VANCOUVER, BC, March 7, 2022 /CNW/ – Three Lower Mainland men linked to elder Surrey the investment firm which has failed to meet an investment manager’s standard of care must pay a sum $210,000.
As part of the settlement agreement with the British Columbia Securities Commission (BCSC), Gregory Paul James CameronWah Bo Chew, Matthew Evans Cameron and Chartwell Asset Management Inc. are prohibited from engaging in various market activities.
Chartwell, which was also registered as a portfolio manager and exempt market dealer, managed several funds. One of them, the Magna High Income Fund, lent a large part of its assets – $5 million – to Health Capital Receivables Funding Special Purpose Corporation I (Health Capital), by 2011.
Health Capital stopped paying interest in a timely manner and stopped providing reporting materials. Chartwell suspended redemptions for income fund clients in 2017 after Health Capital failed to honor the loan agreement.
In the settlement agreement with the BCSC, Chartwell admitted that it did not have enough information about Health Capital to support its calculation of the fund’s value, nor did it reassess the evaluation of the fund in the light of multiple risk indicators.
In doing so, Chartwell failed in its duty as an investment fund manager to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances.
Besides, Gregory Cameronchew and Matthew Cameron admitted to having authorized, permitted or acquiesced in Chartwell’s contraventions and therefore violated the same provisions as Chartwell. Gregory Cameron of Surrey was president, chief executive officer and director of the company, Chew of Burnaby was a director and advising representative, and Matthew Cameron of Coquitlam was Vice President, Advising Representative and Chief Compliance Officer.
Due to the misconduct, Gregory Cameron must pay $100,000Chew must pay $70,000 and Matthew Cameron must pay $40,000 at BCSC.
The three men are also exposed to the following sanctions:
- Gregory Cameron is prohibited for 15 years from becoming or acting as a director or officer of a reporting issuer or registrant and from becoming or acting as a registrant or promoter
- Chew is prohibited from becoming or acting as a director or officer of a reporting issuer or registrant for 10 years
- Matthew Cameron refrain for 4 years from becoming or acting as a compliance director
chew and Matthew Cameron will also be subject to supervision for any period for which they are registered under the Act. This registration requirement will apply until they have been registered cumulatively for a total of four or three years respectively.
Chartwell is also permanently prohibited from purchasing securities, becoming or acting as a registrant or promoter, and engaging in promotional activities.
Neither Chartwell, Gregory Cameron or Matthew Cameron have a history of securities misconduct, although Chew has previously entered into a settlement agreement with the BCSC in 1997.
The BCSC had issued a Notice of Hearing against Chartwell, Gregory Cameronchew and Matthew Cameron in December 2020but they settled before the hearing started.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia by the administration of the Securities Law. Our mission is to protect and promote the public interest by promoting:
- A fair securities market that deserves the public’s trust
- A dynamic and competitive securities industry that offers investment opportunities and access to capital
Learn how to protect yourself and become a smarter investor at www.investright.org
SOURCE British Columbia Securities Commission
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