The British Columbia Securities Commission has ordered a B.C. mining company to permanently cease trading and has sanctioned two B.C. residents.
The commission found that between April and July 2011, Christoper James G. Bass — CEO and director of Cinnabar Exporations Inc. — and Dale Zucchet illegally sold shares of Cinnabar to seven investors.
While Bass and Zucchet claimed the seven investors fell under BCSC regulations that exempt family, friends and accredited investors from securities rules, the BCSC found that the investors did not meet this criteria.
Bass and Zucchet must resign any positions they hold as directors or officers of publicly traded companies and are banned in trading in securities for five years.
They are also banned from promoting or consulting in securities.
Bass has been ordered to pay the $21,500 he received from the illegal investment promotion to the BCSC, as well as $10,000 in an administrative penalty.
Zucchet has been ordered to pay an administrative penalty of $15,000.
Bass was previously sanctioned by the BCSC in 1988.
