BCSC panel finds that former broker lied to regulators and acted contrary to the public interest
A British Columbia Securities Commission panel has found that a former broker lied to regulators and acted contrary to the public interest.
The panel found that Douglas William Falconer Wood, a B.C. resident and a registered broker during the relevant period, repeatedly traded in securities that were on his employer’s restricted list, set up an offshore trading structure to conceal his trading activity (and then intentionally withheld this information from his employer), and lied to staff from the BCSC and the Investment Industry Regulatory Organization of Canada (IIROC).
Of Wood’s conduct, the panel wrote, “Individually, these facts might not be serious enough for a finding that they are contrary to the public interest but, when combined, lead us to the conclusion that the respondent’s conduct fell far short of what is expected of registrants. As such, the respondent’s conduct is contrary to the public interest.”
The panel dismissed allegations related to insider trading.
