The British Columbia Securities Commission has settled with an investment dealer that agreed to pay $12,000 for breaching a BCSC cease trade order.

E*Trade Canada Securities Corp. admitted in a settlement that it violated a BCSC cease trade order when it sold shares of Raven Gold Corp.

Raven Gold, incorporated under the laws of Nevada in 2005, is headquartered in Penticton, B.C., with its shares quoted on the OTC Bulletin Board (OTCBB) in the United States. Since Aug. 1, 2007, Raven Gold’s shares have been cease traded by the BCSC and listed on the National Cease Trade Order Database for failure to file required technical reports to support its disclosure of mineral resources.

On Oct. 4, 2007, E*Trade allowed a B.C. resident’s online purchase of 7,000 Raven Gold shares. E*Trade subsequently cancelled the shares out of the client’s account to an internal error account. On Jan. 7, 2008, E*Trade sold the Raven Gold shares to liquidate its position.

IE