BCSC Bans Two Former Investment Market Participants for Misconducts
The British Columbia Securities Commission (BCSC) has banned a former securities trader and a former mutual fund representative from the investment market after findings of misconduct in separate cases.
Former Vancouver resident Colin Jeffrey Heatherington, a Canadian citizen, received a lifetime ban following his U.S. conviction for securities and wire fraud. He pleaded guilty to conspiracy in a penny stock scheme that caused US$215 million in investor losses. In 2024, a California court sentenced him to 3.5 years in prison, 2 years on probation, and restitution.
Between 2004 and 2008, Heatherington oversaw the purchase of billions of U.S. penny shares while working for hedge funds, using manipulative trading practices to inflate values. He personally gained at least US$15 million. The BCSC panel ruled his misconduct was calculated and dishonest, warranting a permanent ban from serving as a director or officer, registering in the industry, or trading securities except in his own accounts.
Lorne Stuart Allison was banned after the Canadian Investment Regulatory Organization (CIRO) found he “deliberately and deceptively” conducted securities business outside his firm. CIRO permanently banned him, fined him $70,000, and ordered $10,000 in costs.
Allison, previously registered as an employee of RBC’s Royal Mutual Funds Inc., asked elderly clients to open online brokerage accounts against firm policy. After resigning, he continued trading for clients in exchange for fees and opened additional accounts.
The BCSC panel said Allison’s misconduct was intentional and heightened by his position of trust over clients, especially seniors. He is permanently barred from serving as a director or officer or becoming a registrant, and faces a 10-year ban from promotional activities and trading securities, except in his own accounts.
Recent enforcement actions by BCSC:
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