3 B.C. men illegally traded securities: BCSC

By Staff | July 20, 2012 | Last updated on July 20, 2012
2 min read

A British Columbia Securities Commission panel has found three B.C. men, along with a parking technology company, illegally distributed securities.

They raised approximately $3.5 million from investors who didn’t qualify for exemptions from securities laws.

Read: 3 core principles of CRM

The panel found Photo Violation Technologies (PVT), Frederick Lawrence Marlatt, Michael Wallace Minor, and Michael Garfield Timothy Minor traded in securities without being registered in B.C., and distributed those securities without filing a prospectus.

Between August 2005 and June 2008, Mitschele, Michael Minor and Tim Minor distributed PVT shares to approximately 322 investors, raising around $5.2 million.

At the time of the distributions, Mitschele was president and CEO of PVT—a B.C. company whose business was the development and commercialization of parking meter technology. Michael Minor was a director of the company.

In a statement of admission dated December 18, 2011, Michael Minor and Tim Minor admitted they “traded and distributed $3.2 million worth of PVT securities without being registered or having filed a prospectus, and when no exemptions from the registration and prospectus requirements applied.”

Read: Gordon Gekko warns against illegal trading

The panel found PVT traded $3.5 million in PVT shares to 272 investors without being registered or having filed a prospectus with no applicable exemptions, and in doing so contravened securities laws.

It also found Mitschele, as president and CEO of PVT, breached securities laws when he authorized, permitted and acquiesced in PVT’s contraventions of securities laws.

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

Read: 5 types of investment scams

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.