Former Broker Accused of Elaborate Scheme

The B.C. Securities Commission alleges that a former Vancouver stock broker  abused his position to profit from insider trading, deceived his employer and lied to regulators

According to a notice of hearing filed by the BCSC, while Douglas Wood was an employee with Jordan Capital Markets from February 2009 to February 2012 he used an elaborate scheme involving a Swiss private bank and a Panamanian shell company to conceal his trading of shares in Highland Resources Inc. The notice alleges that Wood was privy to inside information about a pending deal to develop a mineral property.
Wood bought shares in Highland Resources through Bank Gutenberg AG, had those shares transferred to his Panamanian shell company, and deceived his employer by failing to disclose his interest in the Panamanian company, the notice alleges.
BCSC staff further allege that Wood breached securities laws by lying during interviews with the BCSC and the Investment Industry Regulatory Organization of Canada.

These allegations have not been proven. The BCSC will apply to set dates for a hearing into the allegations before a panel of commissioners on September 17.