The British Columbia Securities Commission announced a settlement with former Vicinity Motors Corp. CEO William Trainer for selling nearly one million company shares while a management cease trade order was in effect. The settlement requires Trainer to pay CAD 121,403, including disgorgement of the trading proceeds, and bars him for 10 years from serving as a director or officer of any issuer or registrant, subject to a limited exception for a private family company. The case arose after Vicinity, an electric bus manufacturer whose shares traded on TSX-V and Nasdaq and is now in receivership, applied in August 2024 for a management cease trade order because it could not file interim financial statements and related disclosure on time. Trainer signed a consent acknowledging he could not trade Vicinity shares while the order was in force, but about two months later sold approximately 997,000 shares for CAD 91,403. Under the settlement, he paid that amount as disgorgement plus an additional CAD 30,000, and accepted 10-year prohibitions on acting as a registrant or promoter, advising or otherwise acting in a management or consultative capacity in the securities or derivatives markets, engaging in promotional activities, and trading or purchasing securities and derivatives.
British Columbia Securities Commission2026-07-21
British Columbia Securities Commission settles with former Vicinity Motors CEO over cease trade order breach, CAD 121403 paid and 10 year bans imposed
The British Columbia Securities Commission settled with former Vicinity Motors CEO William Trainer after he sold about 997,000 shares while a management cease trade order was in effect. He paid CAD 121,403, including disgorgement of the trading proceeds, and accepted 10-year bans from director and officer roles and other securities market activities.