Aujla <MAujla@bcsc.bc.ca>
Subject: BCSC News Release: BCSC settles with two B.C. men formisrepresentations and breach of a cease trade order
PLAIN TEXT:
BCSC settles with two B.C. men for misrepresentations and breach of a cease trade order
Vancouver - In settlement agreements with the British Columbia Securities Commission (BCSC), Darren Scott Davidson and
---> Paul Webster have admitted that they are liable for misrepresentations to investors and breaches of a cease trade ord
--->er.
Prospective investors were given a business plan that failed to disclose that Titan-West had a 2012 operating loss of
--->$566,050 on gold revenue of $41,307. Instead, the business plan disclosed an outdated 2012 "pro forma" financial state
--->ment with gross revenue of $12 million and net operating income of $6,959,418, which Davidson and Webster ought to hav
--->e known would be relied on by investors. Four prospective investors who received the business plan invested $172,000.
On February 13, 2014, the Executive Director of the BCSC issued a cease trade order for Titan-West securities. After t
--->he order was issued, Titan-West representatives solicited investments in Titan-West and Titan-West issued two promisso
--->ry notes for $27,000 to two previous investors. This amount is included in the $172,000 invested by investors who rece
--->ived the business plan.
Between July 2011 and August 2014, Davidson and Webster were directors and officers or de facto directors and officers
---> of Titan-West. As such, Davidson and Webster are liable for Titan-West's misrepresentations to investors and breaches
---> of the cease trade order.
Webster and Davidson will each disgorge $48,000 to the Commission as part of the settlement. Both men have been ordere
--->d to resign any positions they hold as directors or officers of an issuer or registrant.
Webster and Davidson are also banned from trading in or purchasing any securities or exchange contracts (with limited
--->exceptions); relying on any of the exemptions set out in the Securities Act, the regulations or a decision; becoming o
--->r acting as a director or officer of any issuer or registrant (with limited exceptions); becoming or acting as a regis
--->trant or promoter; acting in a management or consultative capacity in connection with activities in the securities mar
--->ket; and engaging in investor relations activity. Webster's and Davidson's bans are to remain in effect for at least 1
--->2 years.
You may view the settlement agreements on our website, www.bcsc.bc.ca, by typing Darren Scott Davidson, Paul Webster,
--->2018 BCSECCOM 169 or 2018 BCSECCOM 171 in the search box. Information about disciplinary proceedings can be found in t
--->he Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List<http://www.securities-administrators.ca/di
--->sciplinedpersons.aspx?id=74> for information relating to persons and companies disciplined by provincial securities re
--->gulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of
---> Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca<http://www.bcsc.bc.ca>)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating
--->capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and pr
--->omote the public interest by fostering:
* A securities market that is fair and warrants public confidence
* A dynamic and competitive securities industry that provides investment opportunities and access to capital
- 30 -
Media Contact:
Andrew Poon
604-899-6880
Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca<mailto:inquiries@bcsc.bc.ca>
Learn how to protect yourself and become a more informed investor at www.investright.org<http://www.investright.org/>
________________________________
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<p class="MsoNormal" align="center" style="text-align:center"><b><span lang="EN-GB">BCSC settles with two B.C. men for
---> misrepresentations and breach of a cease trade order<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-GB"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-GB">Vancouver</span></b><span lang="EN-GB"> - In settlement agreements with the
---> British Columbia Securities Commission (BCSC), Darren Scott Davidson and Paul Webster have admitted that they are lia
--->ble for misrepresentations
to investors and breaches of a cease trade order. <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Prospective investors were given a business plan that failed to disclose that
--->Titan-West had a 2012 operating loss of $566,050 on gold revenue of $41,307. Instead, the business plan disclosed an o
--->utdated 2012 "pro forma"
financial statement with gross revenue of $12 million and net operating income of $6,959,418, which Davidson and Webs
--->ter ought to have known would be relied on by investors. Four prospective investors who received the business plan inv
--->ested $172,000.
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"> <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">On February 13, 2014, the Executive Director of the BCSC issued a cease trade
--->order for Titan-West securities. After the order was issued, Titan-West representatives solicited investments in Titan
--->-West and Titan-West
issued two promissory notes for $27,000 to two previous investors. This amount is included in the $172,000 invested b
--->y investors who received the business plan.
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Between July 2011 and August 2014, Davidson and Webster were directors and off
--->icers or
<i>de facto </i>directors and officers of Titan-West. As such, Davidson and Webster are liable for Titan-West's misrep
--->resentations to investors and breaches of the cease trade order.
<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Webster and Davidson will each disgorge $48,000 to the Commission as part of the settlement. Both
---> men have been ordered to resign any positions they hold as directors or officers of an issuer or registrant.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Webster and Davidson are also banned from trading in or purchasing any securities or exchange con
--->tracts (with limited exceptions); relying on any of the exemptions set out in the
<i>Securities Act</i>, the regulations or a decision; becoming or acting as a director or officer of any issuer or reg
--->istrant (with limited exceptions); becoming or acting as a registrant or promoter; acting in a management or consultat
--->ive capacity in connection
with activities in the securities market; and engaging in investor relations activity. Webster's and Davidson's bans
--->are to remain in effect for at least 12 years.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">You may view the settlement agreemen<i>ts</i> on our website, www.bcsc.bc.ca, by typing Darren Sc
--->ott Davidson, Paul Webster, 2018 BCSECCOM 169 or 2018 BCSECCOM 171 in the search box. Information about disciplinary p
--->roceedings can be found
in the Enforcement section of the BCSC website.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Please visit the Canadian Securities Administrators' (CSA) <a href="http://www.securities-adminis
--->trators.ca/disciplinedpersons.aspx?id=74">
Disciplined List</a> for information relating to persons and companies disciplined by provincial securities regulators
--->, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada
--->(MFDA).<span lang="EN-GB"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><u><span lang="EN-GB">About the British Columbia Securities Commission (</span></u></b><a href
--->="http://www.bcsc.bc.ca"><b><span lang="EN-GB">www.bcsc.bc.ca</span></b></a><b><u><span lang="EN-GB">)<o:p></o:p></spa
--->n></u></b></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">The British Columbia Securities Commission is the independent provincial gover
--->nment agency responsible for regulating capital markets in British Columbia through the administration of the
<i>Securities Act</i>. Our mission is to protect and promote the public interest by fostering:<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2;background:white">
<![if !supportLists]><span lang="EN" style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·
--->;<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span lang="EN">A securities market that is fair and warrants public confidence
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2;background:white">
<![if !supportLists]><span lang="EN" style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·
--->;<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span lang="EN">A dynamic and competitive securities industry that provides investment
--->opportunities and access to capital
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span lang="EN-GB">- 30 -<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">Media Contact:<br>
Andrew Poon<br>
604-899-6880</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Public inquiries:<br>
604-899-6854 or 1-800-373-6393 (toll free)<br>
</span><a href="mailto:inquiries@bcsc.bc.ca"><span lang="EN-GB" style="color:blue">inquiries@bcsc.bc.ca</span></a><spa
--->n lang="EN-GB"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Learn how to protect yourself and become a more informed investor at </sp
--->an><a href="http://www.investright.org/" target="_blank" title="www.investright.org"><span lang="EN-GB" style="color:b
--->lue">www.investright.org</span></a><o:p></o:p></p>
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If this message is not meant for you, do not use it - please let us know, and then delete it. We try hard to keep our
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--->vent their spread.<br>
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