In a settlement with the BCSC, a man has admitted to illegally distributing securities to investors who would pump $350K into a group of companies while 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.”
Sam, in fact, received commissions from Williams, an advisor with the Global Group of Companies, but an industry player who was found to have breached securities law related to registration and prospectus requirements.
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.