The B.C. Securities Commission has reached a settlement with a B.C. man who admitted to failing to file insider reports and who operated nominee accounts to purchase more shares in an initial public offering than permitted.

Darryl Wayne Halisky cannot buy securities (except in limited circumstances and only under certain conditions) and he cannot be a director or officer of any issuer nor can he engage in any investor relations’ activities for five years. He must also pay the BCSC $8,000.

Halisky admitted that he directed or controlled nominee accounts used to buy close to 23% the shares in an initial public offering made by Corra Capital Corp. in 2000. This was significantly in excess of the 2% permitted by securities exchange rules. (Corra’s shares were listed and began trading on the former Canadian Venture Exchange in November 2000.)

While Halisky was an insider at the company, he did not file any insider trading reports for trades that he made in the Corra shares, violating securities regulations.