BCSC track record
posted on
Mar 20, 2014 01:45PM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
A lot of questions are raised by the below information, please relize that government money from tax payers pay for this type of performance. One immediate and blatant problem with protection of investors is non enforcement and ridiculous investigation times spent while the perpetrators are dispositioning assets. It is wriiten within the criminal code of Canada, that some quick charges can be layed upon reasonable evidence of harm to others and during a course of proactive measuring to mitigate further risk. All the tools and invested powers are in place and enacted within our laws, they seem to be rarely utilized, for some odd reason.
And if part of the reason for meticulous investigations is because of fear of opposing lawyers and associated costs, the governments pay for this and have more money than any law firms, and when it comes to public interest and protection, should there ever be any real concern about the amount it costs? Natural Law is built on common sense, what are our laws built on today, and why is that?
http://www.fin.gov.bc.ca/ocg/pa/11_12/Sup%20E/pdf/BC_Securities_Commission_Fin_Stmts.pdf
Enforcement sanctions We order administrative penalties and the return of ill-gotten gains to victims under the
Securities Act. We also negotiate settlement amounts. Enforcement sanctions, which depend on
the timing and nature of enforcement actions, vary significantly between periods. We recognize in revenue sanctions we determine are collectible. We spend these revenues only to educate securities market participants and the public about investing, financial matters, or the operation and regulation of securities markets.
(thousands)YearendedMarch31
Enforcementsanctions20122011
Currentperiodsanctions$55,934$56,933
Uncollectibleportionofsanctionsnotrecognized(55,652)(56,548)
Recoveryofprioryearuncollectiblesanctions635
Sanctionrevenue$345$390
Collecting sanctions is difficult. Collection targets often have limited assets, have poor credit, or have left BC. We have collected $14.3 million (7%) of $192.7 million sanctioned since our incorporation on April 1, 1995. We continue to pursue the outstanding amounts vigorously. However, of the $182.5 million outstanding, only $0.1 million is likely collectible and accrued in our financial statements. About 80% ($155.0 million) of the $192.7 million outstanding relates to six cases. About 42% ($81.5 million) of the $192.7 million outstanding relates to disgorgement orders.