The British Columbia Securities Commission announced that Hani El Rayess, a former director and CEO of Vancouver-based cannabis company RoccaVerde Wellness Corporation, has paid CAD 30,000 for misconduct connected to the company’s illegal distribution of securities. RoccaVerde raised CAD 133,500 from investors without filing a prospectus and without relying on an exemption from the prospectus requirement. While a director between November 2018 and March 2019, El Rayess retained and instructed finders to solicit and refer accredited investors to buy RoccaVerde shares, but many of the referred investors were not accredited. El Rayess admitted he did not do enough to ensure compliance with British Columbia’s Securities Act prospectus requirements, and the release states that all investors lost all of their money. The commission also noted El Rayess’ cooperation during the investigation, voluntary training, and expressions of remorse, as well as his own investment losses in RoccaVerde.
British Columbia Securities Commission 2025-09-08
British Columbia Securities Commission collects CAD 30,000 from former RoccaVerde executive over illegal securities distributions
The British Columbia Securities Commission announced that Hani El Rayess, former director and CEO of RoccaVerde Wellness Corporation, paid CAD 30,000 for misconduct related to illegal securities distribution. RoccaVerde raised CAD 133,500 without a prospectus or exemption, resulting in total investor losses. El Rayess admitted to insufficient compliance efforts and cooperated with the investigation.