VANCOUVER, BC, April 24,
2024 /CNW/ - The B.C. Securities Commission (BCSC) is
alleging that a former B.C. resident and his company traded in
securities without being registered when they solicited and
referred investors to purchase shares of companies through two
registered dealers.
Michael Duane Onstad and LOC
Consultants Inc., a company that he controlled, solicited and
referred 33 investors, who bought a total of $7.6 million worth of shares through the
registered dealer firms. Through these referrals, Onstad and LOC
earned $240,000 in fees from the
firms between 2018 and 2021.
Neither Onstad nor LOC have ever been registered in any capacity
under B.C.'s Securities Act.
The BCSC's allegations have not been proven. The Commission
requires Onstad and LOC, or their counsel, to appear at the BCSC's
offices on June 25, 2024 if they want
to be heard before a hearing is scheduled.
About the B.C. Securities
Commission (bcsc.bc.ca)
The B.C. Securities Commission, an independent provincial
government agency, strives to make the investment market benefit
the public. We set rules, monitor compliance by industry, take
action against misconduct, and provide guidance to investors and
industry. As guardians of B.C.'s investment market, we're committed
to maintaining a market that is honest, fair, competitive and
dynamic, enabling British Columbians to thrive.
Learn how to protect yourself and become a more informed
investor at www.investright.org
SOURCE British Columbia Securities Commission