A BC man admits to collecting thousands of dollars in commission for illegally distributing securities to investors plunking down $350K.
In a settlement with the BCSC, Daniel Quo Ming Sam has admitted to illegally distributing securities to investors who pumped $350K into a group of companies for which he collected $20K in commissions.
“Between February 2007 and April 2010, (Thomas Arthur) Williams and the Global Group of Companies raised approximately $11.7 million from approximately 123 investors,” reads a British Columbia Securities Commission (BCSC) report of a settlement agreement.
“Daniel Quo Ming Sam introduced seven investors to the Global Group of Companies. These investors, for whom no prospectus exemptions applied, collectively invested $348,853. Sam, who has never been registered in any capacity in B.C., received $19,469 in commissions.”
In the settlement agreement, Sam agreed to pay $29,469 and is prohibited from trading in securities and acting as a promoter for a period of five years. He’s also banned from acting in a management or consulting role from engaging in investor relations activities.
The agreement notes that Sam invested $38,100 of his own money in the Global Group of Companies, and has no reasonable prospect of its recovery.