|By PR Newswire||
|March 17, 2014 02:00 PM EDT||
VANCOUVER, March 17, 2014 /CNW/ - In a settlement agreement with the British Columbia Securities Commission (BCSC), Stephen B. Squires has admitted that he and his company, Quantum Materials Corp., illegally distributed securities in breach of a cease trade order (CTO). Squires is a United States resident and has acted as Quantum's Chief Executive Officer since November 2008.
The agreement states that on November 6, 2009, the Executive Director cease-traded the securities of Quantum, a Nevada corporation that was an OTC reporting issuer from September 15, 2008 through June 15, 2013. Quantum was cease-traded for failing to make required filings.
In spite of the CTO, between July 2010 and June 2012, Quantum and Squires distributed securities to 11 British Columbia residents for proceeds of approximately $268,000. Quantum and Squires acknowledged that this action constituted a breach of both the CTO and securities laws regarding prospectus and registration requirements.
For his misconduct, Squires has agreed to pay $15,000 to the BCSC. Quantum and Squires are also prohibited from trading in securities or engaging in investor relations activities for a period of five years.
The agreement notes that Squires and Quantum cooperated with the Executive Director in reaching the settlement agreement.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Quantum Materials Corp., Stephen B. Squires or 2014 BCSECCOM 87 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
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