CANADA: Clearly Canadian chief settlement detailed
The president of Clearly Canadian Beverage Corp. has been banned from British Columbia securities markets for 12 months, according to press reports. Over the weekend, the Globe and Mail said that Douglas Mason was banned by the British Columbia Securities Commission (BCSC).
The newspaper claims that the ban is part of a settlement between Mason and the BCSC following the issuance of a Notice of Hearing by the Commission against Mason in October 2000, relating to his connection with a trust established and administered under the laws of the Island of Jersey.
The Globe also said that Mason will also pay the BCSC C$250,000, of which C$50,000 represents the costs of the investigation.
Under the settlement agreement, Mason is permitted to engage in some limited financing activities and carry out securities trading under certain conditions. He is also allowed to keep his roles as president, CEO and director of Clearly Canadian.
The BCSC said Mason failed to file insider reports for 67 trades in shares of several companies, including Clearly Canadian, made between 1994 and 2000. The settlement agreement states the trades caused a misleading appearance of trading activity. Mason also failed to report distribution of stock he held from a control position in 14 trades, the agreement states.
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