The B.C. Securities Commission (BCSC) alleges that a B.C. man breached securities laws by lying to the regulator’s staff about his connection to a corporation that purchased and sold securities of a company where he was a director.
The BCSC alleges that Rudolph Walter Brenner attempted to conceal his relationship to a securities trading account held by Muscatine Financial Corp., a company controlled by the Brenner Family Trust (of which, he’s a beneficiary). It charges that Brenner used Muscatine’s trading account to sell shares of Hellix Ventures Inc. in September 2011; and that Brenner was a director of Hellix between January 2000 and April 2012.
The allegations have not been proven. The BCSC says it will apply to set dates for a hearing into the allegations on Sept. 3.
In announcing its allegations on Monday, the BCSC says that when it asked Brenner to identify his securities trading accounts, both domestic and foreign; and to produce documents for all such accounts; that he failed to include the Muscatine brokerage account.
“After being asked several times by BCSC staff to confirm whether his response was complete and being asked specifically about his connection to Muscatine and its brokerage account, Brenner replied that he did not have control of the brokerage account, and did not have access to the records [the regulator sought],” it says; adding that he also said he didn’t know about the sale of the Hellix shares until April 2012.
BCSC staff insists that this is false, and says that Brenner directed the manager of the Muscatine brokerage account to sell the shares in September 2011. It also claims that he failed to file insider reports, thereby breaching securities laws.