BCSC panel fines director and sole executive officer of Nevada company for making false statements to staff

VANCOUVER, June 12, 2014 /CNW/ - A British Columbia Securities Commission panel has sanctioned the director and sole executive officer of a Nevada company for a failure of the company to make required filings and for making false or misleading statements to commission staff.

The panel found that Bruce Thomson and Independence Energy Corp. failed to make required filings, but noted that at the time the filings were required Independence was essentially dormant and its shares were not trading.  "There is no evidence that anything of significance happened that would have been required to be disclosed," the panel said.  "Nor would there have been anyone with an interest in the disclosure."

In July 2008, BCSC staff sent a letter to inform Independence Energy Corp. that the company's significant connections to B.C. meant that it would be subject to reporting requirements in B.C. unless it could demonstrate the requirements did not apply.

The panel found that Thomson provided false information in response to this letter when he told commission staff that the company's head office was in Calgary when it was not, and provided misleading information when he told commission staff that he was a resident of Calgary.  However, the panel noted that Thomson's response was prepared on the basis of plans that the company had to relocate to Alberta and for Thomson to manage its affairs from Calgary.

The panel reprimanded Thomson and ordered him to pay a $1,000 administrative penalty.

You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Independence Energy Corp., Bruce Thomson, or 2014 BCSECCOM 209 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons 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 (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)