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| For Immediate
Release |
00/23 |
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| CONTACT:
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April 20, 2000 |
| Pam
Whitworth |
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| Communications
Director |
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| Canadian Venture
Exchange |
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| Tel: (604) 488-3126 |
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CDNX:
Approved Persons Disciplined - Robson,
Ross and Wigham
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Offers of Settlement between the
Canadian Venture Exchange Inc. (the "Exchange") and Craig George Thomas Robson
("Robson"), James Henry Ross ("Ross") and Ritchie John Wigham
("Wigham") were accepted by the Exchange. Robson at the time of the infraction
was employed by C.M. Oliver & Company Limited ("C.M. Oliver") as Senior Vice
President and Director of Compliance and Risk Management at C.M. Oliver’s head office
in Vancouver (the "Vancouver Office"). Ross, at the time of the infraction, was
employed by C.M. Oliver as Director, Vice-President Trading and Branch Manager of the
Calgary Branch office (the "Calgary Office"). Wigham, at the time of the
infraction was employed by C.M. Oliver as an approved person in the Vancouver office.
Rules Violated
Robson, Ross and Wigham have admitted to violating
Alberta Stock Exchange ("ASE") By-Law 11.01(1), that states in part that no
member or approved person shall trade or participate in any trade in any listed security,
whether acting as principal or agent, unless such trade is made through the facilities of
the ASE.
Penalty Assessed
Pursuant to the terms of the Offer of Settlement
Robson is required to:
- pay a fine in the amount of $15,000;
- successfully complete the Partners, Directors and Officers qualifying
examination, and
- pay $1,000 towards the costs of the Exchange’s investigation.
Ross is required to:
- pay a fine in the amount of $10,000;
- successfully complete the Branch Manager’s examination, and
- pay $1,000 towards the cost of the Exchange’s investigation.
Wigham is required to:
- pay a fine in the amount of $5,000;
- successfully complete the Conduct and Practices Handbook for
Securities Industry Professionals examination, and
pay $1,000 towards the cost of the
Exchange’s investigation.
Summary of Facts
- On April 17, 1996, a Wigham client (the "Wigham Client")
placed an order to sell short 10,000 shares of former ASE listed Timbuktu Gold Corporation
("Timbuktu") at a price of $22.00 per share. Trading in the shares of Timbuktu
was halted by the ASE from April 19, 1996 until December 2, 1996.
Dean Joseph Sheptycki ("Sheptycki") was an approved person
employed at the C.M. Oliver Calgary Office, during the material time. On April 18, 1996, a
Sheptycki client (the "Sheptycki Client") placed an order to purchase 3,500
shares of Timbuktu. This transaction resulted in a large debit balance in the Sheptycki
Client Account as at April 30, 1996. As a result, the Sheptycki Client Account was
designated as a restricted account.
On July 19, 1996, while trading in the shares of Timbuktu remained
halted by the ASE, the Sheptycki Client attended at a meeting (the "Meeting")
with the Wigham Client and an employee of the C.M. Oliver, Calgary Office. At the Meeting,
10,000 shares of Timbuktu were delivered out of the Sheptycki Client Account and delivered
to the Wigham Client who deposited 9,000 of these shares into the Wigham Client account.
At the Meeting, the sum of $20,000 was paid by the Wigham Client to the Sheptycki Client
and deposited to the Sheptycki Client Account (hereinafter referred to as the
"Trade"). The Trade was contrary to the provisions of ASE By-Law 11.01(1) as it
did not take place through the facilities of the ASE.
Robson was Senior Vice-President in charge of compliance at all
relevant times. Robson, as a result of his position, thereby violated ASE By-Law 11.01(1)
with respect of the Trade.
Ross was the Branch manager and the supervisor at the C.M. Oliver
Calgary Office at all relevant times. Ross, as a result of his position, thereby violated
ASE By-Law 11.01(1) with respect to the Trade.
Wigham, within the meaning of ASE By-Law 11.01(1) participated in the
Trade and thereby violated ASE By-Law 11.01(1).
The conduct of Sheptycki is addressed in ASE Notice to Members
98/12.
For more information, please visit the
Exchange’s website at www.cdnx.com.
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