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BC Securities Commission fines Bahamas firm for illegal trading

Nov 07 2012 Daniel Seleanu, Compliance Complete

The British Columbia Securities Commission (BCSC) has ordered a Bahamas-based firm to pay C$300,000 for unregistered-securities trading and advising. The regulator also stressed that the firm was being penalised for refusing to provide information about British Columbia (BC) residents that held accounts with the company. The BCSC found that Gibraltar Global Securities Inc, an offshore securities brokerage and investment management/advisory company registered in the Bahamas, traded securities and provided investment advice to BC residents without being registered to do so. "Gibraltar had to have known that its activities in British Columbia were likely to be subject to registration," the decision stated. "Yet it took no credible steps to ensure that it would be in compliance with British Columbia requirements." In response to the misconduct, the BCSC ordered Gibraltar to pay C$300,000 in penalties. That sum included the C$48,250 registration fee that Gibraltar avoided by failing

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