|By Marketwired .||
|July 31, 2014 02:34 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/31/14 -- A British Columbia Securities Commission panel has sanctioned Daniel Grant McGee for breaching securities laws regarding prospectus requirements.
In June 2014, a commission panel found that McGee authorized, permitted or acquiesced in illegal distributions when he was a director of Cinnabar Explorations Ltd. The panel found that McGee signed exempt distribution reports relating to the sale of Cinnabar shares to seven investors between April and July of 2011 when no prospectus exemption was available, thereby authorizing illegal distributions.
In September 2013, a commission panel found that Cinnabar, Christopher James G. Bass and Dale Zucchet illegally sold those Cinnabar shares. The company claimed that the seven investors fell under the family, friends and business associates and accredited investor exemptions in the securities rules. The panel found they did not.
The panel wrote that, as a former registrant, McGee, "should know better" and that he was, "careless in performing his duties as a director".
For his misconduct, McGee must resign any positions he holds as a director or officer of an issuer or registrant. Additionally, he is banned from trading in securities, purchasing securities or exchange contracts, and from becoming or acting as a director or officer of any issuer or registrant for five years. He is also prohibited, for the same period, from becoming or acting as a promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.
The panel ordered McGee to pay to the commission the $21,500 obtained as a result of the illegal activity, as well as an administrative penalty of $10,000. His prohibitions remain in place until the later of July 23, 2019 and the date these amounts have been paid.
You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Cinnabar Explorations Inc., Daniel Grant McGee, 2014 BCSECCOM 305 in the search box. To view the sanctions decision for Cinnabar, Bass and Zucchet, please type 2014 BC SECCOM 26. 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
Learn how to protect yourself and become a more informed investor at www.investright.org
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