British Columbia Securities Commission

British Columbia Securities Commission

February 18, 2011 14:00 ET

British Columbia Securities Commission: Financial Planner Pays $15,000 and is Disciplined for Making Illegal Distributions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2011) - The British Columbia Securities Commission has settled with a B.C. man and a company that illegally distributed securities to 20 investors for proceeds of approximately $1 million.

In the BCSC settlement agreement, Peter William Arthur Wise, an insurance salesperson and financial planner, and Microline Veneer & Forest Products Corp. (Microline) admitted that they distributed securities to 20 investors without being registered under B.C. securities laws and without filing prospectus with the commission. 

Microline and Wise, a former mutual fund salesperson, purported to rely on exemptions from securities laws. The fact that there were no exemptions available to them for these 20 investors resulted in Microline and Wise contravening B.C. securities laws.

During the relevant times, Wise, who lives and works in Prince George, B.C., was a director of Microline, and he was responsible for the distribution of the company's common shares.

As part of the settlement agreement, Wise paid $15,000 to the BCSC and he is prohibited, with limited exceptions, from trading any securities or becoming and acting as a director or officer of any issuer for three years. Wise is also prohibited, for three years, from acting as a manager or consultant in connection with activities in the securities market, and from engaging in investor relations activities.

Finally, under the agreement, Microline's securities are permanently cease traded, with some limited exceptions. In addition, the company cannot trade securities or exchange contracts for the same period.

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 agreement on our website by typing in the search box, Peter William Arthur Wise, Microline Veneer & Forest Products Corp., or 2011 BCSECCOM 86. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

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Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393