British Columbia Securities Commission settles fraud and illegal distribution case with William Brent Meikle and Hit TV Brands for nearly CAD 4.2 million and permanent market bans

The British Columbia Securities Commission (BCSC) announced a settlement with former British Columbia resident William Brent Meikle and Hit TV Brands Inc. requiring nearly CAD 4.2 million in payments and imposing permanent prohibitions for fraud, misrepresentations to shareholders and illegal distributions of securities. Under the settlement, Meikle and Hit TV will pay about CAD 3.7 million representing the amount obtained from the misconduct, plus CAD 500,000 payable by Meikle to the BCSC. The misconduct occurred between February 2018 and December 2019 and included Hit TV’s fraudulent use of approximately CAD 1 million in investor funds for Meikle’s personal expenses, misrepresentations about imminent revenue prospects and an imminent public offering and equity financing, and prohibited statements to investors that they would be reimbursed and would keep their shares. Over the same period, Hit TV also distributed securities 128 times without a prospectus and without relying on a prospectus exemption, with Meikle found to have authorized, permitted or acquiesced in the contraventions. Investors may make a claim to the CAD 3.7 million after the BCSC receives the funds. Meikle and Hit TV are permanently banned from participating in the investment market, subject to a limited exception allowing Meikle to trade in his own account through a registered dealer, and Meikle is also prohibited from acting as a director or officer of any issuer.