A portfolio manager has agreed to pay $12,000 to the BC Securities Commission (BCSC) as part of a settlement agreement, the regulator has announced.
According to the BCSC, Trevor Kilburn and Kilburn Ogilvie Waymann Investment Ltd. (KOWIM) have agreed to pay the penalty for failing to establish and maintain an adequate compliance system and failing to maintain a minimum level of regulatory capital.
The settlement agreement states that a BCSC compliance audit in June 2011 found that Kelowna portfolio manager KOWIM failed to maintain minimum regulatory capital between September 29, 2010, and July 14, 2011. The regulator stated that the audit also revealed that the company had failed to establish and maintain an adequate compliance system.
The regulator said that Kilburn was an advising representative, director and officer of KOWIM, and, at all material times, the company's ultimate designated person and its chief compliance officer.
The regulator said that KOWIM co-operated fully with commission staff during and after the audit and acted quickly to correct the identified shortfalls.
.jpg;w=120;h=80;mode=crop)