B.C. Mortgage Investment Corporation sanctioned for failing to meet regulatory obligations

VANCOUVER, March 6, 2013 /CNW/ - In a settlement agreement with the British Columbia Securities Commission, Symmetry 2 Mortgage Investment Corporation has admitted that it failed to meet its regulatory filing obligations and illegally distributing securities.

Between 2003 and 2011, Symmetry distributed securities with a value of approximately $13.9 million to 126 investors. Symmetry, unaware of their obligation to file exempt distribution reports, failed to do so. Once commission staff alerted Symmetry to its filing obligations, it promptly filed exempt distribution reports, and paid all outstanding filing fees.

Of the exemptions claimed by Symmetry, all were applicable except for seven investors (accounting for $550,460). Following the discovery of the illegal distributions, in cooperation with commission staff, Symmetry sent letters to all affected investors that explained the error, and offered full rescission of the investors' funds. All investors chose to keep their investments with Symmetry.

For its transgressions, Symmetry has agreed to pay $10,000 to the commission. The company has also agreed to comply with the Securities Act, as well as all securities rules and applicable regulations.

Symmetry cooperated fully with commission staff, and the company does not have a prior regulatory history with the BCSC.

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 www.bcsc.bc.ca by typing Symmetry 2 or 2013 BCSECCOM 9 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).

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission




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