A Montreal investment firm agreed to pay the British Columbia Securities Commission $74,050 after admitting to advising investors without proper registration.

Dorchester Investment Management, a firm that holds registration in Quebec and Ontario, admitted in a settlement agreement with the BCSC that it had provided investment advice to B.C. investors without registration under the Securities Act.

Under the settlement agreement, Dorchester agreed to pay a $40,000 fine and $34,050 in respect of registration fees that otherwise would have been payable to the BCSC if the company had been registered.

The firm provided investment advice to as many as 11 clients from March 1992 to August 8, 2007, many of whom had dealt with the firm prior to moving to B.C. Dorchester registered with the BCSC on August 9, 2007.