A Salmon Arm man and his mortgage investment corporation are facing allegations from the British Columbia Securities Commission.
The securities commission alleges that Donald Bergman and All Canadian Investment Corporation (ACIC) made misrepresentations and false or misleading statements in documents required to be filed under the Securities Act.
According to a news release issued by the commission, Bergman was the sole director of ACIC, which provided loans to owners and developers of residential and commercial real estate. The loans were secured by mortgages on those properties.
“ACIC raised $1.6 million from more than 50 investors between February 2014 and December 2015 through three offering memorandums that explained how the loans would be secured. An offering memorandum must contain specific information about an investment to help potential investors make a decision on whether to purchase the security.”
The offering memorandums (documents that state objectives, risks and terms of investment) said the mortgages would be registered in the appropriate land title office, and were the first or second mortgage on the property. But ACIC cancelled some of the registrations, and some of its mortgage loans were secured by potentially more risky mortgages than represented, states the commission.
“The BCSC alleges that Bergman and ACIC made false or misleading statements in the offering memorandums because some of the loans were not secured as promised. By doing so, the BCSC alleges that they also made misrepresentations to investors.”
The Observer was unable to contact Donald Bergman or the All Canadian Investment Corporation. Two addresses listed on the Internet were not home to the company and two telephone numbers listed were currently either disconnected or no longer in service.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
