B.C. regulator accuses marketing company, five other businesses of improper promotion of investments
B.C. regulator accuses marketing company, five other businesses of improper promotion of investments
Vancouver -
B.C.'s securities regulator is alleging misconduct on the part of five companies involved in the province's mining, technology and cannabis industries, as well as a marketing company that promoted them.
The allegations from the executive director of the B.C. Securities Commission have not been proven. They stem from the marketing efforts of Stock Social Inc., which, from 2016 to 2018, published advertorial content about the companies on websites and social media, and enlisted "influencers" to post favourably about the companies, as well.
The BCSC describes the posts as "promotional investment material," and alleges that the companies failed to "clearly and conspicuously disclose" that they had paid for such promotion. Similarly, the commission alleges that Stock Social failed to disclose that it had distributed the promotional material on behalf of the companies.
"Some of the advertorials had small print disclaimers stating that the issuers paid a fee for dissemination, but the disclaimers were not clear and conspicuous," the commission said in a news release.
The BCSC's misconduct allegations are against the six companies involved, as well as one individual from each company.
Those accused are:
- Kyle Alexander Johnston, of West Vancouver, president, CEO and sole director of Stock Social
- Jeremy Arthur William Poirier, of North Vancouver, president, CEO, an officer and a director of Bearing Lithium Corp. (formerly known as Bearing Resources Ltd.), a mineral exploration and development company
- Ryan James Johnson, of North Vancouver, corporate communications officer for Hello Pal International Inc., a software development company
- Chad David McMillan, of Vancouver, strategic advisor consultant to ImagineAR Inc. (formerly known as Imagination Park Entertainment Inc.), an augmented reality company
- Jared Michael Lazerson, of Vancouver, president, CEO, and a director of MGX Minerals Inc., a mining company
- John-David Alexander Belfontaine, of Pickering, Ont., president, CEO and a director of Phivida Holdings Inc., a distributor of CBD foods and beverages.
The commission will set a date for hearings on the executive director's allegations in November.
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