Antonio Arias - December 16, 2014

Antonio Arias - December 16, 2014

Disciplinary Summary


December 16, 2014 

Complaint

CGA-BC received a complaint from a member of the public with respect to now former Member, Antonio Arias, concerning an investment made with Mr. Arias’ company, Antamarka Resources Inc.

Decision

The Discipline Committee found Mr. Arias was not in breach of the Code of Ethical Principles and Rules of Conduct, in effect from September 24, 2011, as follows,

Rules R101 – Discredit; R102 – Unlawful Activity;  R107 – Compatible Activities; R205 – Information Used for Personal Advantage; R305 – Sufficient Information; R403 – Known Omission because there was insufficient evidence.

The Discipline Committee found, and the Appeals Committee confirmed, Mr. Arias was in breach of the Code of Ethical Principles and Rules of Conduct, in effect from September 24, 2011, as follows,

Rules R108 – Conduct Unbecoming; R402 – Association with Financial and Other Information; R604(c) – Admittance to Membership; R606(a) – Detrimental Actions because:

  • He provided misleading information to investors; 
  • He mislead the BC Securities Commission (BCSC) in his response to the BCSC Order for Production; 
  • He accepted a subscription agreement that should not have been accepted as the subscribers were not eligible investors.  Mr. Arias should know the definitions and requirements, and the public would expect this from a CGA; and 
  • The subscription agreement was subject to scrutiny by BCSC, and by accepting false information the agreement would be a discredit to the profession. 

Discipline Order by the Appeals Committee

  • Reprimanded; 
  • Assessed a fine of $2000; 
  • Assessed partial costs of the Discipline Panel hearing in the amount of $5,275.14; 
  • Assessed full costs of the Appeals hearing in the amount of $3,662.73; 

Consequential Order

As the Appeals Committee Order was not complied with, Mr. Arias is required to pay the balance of the Discipline Panel hearing costs in the amount of $1,758.38; and is barred from reinstatement to membership for two (2) years.