Mr. Richard Gilhooley reports

BCSC PANEL FINDS THAT FORMER REGISTRANT ILLEGALLY ADVISED ON PURCHASE OF SECURITIES

A B.C. Securities Commission panel has found that Roberta Merlin McIntosh (aka Bert McIntosh, Roberta Sims, Roberta Butcher, Roberta Mayer) breached securities laws when she advised an investor to purchase exempt market securities without being registered.

The panel found that Ms. McIntosh, a B.C. resident and former registrant who resigned in 2003, illegally advised an investor to purchase certain exempt market securities in April, 2011. Ms. McIntosh was not registered when she did this. The investor followed Ms. McIntosh's advice.

In its decision, the panel stated that: "McIntosh received compensation relating to her investment advice in the form of the $11,730 in referral fees paid to her for the client's purchase of the Walton securities. She also carried out activities similar to a registrant by recommending securities for purchase to the client. Considering these facts, we find McIntosh was engaged in the business of advising."

In its notice of hearing, BCSC staff had also alleged that Ms. McIntosh made misrepresentations, acted contrary to the public interest and recommended unsuitable securities. The panel dismissed these allegations.

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

You may view the findings decision on the BCSC website by typing Roberta Merlin McIntosh, Bert McIntosh, Roberta Sims, Roberta Butcher, Roberta Mayer, or 2014 BCSECCOM 405 in the search box. Information regarding disciplinary proceedings can be found in the enforcement section of the BCSC website.

Please 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 and the Mutual Fund Dealers Association.