British Columbia Securities Commission

British Columbia Securities Commission

November 29, 2010 13:15 ET

BCSC Executive Director's Bulletin: Securities Regulator Alleges Illegal Distributions and Breach of Order

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that John Arthur Roche McLoughlin, a Victoria, B.C. resident, illegally traded and distributed securities, and breached a prior BCSC order.

In addition, the notice alleges that Robert Douglas Collins, a resident of Northern Ireland, Blue Lighthouse Ltd. (BLL), and McLoughlin's company, MCL Ventures Inc. (MCL), illegally traded and distributed securities.

The notice of hearing says that, from March 2009 to April 2010, the four respondents raised approximately $312,000 by selling BLL securities to 22 investors, most of whom were B.C. residents.

The notice alleges that:

  • The respondents contravened B.C. securities laws when they traded BLL securities without registration and without filing a prospectus.
  • McLoughlin, as the director of MCL, contravened B.C. securities laws by authorizing, permitting, or acquiescing to MCL's illegal distributions and unregistered trades.
  • Collins, as the director of BLL, contravened B.C. securities laws by authorizing, permitting, or acquiescing to BLL's illegal distributions and unregistered trades.
  • McLoughlin breached a BCSC order issued on Feb. 28, 2001, when he acted as director, engaged in investor relations, and traded in BLL securities.

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 Dec. 21, 2010.

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