Securities regulators in British Columbia say a Swiss bank has admitted to unregistered trading in securities on behalf of residents of British Columbia and will pay an $850,000 fine.
The British Columbia Securities Commission says that going back until at least January 2010 Bank Gutenberg AG, Gutenberg Management AG and Gutenberg Group AG promoted itself through its website and by visits by bank employees to Vancouver as providing offshore securities brokerage services.
The website disclaimer identified no specific restrictions on dealing with residents of British Columbia.
Canadian Press – September 24, 2014.
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