News Release

Vancouver – A British Columbia Securities Commission panel has ordered a Bahamian company to pay $300,000 for trading and advising in securities in B.C. without being registered, and for refusing to provide BCSC staff with information relating to B.C. residents who have held accounts with the company.

In May 2012, the panel found that Gibraltar Global Securities Inc, a company registered in the Bahamas that provides offshore securities brokerage, investment management and advisory services, carried out trades and provided securities advice on behalf of B.C. residents without being registered to do so.

The panel also found that Gibraltar’s continued refusal to provide BCSC staff with the names, account information and account statements for all B.C. residents who have beneficially held accounts with Gibraltar made the company “unsuitable to engage in securities related activities in, or connected with, British Columbia”.

For its misconduct, the panel ordered that Gibraltar be permanently banned from trading or purchasing securities in B.C., except that Gibraltar may direct Global Securities Corporation to sell any securities held in Gibraltar’s accounts at Global, provided Global continues to hold proceeds from any sale. Gibraltar is also permanently prohibited from becoming or acting as a registrant, investment fund manager or promoter, and from engaging in investor relations activities. In addition, Gibraltar must disseminate on its website that it is permanently prohibited from having clients who are resident in B.C.

The panel also ordered Gibraltar to pay an administrative penalty of $300,000, which includes $48,250 in registration fees that Gibraltar avoided by failing to register.

The panel declined to vary the freeze order issued by the BCSC on August 5, 2011, at least until Gibraltar pays the administrative penalty.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Gibraltar or 2012 BCSECCOM 411 in the search box.  Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).

Learn how to protect yourself and become a more informed investor at www.investright.org

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