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by Mike Caswell

The B.C. Securities Commission has banned and fined William Trainer, the former chief executive officer of electric bus promotion Vicinity Motor Corp., for violating a management cease trade order in 2024. The BCSC says that Mr. Trainer sold 997,000 shares while the cease trade was still in effect. He realized proceeds of $91,403, according to the BCSC.

The penalties for Mr. Trainer are contained in a settlement agreement that the BCSC released on Tuesday, July 21. The BCSC has banned him for 10 years, with the order barring him from trading and from serving as an officer or director. In addition to paying $91,403 in trading proceeds, Mr. Trainer must also pay a $30,000 fine. The sanctions represent a negotiated settlement.

The events at issue, as briefly described in the settlement, go back to Aug. 7, 2024, when Vicinity Motor applied for a management cease trade order. As with many such orders, the company sought the cease trade because it was unable to file its financial statements on time. In seeking the cease trade, the company provided a form signed by Mr. Trainer in which he acknowledged that he would be unable to trade, the settlement states. The BCSC granted the order on Aug. 15, 2024.

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