British Columbia Securities Commission

British Columbia Securities Commission

November 04, 2005 09:30 ET

British Columbia Securities Commission: B.C. Woman Admits to Fraud

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 4, 2005) - The British Columbia Securities Commission has reached a settlement with a B.C. woman who admitted to defrauding investors by getting them to invest $765,000 (U.S.) in a non-existent company.

Dianne Oslund is banned from trading securities, cannot be a director or officer of any issuer, and cannot engage in any investor relations activities for 15 years. She admitted to making misrepresentations, defrauding investors, unregistered trading and illegally selling securities without a prospectus.

In March 2000, Oslund and Michael Savage purportedly sold $765,000 of shares in Savage Tele.com Corp. to eight investors from Alberta and the U.S. Oslund was represented as the company's chief operating officer with Savage as the company's founder and president.

Investors were told that Savage Tele.com was incorporated in B.C. and/or Delaware, U.S. In fact, the company had never been incorporated and did not exist.

In the settlement, Oslund admitted that she helped draft a business plan containing false statements that she knew would be given to investors before they bought shares in the company. She helped disseminate the business plan to investors and signed share subscription agreements purportedly on behalf of the company. When investors demanded their money back, Oslund was part of an arrangement in which she received some of the money and did not return any to the investors.

BCSC staff allegations against Michael Savage in this matter remain outstanding.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Dianne Oslund or 2005 BCSECCOM 656. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.

Contact Information

  • British Columbia Securities Commission
    Andrew Poon
    (604) 899-6880 or (B.C. & Alberta) 1-800-373-6393
    www.bcsc.bc.ca