The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that the director and sole executive officer of a Nevada corporation made false statements and structured his business in order to evade BCSC regulations.
According to the notice, BCSC staff sent a letter in July 2008 to Independence Energy Corp. to inform the company that its significant connections to B.C. make it subject to reporting requirements in this province, unless it could demonstrate that these requirements did not apply.
Independence responded in September 2008 stating that its head office had been relocated to Calgary, Alberta, and that B.C. rules would not apply. In addition, Bruce Thomson, director and sole executive officer of Independence, claimed to be a resident of Calgary.
The BCSC alleges that Thomson:
- subleased a Calgary office that he never used and did not pay rent for;
- arranged for the company's mail that was being delivered to a Calgary address to be forwarded to his home in Vancouver;
- arranged for someone to take company calls in Calgary and relay messages to him in Vancouver; and
- started giving false Calgary business and home addresses to U.S. securities regulators in 2008.
Independence was cease-traded in B.C. on June 20, 2012, for what the BCSC described as its ongoing failure to comply with its filing obligations.
The BCSC has applied to hold a hearing into the allegations on June 9, 2013.
None of the allegations has been proven.
