A B.C. businessman who was under a two-year market ban has been fined $40,000 and banned from the B.C. securities market for seven years for breaching the previous ban.
Brent Glen Jardine had been under a two-year ban related to Securities Act breaches when the BC Securities Commission (BCSC) discovered that, just seven months after receiving the ban, he was acting as the de facto director for another company.
In 2007, Jardine was fined $50,000 by the BCSC and banned for two years from being a director or officer for any publicly traded companies for misleading statements he made about his company, Aberdene Mines Ltd., which later became Canyon Copper Corp.(TSX.V:CNC).
He was sanctioned for making “highly promotional” and misleading statements about a mine property Aberdene had in the U.S. without a 43-101 technical report backing up the claims.
Despite the ban, the BCSC said Jardine was acting as director for a company called Claridge Ventures Inc., which later became Indo Global Exchange (OTC:IGEX), based in Jakarta.
As such, he not only breached the ban, he also contravened continuous disclosure requirements.
IGEX promotes itself as a technology company that developed an online trading platform that uses algorithmic trading.
It makes some pretty incredible claims, including a promise to double an original investment for users. (For every $10,000 invested via the platform, the company would add a $20,000 credit, allowing the user to invest $30,000).
IGEX debuted on the OTC on August 6, 2013 with shares trading at US$0.60 per share. Shares peaked at US$0.81 on Sept. 17, 2013. By the end of December, they had dropped to US$0.06 per share. They are now worthless.
Jardine has been banned for seven years from trading or purchasing securities, or acting as a director or officer of a company.
