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THE SECURITIES ACT |
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Order No. 7231 |
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Sections 148, 19(5), and 148.3 |
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November 18, 2015 |
EARLE DOUGLAS PASQUILL, FIC REAL ESTATE PROJECTS LTD., FIC
FORECLOSURE FUND LTD. AND WBIC CANADA LTD.
WHEREAS:
(A) On March 16, 2015, the British Columbia Securities Commission (“BCSC”) issued a decision against Earle Douglas Pasquill, FIC Real Estate Projects Ltd., FIC Foreclosure Fund Ltd. and WBIC Canada Ltd. (“BCSC Decision”);
(B) On August 28, 2015, The Manitoba Securities Commission (“Commission”) issued a Notice of Hearing (“Notice”) giving notice of its intention to hold a hearing to consider whether or not it was in the public interest to grant orders pursuant to The Securities Act, R.S.M. 1988 c. S50 as amended (“Act”) with respect to Earle Douglas Pasquill (“PASQUILL”), FIC Real Estate Projects Ltd. (“FIC PROJECTS”), FIC Foreclosure Fund Ltd. (“FIC FORECLOSURE”) and/or WBIC Canada Ltd. (“WBIC”);
(C) On November 18, 2015, this hearing matter came before a panel of the Commission;
(D) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondents, and upon reviewing the Affidavits of Service, filed, and being satisfied as to service upon the respondents, the Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to section 148 of the Act, all trading in securities of FIC PROJECTS, FIC FORECLOSURE and WBIC cease permanently.
2. THAT, pursuant to subsection 19(5) of the Act, subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to FIC PROJECTS, FIC FORECLOSURE and WBIC permanently.
3. THAT, pursuant to section 148 of the Act, PASQUILL cease trading in securities permanently, except that he may trade and purchase them for his own account through a registrant if he gives the registrant a copy of this order.
4. THAT, pursuant to subsection 19(5) of the Act, subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to PASQUILL permanently, except for those exemptions necessary to allow PASQUILL to trade securities for his own account.
5. THAT, pursuant to section 148.3 of the Act, PASQUILL resign any position he holds as a director or officer of an issuer and be prohibited permanently from becoming or acting as a director or officer of any issuer.
BY ORDER OF THE COMMISSION
Director