A British Columbia Securities Commission (BCSC) panel has found that two B.C. residents and two companies broke securities laws when they raised money from Canadian and U.S. investors.
The panel found that Daniel Scammell, Casper de Beer (also known as Casha de Beer), Verified Transactions Corp. (VTC) and VerifySmart Corp. (formerly known as Verified Capital Corp.) traded in securities without being registered in B.C. and distributed those securities without filing a prospectus.
Between September 2006 and December 2008, Scammell and VTC raised $641,309 from 49 investors in B.C., Alberta and Washington state. The panel found that these securities were distributed illegally.
Between November 2008 and March 2009, de Beer and VerifySmart distributed shares in VTC to 50 investors in B.C., Alberta, Saskatchewan, Manitoba and Ontario, raising a total of $575,000.
The panel found that those securities were also distributed illegally. Neither de Beer nor VerifySmart were registered to sell securities and VerifySmart never filed a prospectus in B.C.
No discipline has been announced.
Glen Korstrom
@GlenKorstrom