Victoria-based League Investment Services will not face a BC Securities Commission hearing next summer after entering into a settlement agreement with the markets regulator.
The deal, which effectively cancels the hearing, will see League principals Adam Gant and Emanuel Arruda pay fines of $150,000 and $100,000, respectively.
Gant and Arruda admitted that, while League promoted the sale of IGW Real Estate Investment Trust (IGW REIT) securities, it did not disclose its relationship or connection to IGW REIT.
IGW REIT is managed by League Assets Corp., which earns management fees based on the sale of IGW REIT securities by League Investment Services.
Gant says the settlement allows the company to focus on completing its $1 billion Capital City Centre mixed-use project in Colwood as well as continue on with the process of taking the company public.
from Western Investor November 2013
