British Columbia Securities Commission

British Columbia Securities Commission

August 31, 2011 13:00 ET

British Columbia Securities Commission: Mortgage Broker Agrees to Pay $7,000 for Trading Without Registration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - As part of a settlement agreement with the British Columbia Securities Commission, a mortgage broker based in British Columbia has paid $7,000 for trading without registration.

The agreement states that Don Maxwell provided promotional information to one of his mortgage clients about investing in Gold-Quest, a company with offices in Las Vegas, Nevada that claimed to be involved in foreign exchange trading. The client invested a total of USD$223,000.

In addition to the $7,000 payment, the BCSC has also ordered that Maxwell cease trading any securities or exchange contracts, except that he may trade:

  • securities in accounts in his own name with a person registered to trade in securities under the Act
  • non-syndicated mortgages as long as he is registered under the Mortgage Brokers Act

Maxwell is also prohibited from becoming or acting as a registrant, investment fund manager or promoter, acting in a management or consultative capacity in connection with activities in the securities market, or engaging in investor relations activities for a period of 5 years.

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 Maxwell or 2011 BCSECCOM 412 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 persons list for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).

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Contact Information

  • British Columbia Securities Commission
    Richard Gilhooley
    Media Relations
    604-899-6713 or Toll Free (Canada): 1-800-373-6393