Fund rep sanctioned for crypto trading
According to the settlement, between 2019 and 2022, Meehan accepted $1.2 million worth of crypto from eight clients and 22 other investors, which he deposited into his own crypto wallet, so that he could trade the crypto on their behalf.
During the period, he made over 6,000 trades for investors, in over 75 different crypto assets, and received over US$90,000 in compensation for the service.
In 2022, the B.C. Securities Commission (BCSC) issued a cease trade order against a numbered company that Meehan had established, and which entered contracts with the investors governing the trading arrangements. That order stipulated that those contracts amounted to securities that required a prospectus or an exemption.
After the BCSC…
