By The Book: BCSC bans former CEO for five years

(May 29, 2008) The British Columbia Securities Commission has banned a former CEO from capital markets for five years for illegally distributing securities to investors.

James Richard Elliot, the former CEO and president of MDMI Technologies Inc., held presentations and investor meetings that marketed the shares of MDMI, and raised approximately $2.3 million from 262 B.C. investors. But he was not registered and did not file a prospectus.

And most of the investors did not qualify for the “friends and family” exemption from B.C. securities laws that Elliot relied upon to sell the securities.

(05/29/08)

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