Former B.C. Resident and His Company Settle $4.2M Fraud Case with BCSC

The British Columbia Securities Commission (BCSC) has reached a $4.2 million settlement with former B.C. resident William Brent Meikle and his company, Hit TV Brands Inc., over fraudulent misuse of investor funds, misrepresentations to shareholders, and illegal securities distributions.

Under the agreement, Meikle and Hit TV will pay about $3.7 million, representing the amount obtained through their misconduct. Investors can claim these funds once received by the BCSC. Meikle must also pay an additional $500,000 penalty.

Between February 2018 and December 2019, Hit TV diverted roughly $1 million of investor money to Meikle’s personal expenses and misled shareholders with false claims of imminent revenues, public offering, and equity financing. The company also promised investors reimbursement while retaining their shares — a prohibited representation. During the same period, Hit TV illegally distributed securities 128 times without filing a prospectus or qualifying for an exemption.

Meikle, as founder, president, CEO, and director, authorized or permitted these violations and is deemed equally responsible.

As part of the settlement, Meikle and Hit TV are permanently banned from the B.C. investment market, including from being a registrant or promoter, engaging in investor relations, holding any management role in the investment market, or trading securities. Meikle may only trade for his own account through a registered dealer. Meikle is also prohibited from being a director or officer of any issuer.

The parties have no prior securities disciplinary history and cooperated with BCSC staff, avoiding a lengthy hearing.

Earlier this month, BCSC permanently banned Bane Hunter and Joel Richard Stewart Macdonald from participating in the investment market over financial misconduct.