The British Columbia Securities Commission is alleging a Prince George financial advisor recommended high-risk securities to five investors without taking reasonable steps to ensure the products were suitable for them.
Matthew Herbert Calvert recommended the investors purchase exempt market securities, which don’t require a prospectus, a formal document that explains the details of an investment and the risks involved, the BCSC alleged in a statement issued Tuesday.
Calvert also recorded inaccurate “Know Your Client“ information for those five investors, according to the BCSC.
During 2016 to 2019 -- the time of these alleged violations -- Calvert was working for Ascenta Finance Corp., a North Vancouver exempt market dealer firm.
The BCSC also alleges that Ascenta and its chief compliance officer, Tracy Anne Mabone, failed to maintain records demonstrating Calvert’s compliance with suitability requirements.
The BCSC’s allegations have not been proven.
The commission has asked the parties to appear at the BCSC’s offices on Oct. 27 if they wish to be heard before the commission schedules a hearing.
The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act.
