The British Columbia Securities Commission (BCSC) has reached a settlement agreement with Darwin James Hajime Okano for illegally selling securities in a Nevada-based corporation.
Between December 2010 and April 2011, Okano solicited individuals as a “sales associate” for the B.C. company, 0894563 B.C. Ltd., to purchase partnership agreements in Armadillo, a Nevada corporation that claims to own an oil lease in Oklahoma. Okano was able to raise $221,374 from residents of B.C. thereby earning $17,709.96 in commission.
Okano was not registered at the time. In September 2011, Okano was registered as a dealing representative and since then has worked under close supervision.
During the same time period, through the B.C. company, of which Okano is the sole director, Armadillo sold partnership agreements to at least 26 investors for a total of $868,789.
The company is not registered under the Securities Act, according to the provincial regulator. As well, Armadillo has never filed a prospectus, offering memorandum or exempt distribution report in B.C.
Former exempt market dealer accused of illegal distribution
As part of the settlement agreement, Okano must pay $27,709.96 to the BCSC and close down the B.C. company. As well, Okano is banned from becoming or acting as a director or officer for at least three years and also from purchasing or trading securities with a few exceptions in both cases.