British Columbia Securities Commission

British Columbia Securities Commission

March 28, 2017 15:30 ET

BCSC settles with Surrey man for unregistered trading

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 28, 2017) - In a settlement agreement with the British Columbia Securities Commission (BCSC), Godwin Ifeanyi Ude, a Surrey, B.C. resident, has admitted he traded securities without being registered.

The agreement states that between April 2011 and May 2013, Ude advertised, solicited, and acted in furtherance of trades of high-yield investment program (HYIP) securities. Ude, who has never been registered under the Act, formed an investors group called Integrity Wealth Builder's Group (IWBG), published newsletters to the group, and created and maintained a website that the group, and the public, used.

Through the newsletters and the website, Ude promoted and recommended eight HYIPs to investors and expected to receive compensation from those investor referrals. By trading securities without registration and without an available exemption, Ude breached the Act.

For his misconduct, Ude has agreed to pay $5,000 to the BCSC. He has also agreed to inform all members of IWBG that high returns mean high risk, and to direct them to the BCSC's investor education website investright.org, to protect investors against unsuitable investments.

Ude has been ordered to cease trading in, and is prohibited from purchasing, any securities (with limited exceptions). He has also been banned from becoming or acting as a director or officer of any issuer or registrant, acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities. His bans are to remain in effect for a period of five years.

You may view the settlement agreement on our website, www.bcsc.bc.ca, by typing Godwin Ifeanyi Ude, or 2017 BCSECCOM 105 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) 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 of Canada (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