Securities regulator issues notice of hearing against B.C. company and three B.C. residents alleging illegal distribution
VANCOUVER, Dec. 18, 2013 /CNW/ - The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a B.C. company and three individuals distributed securities illegally.
The notice alleges that between May 2007 and January 2008, Wireless Wizard Technologies Inc. (WWTI), Raymond Michael Roger Sasseville, Edith Marie Sasseville, and Richard Keller promoted and distributed WWTI's securities, in the form of convertible debentures, to eight investors for a total of $162,500.
Raymond Sasseville is a former director of WWTI, and Edith Sasseville is currently the company's sole director. Keller is a Certified Management Accountant and was WWTI's Chief Financial Officer. All three are B.C. residents, and none have ever been registered to sell securities under the Securities Act. In 2003, Raymond Sasseville entered into a settlement agreement with the commission with respect to an illegal distribution involving a different issuer.
WWTI's purported business was to develop and market a global positioning system (GPS) for motorcycles, and a wireless technology for conducting sales via text message. The company has never filed a prospectus in B.C.
BCSC staff contends that the Sassevilles and Keller each participated in the illegal distribution of WWTI's securities, and that each authorized, permitted or acquiesced in WWTI's contravention of securities laws regarding registration and prospectus requirements.
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 January 21, 2014 at 9:00am.
You may view the notice of hearing on our website www.bcsc.bc.ca by typing Wireless Wizard Technologies Inc., Raymond Michael Roger Sasseville, Edith Marie Sasseville, Richard Keller or 2013 BCSECCOM 545 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).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
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:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
SOURCE British Columbia Securities Commission