Two individuals and three companies breached cease trade order against Nevada company, BCSC alleges
VANCOUVER, BC, April 14, 2023 /CNW/ - The B.C. Securities Commission (BCSC) alleges that two people and three companies violated a cease trade order against one of the companies' securities.
In 2013, the BCSC ordered all persons to cease trading in the securities of County Line Energy Corp. (now County Line Energy Inc.), a Nevada corporation for which the BCSC is the principal Canadian regulator. The order is still in place.
Between January 2018 and May 2021:
- County Line issued 23 debt securities totaling US$96,850
- A B.C. corporation, 0985358 B.C. Ltd., sold 15,700,855 County Line shares, and
- Another B.C. corporation, 1207124 B.C. Ltd., sold 3 million County Line shares.
These transactions violated the BCSC's cease trade order.
Manny John Margaretis has been the CEO of County Line since August 2019. Of the 23 debt securities issued by County Line, 17 of them, totaling US$82,100, were issued after Margaretis became CEO.
Aarif Jamani has been the president and sole director of 0985358 BC since it was incorporated in 2013, and is now the sole director of 1207124 B.C. Ltd. The sole director of 1207124 B.C. Ltd. at the time of the transactions died in November 2022.
Margaretis and Jamani, as directors and officers of County Line and 0985358 B.C. Ltd. respectively, authorized, permitted, or acquiesced in those companies' breaches of the order, and therefore breached the order themselves.
The BCSC's allegations have not been proven. The Commission requires the parties involved to appear at the BCSC's offices on June 13, 2023 if they wish to be heard before a hearing is scheduled.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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