BCSC alleges two B.C. residents and company committed fraud through a boiler room and breached cease trade order
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/01/17 -- The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that two B.C. residents and a company committed fraud using a boiler room and breached a cease trade order.
The notice alleges that Titan-West Explorations Inc., Darren Scott Davidson, and Paul Webster fraudulently sold shares of Titan-West, a placer gold mining company incorporated in B.C. Davidson was a director, president, and CEO of Titan-West between February 2012 and January 2013. Webster was a director and vice president of Titan-West between February 2012 and September 2014. At all other relevant times, both men were de facto directors and officers.
BCSC staff contends that between October 2013 and February 2014, Davidson and Webster operated a boiler room to sell shares in Titan-West. Davidson provided call lists, from which Webster and other callers cold-called and emailed prospective investors.
The respondents failed to disclose to prospective investors that Titan-West had an operating loss of $566,050 on gold revenue of $41,307 in 2012. Instead, they disclosed an outdated 2012 "pro forma" financial statement with gross revenue of $12 million and net operating income of $6,959,418, which they knew to be inaccurate. Four prospective investors contacted through the boiler room invested $172,000 in Titan-West.
The notice also alleges that Titan-West, Davidson, and Webster breached a cease trade order (CTO). On February 13, 2014, the BCSC issued a CTO ordering that all trading in Titan-West securities cease. After the CTO was issued, Titan-West callers solicited potential investors to invest in the company and Titan-West issued two promissory notes for $27,000 to two previous investors.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on March 21, 2017 at 9 a.m.
You may view the notice of hearing on our website, , by typing Titan-West Explorations Inc., Darren Scott Davidson, Paul Webster or 2017 BCSECCOM 69 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 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 ()
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:
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Datum: 01.03.2017 - 14:00 Uhr
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News-ID 1489986
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