- Our Town
Sturgis organizer faces allegations from B.C. Securities Commission
In contrast to the lawsuit he has launched, Raymond Sasseville is being asked to defend himself by the British Columbia Securities Commission.
On Dec. 18 the securities commission issued a notice of hearing alleging that a B.C. company and three individuals distributed securities illegally.
The notice alleges that between May 2007 and January 2008, Wireless Wizard Technologies Inc. (WWTI), Raymond Michael Roger Sasseville, Edith Marie Sasseville and Richard Keller promoted and distributed WWTI’s securities, in the form of convertible debentures, to eight investors for a total of $162,500. All three accused are B.C. residents, and none have ever been registered to sell securities under the Securities Act, states the notice.
In 2003, Ray Sasseville also faced allegations of illegal distribution of securities, but involving a different issuer. At that time, he admitted he illegally distributed securities valued at approximately $755,000 to 75 investors, states a securities commission document. He was ordered to pay $10,000 and was prohibited from acting as a director and officer, or from engaging in investor relations activities on behalf of any issuer for a minimum of three years.
WWTI’s purported business was to develop and market a global positioning system (GPS) for motorcycles, and a wireless technology for conducting sales via text message. The company has never filed a prospectus in B.C.
“BCSC staff contends that the Sassevilles and Keller each participated in the illegal distribution of WWTI’s securities, and that each authorized, permitted or acquiesced in WWTI’s contravention of securities laws regarding registration and prospectus requirements.”
The allegations have not been proven.
The next step in the process is that dates for a hearing will be set before a panel of commissioners on Jan. 21 at 9 a.m.
The notice of hearing can be found at www.bcsc.bc.ca by typing in Wireless Wizard Technologies Inc. in the search box.