April 20, 2010
SAINT JOHN (CNB) - A settlement agreement between New Brunswick Security Commission (NBSC) staff and Briand, Harrison & Associates Corp., based in Fredericton, and two individuals associated with the company - Craig Briand of Fredericton and Stephen Harrison of Kingsley - has been accepted by the NBSC.
The NBSC also ordered certain market restrictions and sanctions as agreed in the settlement agreement.
The order provides that the respondents are permanently denied all exemptions under New Brunswick securities laws. It also orders Harrison and Briand to pay a penalty of $6,000 and $2,000, respectively, and costs of $1,000 each.
The settlement agreement and order concern the respondents acting as investment advisers without proper registration under the Securities Act. No investors were harmed as a result of the unregistered activity, and the respondents co-operated fully with the NBSC.
In March 2009, the NBSC received a complaint from an individual who had previous experience with Harrison when he owned and operated a failed investment business in Ontario.
Staff began an investigation into the operations of Briand, Harrison & Associates Corp., which held itself as a company offering investment advice. Harrison and Briand made certain misrepresentations about their qualifications and experience while promoting the business.
"Those who provide investment advice in New Brunswick must be registered," said Rick Hancox, NBSC executive director. "We take aggressive action on those who do not comply with the law to ensure New Brunswickers are protected."
As the provincial securities regulator, the NBSC provides access to free, impartial investment resources and tools for New Brunswickers. For more information about dealer and adviser registration, go online or call 1-866-933-2222.
As an independent provincial Crown corporation, the NBSC oversees the capital markets in New Brunswick and regulates those that sell or manage securities. The NBSC is funded by regulatory fees paid of those operating in the investment industry, including public companies, mutual funds and more than 7,000 registered individuals and firms.
MEDIA CONTACT: Michelle Robichaud, communications, New Brunswick Securities Commission, 506-643-7045.