Insurance salesman and financial planner Peter William Arthur Wise has paid $15,000 to the BC Securities Commission (BCSC) and is prohibited, with some exceptions, from trading any securities for three years.
This settlement, announced Friday, follows Wise’s admission, together with Microline Veneer & Forest Products Corp., that they distributed securities to 20 investors without being registered under B.C. securities laws and without filing a prospectus with the commission.
According to a press release from BCSC, Wise lives and works in Prince George and was a director of Microline responsible for the distribution of the company’s common shares at the time of the contravention of B.C. securities laws.
The press release notes that Microline and Wise purported to rely on exemptions from securities laws, however, in fact, there were no exemptions available to them and their 20 investors.
Besides the fine and securities trading prohibitions, Wise is prohibited from becoming or acting as the director or officer of any securities issuer for three years. He is also prohibited, for three years, from engaging in any investor relations activities.
Also under the agreement, Microline can no longer trade securities.
BCSC was not immediately available for comment.