A regulatory hearing panel has ruled that a man from Nova Scotia violated an array of securities laws in soliciting investors for various investment schemes.
A hearing panel of the Nova Scotia Securities Commission (NSSC) has handed down its decision against Wesley William Robinson and his company, DRR900306 Ltd. — finding that he and his company “distributed securities employing a deceptive scheme.”
In doing so, the panel found that they perpetrated fraud, illegally distributed securities without registration and violated a temporary cease trade order that was initially imposed by the commission in 2019, among other breaches.
The NSSC first issued an investor alert about Robinson and his company in 2019. Later, it imposed a temporary cease-trade order against them, citing concerns that Robinson and his company had solicited investments on social media site LinkedIn, “in exchange for promissory notes and project funding agreements.”
“Robinson has also claimed to participate in a by-invitation-only trading platform offering investors short term investments with high rates of return,” the regulator said.
In its ruling, the panel found that Robinson and his company violated the commission’s cease trade order; “by continuing to post materials online promoting and soliciting investments […] and by distributing securities to, soliciting investment from and providing information about securities […] in 2020.”
The panel hasn’t yet imposed any sanctions in the case. It will hold a written hearing to consider sanctions.
“Always take time to verify registration. Further, ask questions, discuss risk, and obtain disclosure. Becoming an informed investor is your best line of defence against fraud,” said Jennie Pick, enforcement counsel for the commission, in a release.