The executive director of the British Columbia Securities Commission has issued a temporary order against a financial planner and a B.C. company over allegations that they illegally distributed securities.

The order temporarily prohibits Peter William Arthur Wise and Microline Veneer & Forest Products Corp. from participating in B.C.’s capital markets.

Wise, a B.C. resident and certified financial planner, held registration as a mutual fund salesperson from 1998 to December 2005, according to a notice from the BCSC. Microline is a B.C. company that has never filed a prospectus or been registered to trade securities in the province.

The notice alleges that Wise and Microline traded and distributed securities as recently as August 2009 without being registered under B.C. securities laws and without filing a prospectus. From about January 2007 until June 2007, the notice alleges, the respondents illegally distributed approximately $1 million of Microline securities to about 27 investors.

An investor notified the BCSC about the allegations, which have not been proven.

On March 25, counsel for the executive director will apply to extend the temporary order and will set dates for a hearing into the allegations.

IE