VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - A British Columbia Securities Commission panel has found that three B.C. men and a parking technology company illegally distributed securities when they raised approximately $3.5 million from investors who did not qualify for exemptions from securities laws.
The panel found that Photo Violation Technologies Corp. (PVT), Frederick Lawrence Marlatt (a.k.a. Frederick Lawrence Mitschele), Michael Wallace Minor, and Michael Garfield Timothy (Tim) Minor traded in securities without being registered in B.C., and distributed those securities without filing a prospectus. All three men are B.C. residents.
Between August 2005 and June 2008, Mitschele, Michael Minor and Tim Minor distributed PVT shares to approximately 322 investors, raising around $5.2 million.
At the time of the distributions, Mitschele was president and CEO of PVT, a B.C. company whose business was the development and commercialization of parking meter technology. Michael Minor was a director of the company.
In a statement of admission dated December 18, 2011, Michael Minor and Tim Minor admitted that they "traded and distributed $3.2 million worth of PVT securities without being registered or having filed a prospectus, and when no exemptions from the registration and prospectus requirements applied", and in doing so contravened B.C.'s securities laws.
The panel found that PVT traded $3.5 million in PVT shares to 272 investors without being registered or having filed a prospectus with no applicable exemptions, and in doing so contravened securities laws. The panel also found that Mitschele, as president and CEO of PVT, breached securities laws when he authorized, permitted and acquiesced in PVT's contraventions of securities laws.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Frederick Lawrence Mitschele, Michael Wallace Minor, and Michael Garfield Timothy (Tim) Minor, Photo Violation Technologies Corp, PVT or 2012 BCSECCOM 284 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org.