The British Columbia Securities Commission has reached settlements with three men who admitted to breaching securities laws as part of activities in raising close to $27 million from investors in B.C. and elsewhere.
Brent Edgson, Mark Heeres, and Del Delisle have each been banned from trading securities, from being a director or officer of any issuer, and from engaging in any investor relations activities except in limited circumstances:
- Edgson for at least 10 years;
- Heeres for at least eight years;
- Delisle for six years.
Edgson has agreed to pay the BCSC $40,000 while Heeres will pay $2,500. The settlements noted that had there been any reasonable prospect of the sanctions being paid, Heeres would have been required to pay a $30,000 sanction and Delisle would have been required to pay $10,000.
The three men admitted violating securities laws when they helped sell investments in 526053 B.C. Ltd., a B.C. numbered company owned by James McCarney, without a prospectus and without being registered to trade securities. In all, about $26.6-million was raised from 1,435 investors in seven provinces and other locations worldwide.
Individually, Edgson distributed and sold to about 395 investors raising more than $3-million — $225,000 of that from nine investors in B.C. Heeres raised about $100,000 from seven B.C. residents, $336,000 from two U.S. residents, and about $800,000 US from two German residents. Delisle was responsible for raising about $177,000 from 12 B.C. residents.
McCarney and Trevor Park who were involved in this matter have settled with the BCSC.