According to the British Columbia Securities Commission, Roberta Merlin McIntosh is known by many names: Berta McIntosh, Roberta Sims, Roberta Butcher and Roberta Mayer.
She won’t be using any of them to trade B.C. capital investments any time soon.
The BCSC announced March 10 that it had fined the Ladysmith resident $30,000 and banned her from participating in B.C.’s capital markets for 10 years.
According to a ruling filed on the BCSC website, McIntosh illegally advised an investor to purchase exempt market securities in April of 2011 and was not registered when she did this.
“Although she resigned in 2003, as a former registrant, she should have been aware of the fundamental prohibition against unregistered advising,” a BCSC review panel ruled, while ordering her to pay the BCSC the $11,730 she earned in commissions as a result of her conduct, as well as the $30,000 fine.
“The panel also ordered that McIntosh resign any position she holds as a director or officer of an issuer or registrant. She is prohibited from trading in securities, purchasing securities or exchange contracts (with limited exceptions), and from becoming or acting as a director or officer of any issuer or registrant,” a BCSC media release states.
“She is also prohibited, for the same period, from becoming or acting as a registrant or promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market. These prohibitions remain in place until the later of February 26, 2025 and the date the ordered amounts have been paid.”
This decision follows on the heels of a 2012 ruling by the Insurance Council of B.C. to cancel her life and accident and sickness insurance licence for five years.
“Council found the Licensee used her role as a trusted financial advisor to promote her own interests to the serious detriment of her clients,” the rulling in that case states.
In the insurance council case, the sanctions came about as a result of inappropriate advice given elderly investors.
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act.
