In late November, the British Columbia Securities Commission ordered the removal of Maurice Hamelin’s trading rights, and prohibited him from acting as a director or officer of a public company for 20 years. Similar orders were made against Craig Harrison for a period of 10 years.
Hamelin was president and a director of Seven Mile High Group (VSE), while Harrison was secretary, controller and a director. A hearing was held in February and March of this year into the affairs of the company and the conduct of Hamelin and Harrison.
The commission found that the company failed to disclose the fact it had advanced a significant portion of its assets to Hamelin. And it found that Hamelin and Harrison were involved in a series of quarterly bank transfers between Seven Mile and Hamelin’s private company, which Seven Mile failed to disclose.
The commission also found that Hamelin contravened insider trading regulations, and that the company placed misleading advertisements “with the intention to deceive investors and cause them to purchase shares of Seven Mile.”
Hamelin and Harrison were ordered to pay the costs of the hearing.
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