A British Columbia Securities Commission (BCSC) panel has found that a former investment advisor engaged in an illegal distribution.

The panel found that in April 2011, Robert Waters, a B.C. resident sold shares of Berkeley Coffee & Tea Inc. to 45 investors for total proceeds of $312,977 without being registered and without having filed a prospectus.

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

Berkeley and Sean Tan have settled with the executive director, admitting that they distributed these securities without having filed a prospectus, contrary to section 61 of the Securities Act.