The former president and CEO of Richmond medical device developer MDMI Technologies Inc. has been banned from trading for five years after admitting to illegally distributing securities to investors.
In a settlement agreement with the B.C. Securities Commission, James Richard Elliot admitted to selling approximately $2.3 million worth of MDMI shares without being registered or filing a prospectus.
Elliot admitted to holding presentations and investor meetings that involved selling shares to 262 investors in B.C. Almost all of the investors didn't qualify under the "friends and family" exception within the province's securities laws.
As part of his settlement, Elliot is prohibited from trading or buying securities for five years and can't become or act as a director, officer, manager or consultant in matters relating to the securities market.