British Columbia Securities Commission

British Columbia Securities Commission

September 18, 2007 09:30 ET

BCSC Executive Director's Bulletin: Securities Regulator Gives Notice of a Hearing Into Alleged Illegal Sales of Securities by B.C. Based Company and Its Officer and Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a B.C.-based medical device firm and its former president and CEO illegally sold approximately $2.3 million of the company's shares to investors.

The notice of hearing says that, from July 27, 1998 until April 23, 2005, James Richard Elliot was a director, the president and CEO of MDMI Technologies Inc., a medical device company that conducts business in Canada and elsewhere.

According to the allegations in the notice, Elliot and MDMI illegally traded and distributed securities when they sold approximately $2.3 million of the company's shares to 262 B.C. investors between February 2002 and March 2005 without registration or filing a prospectus. The notice also alleges Elliot, as an officer and director, contravened the Securities Act by permitting MDMI to sell its shares without registration or filing a prospectus.

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.

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.

Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    (604) 899-6577 or (B.C. & Alberta) 1-800-373-6393
    Website: www.bcsc.bc.ca