The British Columbia Securities Commission has imposed a permanent market ban on Oliver Barrett Lindsay after he pleaded guilty in the United States to conspiracy to commit securities fraud. The BCSC hearing panel found the serious nature of the conduct established in the U.S. proceedings and concluded it demonstrates Lindsay is a risk to the capital markets. The misconduct related to a 2017–2018 fraudulent and manipulative trading scheme intended to create a false or misleading appearance of active trading in Kelvin Medical Inc. Lindsay, a Canadian citizen now living in British Columbia, was sentenced in 2022 by a U.S. federal judge in California to 17 months in custody and three years of supervised release, and was ordered to pay USD 187,898 in restitution jointly and severally with his co-defendant; the gain attributed to his role was almost USD 1.5 million. The release also notes Lindsay consented to a March 2023 judgment tied to a U.S. Securities and Exchange Commission complaint alleging insider trading, which included payment of any ill-gotten gains and a civil penalty. The order requires Lindsay to resign from any director or officer position at an issuer or registrant and permanently prohibits him from trading or purchasing securities or derivatives except through his own registered accounts in his own name (subject to providing a registered dealer a copy of the order), acting as a director or officer of an issuer or registrant, acting as a registrant or promoter, advising or acting in a management or consultative capacity in the securities or derivatives markets, engaging in promotional activities, and relying on Securities Act exemptions. He may incorporate a company in British Columbia in his name only and may act as a director or officer of a company of which he is the sole shareholder.
British Columbia Securities Commission 2025-03-07
British Columbia Securities Commission permanently bans Oliver Barrett Lindsay from British Columbia’s investment market following US securities fraud guilty plea
The British Columbia Securities Commission permanently banned Oliver Barrett Lindsay from the market after his guilty plea in the U.S. for conspiracy to commit securities fraud. Lindsay's fraudulent trading scheme with Kelvin Medical Inc. resulted in a 17-month U.S. prison sentence and USD 187,898 restitution. The order prohibits him from various securities-related activities, except through his registered accounts, and restricts his corporate roles to companies where he is the sole shareholder.