A B.C. man who has run afoul of the B.C. Securities Commission twice is once again under investigation.
Here in the B.C. Interior, Ray Sasseville is better known as the organizer of the now-defunct Sturgis North events. Media reports have listed Sasseville as the CEO of Sturgis North.
Sturgis North had been moved from Salmon Arm to the Motoplex Speedway, near Vernon, to Merritt, which was the end of the line for the annual event.
Sturgis North was fairly well attended to start, but vendors claimed they were left holding the financial bag, with thousands of dollars owed to them by event organizers.
This week, the B.C. Securities Commission (BCSC) said it has issued temporary orders against four companies and two individuals as it investigates possible violations of the registration and prospectus requirements of the Securities Act and a possible breach of a prior BCSC order.
The BCSC said the temporary order includes a 15-day ban on the trading of securities of Talking Stick Media Incorporated, YourStick.com Media Inc., Rockin Bike Motorcycle Manufacturing Company Incorporated and Sturgis Canada Festival Incorporated.
Sturgis North CEO under investigation by BC Securities Commission for third time
The BCSC said in addition, it has imposed a 15-day prohibition on Raymond Michael Roger Sasseville (also known as Michael Ray Carrier) from:
- Trading in or purchasing securities (with limited exceptions)
- Becoming or acting as a director or officer of any reporting issuer or registrant, with exceptions
- Relying on any of the exemptions under the Securities Act
- Becoming or acting as a registrant or promoter
- Advising or acting in a management or consultative capacity in connection with activities in the securities market
- And engaging in investor relations activities
The BCSC said also under investigation is Jonathon S. Reidar, who, along with the companies named above, is also prohibited from relying on any of the exemptions under the Act for 15 days.
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“In 2015, the BCSC found that Sasseville engaged in illegal distribution and unregistered trading, and banned him from trading in or purchasing securities with limited exceptions, and from becoming or acting as a director or officer of any issuer except in limited circumstances, for at least five years,” said the BCSC. “The orders remain in effect.”
The BCSC said under the Securities Act, it is able to issue temporary orders for 15 days if the length of time to hold a hearing would be prejudicial to the public interest.
No Sturgis North in Shuswap
No date has been set for a hearing, and Global News has reached out to Sasseville for comment.
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