Regulators in British Columbia have banned a former advisor for six years after finding that he traded without registration and participated in an illegal distribution.
Back in June, a B.C. Securities Commission (BCSC) hearing panel found that former advisor, Robert Waters, sold shares of Berkeley Coffee & Tea Inc. to 45 investors, raising over $300,000, without being registered or filing a prospectus. He was last registered as an investment advisor back in 1998.
Today, it announced its sanctions in the case, ordering that he be banned from the markets for six years and fined $20,000. In reaching its sanctions decision, the panel said that, “The most significant issues in this case are damage to integrity of the markets and market risk.” It also found that, “Waters poses a significant risk to our markets and a market ban is warranted.”
The penalties handed down by the panel followed the recommendations of the executive director of BCSC; who asked for a $20,000 penalty and a market ban of at least five years. The decision notes that Waters did not make any written submissions regarding the appropriate sanctions.
In its sanctions decision, the panel noted that, “Waters engaged in serious misconduct” and that he, “failed to take responsibility for his actions or express any remorse for his conduct.”