British Columbia Securities Commission

British Columbia Securities Commission

February 03, 2017 14:00 ET

BCSC panel finds West Vancouver woman made false statements to investigators and dismisses allegations of misrepresentation, market manipulation, and illegal distribution

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 3, 2017) - A British Columbia Securities Commission (BCSC) panel has found that Christine Maria Cerisse made false or misleading statements to BCSC investigators. In the same decision, the panel dismissed allegations of misrepresentation, market manipulation, and illegal distribution against Cerisse and two other B.C. residents, Laurence (a.k.a. Lawrence) Frederick Austin, and Thomas John Sadler.

In a notice of hearing issued August 24, 2015, the Executive Director of the BCSC alleged that Cerisse, Austin, and Sadler made illegal distributions of Solanex Management Inc. shares, a Nevada corporation, and participated in an orchestrated campaign to manipulate the share price of Solanex. Cerisse and Austin were residents of West Vancouver during the relevant time. Sadler is a Burnaby resident.

The panel dismissed the allegations of illegal distribution on the basis that the alleged distributions occurred more than six years prior to the date of the notice of hearing, which falls outside the limitation period. The panel also dismissed the allegations of market manipulation, citing lack of sufficient evidence to connect the three respondents to the potentially improper trading and promotional activities relating to Solanex securities.

The Executive Director also alleged that Sadler made misrepresentations by causing Solanex to issue false or misleading press releases. The panel dismissed this allegation, noting, "There is no reference to Sadler in those press releases or any statements that could be said to be attributable to Sadler. These were clearly the statements of Solanex and not of Sadler."

The panel did find that Cerisse made false or misleading statements in her answers to three questions during an interview with BCSC staff in October 2013. The panel directed Cerisse and the Executive Director to make submissions on sanctions according to the schedule set out in the findings.

You may view the findings decision on our website www.bcsc.bc.ca by typing Christine Maria Cerisse, Laurence Frederick Austin, Thomas John Sadler or 2017 BCSECCOM 27 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

Contact Information

  • Media Contact:
    Alison Walker
    604-899-6713

    Public inquiries:
    604-899-6854 or 1-800-373-6393 (toll free)
    inquiries@bcsc.bc.ca