The British Columbia Securities Commission announced that Marcel Anil Rada, a British Columbia resident, pleaded guilty to one count of breaching a commission order under the Securities Act. In North Vancouver Provincial Court, he admitted failing to comply with a 2017 order that permanently banned him from acting as a director or officer of an issuer, but he nevertheless held those roles between 2017 and 2025. The 2017 ban was based on a 2011 decision by the Investment Industry Regulatory Organization of Canada, later the Canadian Investment Regulatory Organization. In that case, Rada admitted soliciting and obtaining CAD 205,000 from individuals for investment in two issuers without disclosing that more than CAD 175,000 would be paid to him, facilitating off-book transactions without his employer's knowledge and consent, and refusing to produce bank records or attend an interview with IIROC staff. The charge is a quasi-criminal offence under the Act and can result in fines, imprisonment, probation and or restitution orders. A sentencing hearing is scheduled for July 15.
British Columbia Securities Commission 2026-05-06
British Columbia Securities Commission obtains guilty plea over breach of permanent director and officer ban
The British Columbia Securities Commission reported that British Columbia resident Marcel Anil Rada pleaded guilty in North Vancouver Provincial Court to breaching a commission order under the Securities Act by acting as a director and officer of issuers despite a 2017 permanent ban. The ban stemmed from a 2011 Investment Industry Regulatory Organization of Canada decision in which Rada admitted to undisclosed fee arrangements on CAD 205,000 of client investments and facilitating off-book transactions.