British Columbia Securities Commission

British Columbia Securities Commission

March 18, 2009 09:00 ET

BCSC Executive Director's Bulletin: Securities Regulator Alleges B.C. Man Breached a Cease Trade Order and Violated Various Securities Laws

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2009) - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that a B.C. man and the company he controlled illegally distributed securities to investors, made misrepresentations in an offering document, and breached a cease trade order.

The notice of hearing alleges that, between August 2004 and August 2007, William Dorn Beattie and Solara Technologies Inc. illegally sold $667,000 in securities to at least 41 investors. At the time of the sales, Beattie was the sole director and officer of Solara, a technology company with a head office in Port Moody, B.C.

In addition, the notice alleges that Beattie and Solara provided investors with an offering memorandum that omitted material facts and made false statements. The notice also alleges Solara made false or misleading statements in its required filings that Beattie, as the company's sole officer and director, allowed.

Finally, the notice alleges that Solara and Beattie twice breached a BCSC cease trade order.

Beattie and Solara have never been registered to trade securities in B.C., and Solara has never filed a prospectus with the BCSC.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Monday, April 27, 2009 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 notices of hearings 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
    (604) 899-6577 or (Canada) 1-800-373-6393
    Website: www.bcsc.bc.ca