British Columbia Securities Commission

British Columbia Securities Commission

July 09, 2008 14:00 ET

BCSC Makes Reciprocal Orders: Market Bans Based on Alberta Orders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - British Columbia Securities Commission panels have made reciprocal orders in five decisions against eight individuals who were sanctioned by the Alberta Securities Commission.

Lambert "Bert" Lavallee, Wai-Leung Cheng (aka Danny Cheng), Lisa Wong, J. Gordon Ironside, Robert W. Ruff, Howard Hills, Terry Leong and William Douglas Henderson are subject to orders made by BCSC panels that are based on Alberta Securities Commission (ASC) orders made between 2006 and 2008.

BCSC commission panels may make reciprocal enforcement orders following a streamlined process when another security regulatory authority has imposed sanctions on a person. Commission panel reciprocal enforcement orders impose market bans on individuals or companies, which can include one or more of the following sanctions:

- cease trading in and purchasing securities and exchange contracts;

- a prohibition from becoming or acting as a director or officer of any issuer, registrant or investment fund manager;

- a prohibition from becoming or acting as a registrant, investment fund manager or promoter;

- a prohibition from acting as a manager or consultant in the securities market; and

- a prohibition from engaging in investor relations activities

Under the BCSC enforcement orders:

- Lavallee is subject to market bans until Feb. 7, 2013. The BCSC order (BCSECCOM 371) is based on an ASC decision in Lavallee, Re, 2008, ABASC 78.

- Cheng is subject to market bans until Nov. 13, 2014, and Wong is subject market bans until Nov. 13, 2010. The BCSC orders (BCSECCOM 370) are based on an ASC decision in Cheng, Re 2007 ABASC 834.

- Ironside is permanently banned from B.C. capital markets, and Ruff is subject to market bans until Nov. 7, 2017. The BCSC orders (BCSECOMM 373) are based on an ASC decision in Ironside, Re, 2007 ABASC 824.

- Hills is subject to market bans until Jan. 23, 2017. The BCSC order (BCSECOMM 368) is based on an ASC decision in Hills, Re, 2007 ABASC 41.

- Leong and Henderson are subject to market bans until Nov. 16, 2016. The BCSC orders (BCSECOMM 372) are based on an ASC decision in 526053 B.C. Ltd., Re, 2006 ABASC 1795.

For more information on the BCSC orders and ASC decisions use the name of the individual or document references to conduct a search at www.bcsc.bc.ca or www.albertasecurities.com.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. 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
    (604) 899-6577 or (B.C. & Alberta) 1-800-373-6393
    Website: www.bcsc.bc.ca