However, the Settlement Agreement between Benne and the Executive Director of the BCSC reveals that Benne used $75,000 of the invested funds for personal purposes and most of the rest was lost, although some money was returned to investors.
The regulator said that Benne’s promotional activity included false statements that a reasonable investors would consider important in determining whether to purchases securities, contrary to the province’s Securities Act.
In deciding what action to take, the BCSC acknowledged Benne’s remorse and his full cooperation with the investigation. Benne voluntarily provided information to investigators, admitted to wrongdoing and made the admissions set out in this agreement at an early stage of the investigation, prior to the issuance of a notice of hearing of this matter, which has resulted in time and cost savings.
Even so, the BCSC decided that a permanent ban from participating in BC’s investment market, including being prohibited from being a director or officer of any issuer or registrant and from becoming a registrant, is the appropriate action. Benne can trade through his own accounts via a registered dealer or registrant.
Benne has paid $55,000 to BCSC which represents funds obtained from his misconduct and which will be paid to his victims.
