(September 6 – 17:15 ET) – The British Columbia Securities Commission has prohibited Andrew Willman, president of Noram Capital Management Inc., from acting as a director and officer of any company or engaging in investor relations activities for 10 years.
The sanctions were levied as a result of a commission hearing in July that found Willman controlled and directed Noram’s affairs and authorized, permitted or acquiesced in wrongdoing by Noram.
In March the commission found that Noram failed to maintain adequate working capital, filed misleading financial statements and failed to file its financial statements on time. Noram’s registration was cancelled and it was ordered to pay an administrative penalty of $25,000.
The commission said Willman “attempted at every turn to distance himself from all of Noram’s wrongdoing. At no point did Willman acknowledge that he, as Noram’s sole shareholder, its president, its sole registered employee and its primary director, had the responsibility to ensure that Noram fulfilled its regulatory obligations.”
The commission also ordered Willman and Noram to pay the costs of the hearings.
-IE Staff