(June 30 – 16:05 ET) – The British Columbia Securities Commission has confirmed a decision made by the Canadian Venture Exchange that a Vancouver lawyer should not be allowed to hold a position as director or officer of any company listed on the exchange.
The CDNX based its decision on conduct exhibited by Michael J. Hordo’s while he was a director of Golden Maritime Resources Ltd. The exchange found that Hordo failed to make required disclosures in Golden Maritime’s prospectus filed in July 1997 and signed by Hordo. Golden Maritime had purchased fishing vessels from a company in which
Hordo’s wife’s family had an interest. The family’s interest was not disclosed in the prospectus.
Hordo also billed Golden Maritime over $300,000 for legal fees and disbursements shortly after the prospectus became effective. The pending legal bills were not disclosed in the prospectus and the CDNX found that they should have been.
In upholding exchange’s decision, the commission found that the CDNX had the authority to make its decision and that it met the required standard of procedural fairness.
-IE Staff