The B.C. Securities Commission announced a hearing panel has fined a B.C. man and his company $100,000 total for unregistered investment referrals with two unidentified registered dealer firms.
A commission hearing panel ordered Michael Duane Onstad, last known to reside in Vancouver, and Surrey-based LOC Consultants Inc., to each pay $50,000 fines for soliciting and referring 33 investors to purchase $7.6 million worth of “flow-through” shares of companies without being registered.
The panel also banned both Onstad and LOC from the investment market for four years, according to the panel’s May 20 ruling.
Onstad ran the investors’ purchases through two registered dealer firms that paid him close to $240,000 in referral fees. Onstad
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