The British Columbia Securities Commission has settled with a man who admitted to allowing a Panamanian company to sell the shares of a company he controlled to investors in the United Kingdom, the BCSC said Friday.

Ryan Anthony Gibson, a former Vancouver resident, was the sole officer and director of Rocky Mountain Gold Mining, Inc. when the company entered into an agreement with a Panamanian company to purchase its shares.

The Panamanian company resold the Rocky Mountain shares to UK investors. Approximately $2.4 million of Rocky Mountain shares were purchased by 166 UK investors. Gibson, on behalf of Rocky Mountain, maintained a company website for investors to review, and responded to some investors’ inquiries.

In the BCSC settlement agreement, Gibson admitted to contravening British Columbia securities laws when he traded and distributed Rocky Mountain securities without being registered and without filing a prospectus. He also admitted to allowing Rocky Mountain shares to be traded and distributed to overseas investors.

Under a BCSC order, Gibson is banned for seven years, except in limited circumstances, from trading and purchasing securities or exchange contracts. He is also banned for seven years from becoming or acting as a director or officer of an issuer, registrant or investment fund manager; acting as a registrant, investment fund manager, or promoter; acting in a management or consultative capacity in connection with the securities market; and engaging in investor relations activities.

Gibson also paid the BCSC $10,000 in settlement of this matter.

“There is no reasonable prospect of him paying a $50,000 fine that would otherwise be assessed in the public interest,” the BCSC said.

IE