British Columbia Securities Commission

British Columbia Securities Commission

August 04, 2006 09:30 ET

British Columbia Securities Commission: Commission Dismisses Sanctions Application

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2006) - A British Columbia Securities Commission panel said that there was insufficient evidence to prove allegations that a B.C. businessman violated securities laws in promoting and distributing the securities of two companies that he operated.

Daryl Desjardins, Hidden Valley Power Co. Ltd. and Hidden Valley Enterprises Inc. were named as respondents in a BCSC notice of hearing issued on Feb. 28, 2006. The notice alleged that in 2003, Desjardins: made prohibited representations and misrepresentations to U.S. investors; perpetrated a fraud on U.S. investors; and, illegally distributed securities of the two companies.

A commission panel reviewed the submissions for liability and sanctions from the BCSC Executive Director during a written hearing while the respondents failed to file any submissions.

"The Executive Director's submissions did not identify the evidence in the record that would establish that the contraventions alleged in the notice of hearing occurred," said the panel. "We have reviewed the evidence, and in our opinion, it is insufficient to prove the allegations in the notice of hearing."

The panel made no findings in the matter and dismissed the application for sanctions.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website by typing in the search box, Daryl Desjardins or Hidden Valley or 2006 BCSECCOM 466. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.

Contact Information

  • British Columbia Securities Commission
    Andrew Poon
    Media Relations
    (604) 899-6880 or (B.C. & Alberta) 1-800-373-6393