B.C. securities regulator alleges B.C. resident and Victoria company engaged in illegal distribution

VANCOUVER, April 26, 2016 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Lance Sanford Cook and CBM Canada's Best Mortgage Corp. (CBM) sold securities in breach of securities laws concerning prospectus requirements. CBM was a federal corporation with its head office in Victoria.  Cook is a resident of B.C. and a former sub-mortgage broker. He was the president and sole director of CBM. 

The notice alleges that between 2007 and 2012 Cook and CBM issued six sets of promissory notes for gross proceeds of $380,000.

Neither Cook nor CBM has ever filed a prospectus under the Securities Act, and neither Cook nor CBM qualified for an exemption from prospectus requirements for any of the relevant distributions.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on June 28, 2016, at 9:00am.

You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Lance Sandford Cook, CBM Canada's Best Mortgage Corp., or 2016 BCSECCOM 115 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia 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

Media Contact: Richard Gilhooley, Media Relations, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free)