The former director of a B.C.-based cannabis company that illegally distributed securities has been banned for six years and has paid $5,000 to the BC Securities Commission (BCSC) for her misconduct.
B.C. resident Christine Mah was a director of RoccaVerde Wellness Corporation between November 2018 and March 2019. RoccaVerde distributed its securities to investors 14 times, for proceeds of $133,500, without filing a prospectus – a formal document providing details of an investment – and without an exemption from the prospectus requirement.
All of the investors lost all of their money.
Mah participated in the illegal distributions, including being responsible for the day-to-day internal financial operations of RoccaVerde, maintaining the general ledger for the corporation and depositing investor payments. She also admitted that she did not take any steps to ensure that the company complied with the prospectus requirements in B.C.’s Securities Act.
In addition to paying the BCSC $5,000, Mah is also banned for six years from participating in the investment market. During that time she faces various restrictions, including that she cannot be a registrant, a promoter, or a director or officer of any issuer, and she cannot trade securities except in her own account through a registered dealer.
Mah has never been registered under the Act and has no history of securities misconduct. She cooperated with staff throughout the investigation and expressed remorse for her misconduct.
