(October 24 – 17:00 ET) – Vancouver stock promoter Jimmy John has signed an agreement with the British Columbia Securities Commission that will ban him from the market for 10 years.
According to the agreement, John cannot trade any security, engage in investor relations activities, or become an officer or director of any reporting issuer in B.C. for the next 10 years. He must also resign any position he currently holds as a director or officer of a B.C. reporting issuer.
John faces a similar 10-year ban in Alberta as a result of a May 1999 Alberta Securities Commission decision.
The agreement allows John to dispose of securities he currently owns within one year provided he obtains permission of the BCS’s executive director.
John was the president and chief executive officer of Naxos Resources Ltd. when the company was delisted from the former Alberta Stock Exchange in 1997 for breaching ASE requirements — primarily issuing inaccurate news releases and late filing of insider trading reports.
In 1999, the Alberta Securities Commission found John was primarily responsible for issuing news releases from Naxos that contained exaggerated language, misleading information or omitted unfavourable results.
John displayed “a wanton disregard for the necessity of issuing accurate press releases,” the Alberta commission said.
-IE Staff