BCSC Executive Director's Bulletin: Securities regulator alleges two B.C. men
illegally traded and distributed securities

VANCOUVER, Nov. 25 /CNW/ - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that two B.C. residents and two companies contravened securities laws when they raised money from Canadian and U.S. investors.

The notice of hearing says that, from September 2006 to December 2008, Verified Transactions Corp. (VTC), Daniel Scammell and Casper de Beer, raised $651,309 when they distributed securities to 49 investors in B.C., Alberta and Washington State. 

The notice also says that, from November 2008 to March 2009, VerifySmart Corp. (VSC) and de Beer distributed securities to 50 investors in B.C. and four other Canadian provinces, raising a total of $575,000.

The notice alleges that:

• The respondents distributed the securities purporting to rely on exemptions from B.C. securities laws that did not apply to any of the distributions.
• Scammell, de Beer, VTC, and VSC distributed securities without being registered and without filing a prospectus. 
• Scammell, as a director of VTC and VSC, contravened securities laws by authorizing, permitting, or acquiescing in the sale of both companies' shares.
• De Beer, as a director of VSC, contravened securities laws by authorizing, permitting, or acquiescing in the sale of the VSC's shares.

Both VSC (formerly known as Verified Capital Corp.) and VTC have offices in Burnaby, B.C., and are British Virgin Islands incorporated companies. Scammell, a Coquitlam, B.C. resident, is the sole director of VTC and is a VSC director. Casper (a.k.a. Casha) de Beer, a Burnaby resident, is a director of VSC.

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 Dec. 8, 2010.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

For further information:

Ken Gracey
604-899-6577 or
(Canada)  1-800-373-6393