British Columbia Securities Commission

British Columbia Securities Commission

March 12, 2010 13:00 ET

BCSC Executive Director's Bulletin: Securities Regulator Issues a Temporary Order and Gives a Notice of Hearing Against Financial Planner and Former Registrant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2010) - The executive director of the British Columbia Securities Commission has issued a temporary order against a financial planner and a B.C. company, and given a notice of hearing alleging that the respondents illegally distributed securities.

The order temporarily prohibits Peter William Arthur Wise and Microline Veneer & Forest Products Corp. from participating in B.C.'s capital markets.

The notice of hearing says that Wise, a B.C. resident and certified financial planner, held registration as a mutual fund salesperson from 1998 to December 2005. In addition, the notice says Microline is a B.C. company that has never filed a prospectus or been registered to trade securities in the province.

The notice alleges that Wise and Microline traded and distributed securities as recently as August 2009 without being registered under B.C. securities laws and without filing a prospectus. Furthermore, the notice alleges that the respondents, from about January 2007 until June 2007, illegally distributed approximately $1 million of Microline securities to about 27 investors.

An investor notified the BCSC about the alleged August 2009 illegal distribution, and commission staff is asking anyone who may have more information to report it to the BCSC by calling 604-899-6854 or e-mailing inquiries@bcsc.bc.ca.

These allegations have not been proven. Counsel for the executive director will apply to extend the temporary order and set dates for a hearing into the allegations before a panel of commissioners on March 25, 2010 at 10 a.m.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393
    www.bcsc.bc.ca