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BC Hopps committed fraud by illegally selling shares: BCSC

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A BC runs an agricultural business and its directors are facing a fraud investigation for allegedly illegally selling shares in the company.

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The BC Securities Commission claims that the director and marketing director of Fraser Valley Hop Farms (FVHF) has sold $1.9 million of its shares to investors.

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Alexander Bridges, who goes by the name Alex Blackwell, is listed as the sole director and manages the company’s accounts.

According to the commission, between December 2016 and July 2018, 18 investors were solicited by Bridges and Shane Douglas Harder Toes, who were named FVHF’s marketing directors.

“Bridge and FVHF used approximately $500,000 of the funds for cash withdrawals, non-farm related expenses and payments to Bridge,” said a release from the Securities Commission. “BCSC alleges that the company and Bridges committed fraud under the securities laws by using some of the funds for these other purposes.”

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The commission also alleges that between 2016 and 2019, the Hopps business distributed securities worth $931,000 to 13 investors, but did not file prospectuses providing investment details. The company was not eligible for an exemption from preparing the prospectus.

The Commission also found that Bridges and Harder-Toews also violated securities law by “authorizing, permitting, or condoning the company’s illegal distribution,” and Bridges further violated securities law by authorizing, permitting, or condoning fraud. alleging a violation of

Claims made by the BC Securities Commission have not been proven. The two are scheduled to appear at the commission’s office on Dec. 7 if they wish to address the allegations before a hearing is scheduled.

BC Hopps committed fraud by illegally selling shares: BCSC

Source link BC Hopps committed fraud by illegally selling shares: BCSC

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