BCSC bans North Van's Paddock for 10 years
2023-09-26 20:29 ET - Street Wire
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by Mike Caswell
The B.C. Securities Commission has imposed a 10-year ban on North Vancouver's Cameron Robert Paddock over an abusive scheme to obtain shares in listed companies. The BCSC says that Mr. Paddock misused exemptions meant for consultants, acquiring shares that were immediately tradable. He unloaded his stock on the market, generating $2.5-million in proceeds, the BCSC claims.
The ban for Mr. Paddock is contained in a brief administrative order that the BCSC released on Tuesday, Sept. 26. The order bars him from promoting stocks and from acting as a consultant in connection with securities. He is also barred from trading, albeit with an exception for trades made through a brokerage that has seen a copy of his ban. The BCSC has also ordered Mr. Paddock to pay $200,000.
The case stems from shares that Mr. Paddock acquired through Rockshore Advisors Ltd., a private entity that he controlled. According to the BCSC, he entered into purported consulting agreements with public companies and charged them fees under those agreements. He then entered into private placement agreements with those same companies, with the proceeds of the private placements going toward his consulting fees, the BCSC said.
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This must be happening in many companies trying to do PP's and to get their stock out of the basement
Posted by sequential at 2023-09-27 11:01
This happens in every listed public company in Canada and USA. When the regulators have run out of real case files to work with and must resort to make work projects then this is a sure sign that a full blown recession is around the corner. Maybe invest in Crypto, the worlds biggest ponzi scheme and fraud that has the blessing of BC Security Commission and other regulators.
Posted by firefox at 2023-09-27 12:21
and under Accounting standards prepayments are legal, think the lawyers do not know all the laws concerning public companies and are simply as it is called in nazi germany bootlicking nazi boots
Posted by OH at 2023-09-27 13:59
BC Law is 50/50 splits on marriage assets. Lawyer schemes to get client the full $20 million assets, then when sued, a now judge lawyer calls the case frivilous when there is no defence to 50/50. No fraud charges, no swindle charges, life carries on, sell bad fish nothing, sell hockey tickets as owner illegally and not supply the tickets nothing, selling stock for payment---- NO ONE WORKS FOR FREE ONLY SLAVES
Posted by real law at 2023-09-27 14:03
No brokerage firms financing pot, mining, industrials, so will be 125 companies only listed, oh well we have Nunavut and NWT next for venture exchanges
Posted by Oh at 2023-09-27 15:11
Wonder if this ties into 2023 BCSECCOM 447
On September 6, 2023, filed a Notice of Application (Application) with a proposed hearing date of September 29, 2023.
Posted by halcrow at 2023-09-27 19:39