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by Mike Caswell

The B.C. Securities Commission has begun proceedings against former Canadian Securities Exchange listing Netcents Technology Inc. and its founder, Clayton Leigh Moore. The regulator claims that Netcents and Mr. Moore misled investors about the prospects for a virtual coin that the company issued and about the company's revenue. The BCSC further says that Netcents improperly raised $3.34-million from investors.

The allegations are contained in a notice of hearing that the BCSC released on Monday, Nov. 20. The notice identifies Netcents as a company that traded on the CSE from March, 2016, until May, 2021. Mr. Moore is listed as a Vancouver resident who was the founder and chief executive officer of Netcents, as well as a board member.

The case arises from the company's creation of a crypto currency in November, 2017, that it named the Netcents coin. According to the BCSC, the company sold the coin to 500 investors, who paid a total of $3.34-million. The company claimed that the coin would be released in tranches of $5-million, with each coin having an initial value of $1 (U.S.).

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