A British Columbia Securities Commission panel ordered Michael Duane Onstad and LOC Consultants Inc. to pay combined administrative penalties of CAD 100,000 and imposed four-year bans from the investment market for soliciting and referring investors to buy shares without being registered. Between 2018 and 2021, Onstad and LOC referred 33 investors who purchased a total of CAD 7.6 million in shares through two registered dealer firms, generating CAD 240,000 in fees. Neither Onstad nor LOC has ever been registered under British Columbia’s Securities Act; LOC would have qualified for a registration exemption but did not file the required documentation. The panel found no harm to investors and declined to order disgorgement against LOC as not in the public interest and disproportionate, and noted that neither respondent participated in the proceedings.
British Columbia Securities Commission 2025-05-21
British Columbia Securities Commission orders CAD 100,000 penalties and four-year market bans for unregistered investor referral activity
The British Columbia Securities Commission ordered Michael Duane Onstad and LOC Consultants Inc. to pay CAD 100,000 in penalties and imposed four-year investment market bans for unregistered solicitation and referral of investors. Between 2018 and 2021, they referred 33 investors who bought CAD 7.6 million in shares, earning CAD 240,000 in fees. The panel found no investor harm and did not order disgorgement, noting the respondents' non-participation in proceedings.