Columbia Securities Commission

The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act.