News

Sturgis organizer’s hearing set

It will be several months before a hearing will be held into allegations against Ray Sasseville from the BC Securities Commission.

The commission alleges that a B.C. company and three individuals, one of whom is Sasseville, distributed securities illegally, acted contrary to the public interest and traded without registration.

Between May 2007 and January 2008, the commission alleges, 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, stated the commission’s notice.

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.

At proceedings held Jan. 21 in Vancouver, it was decided that the hearing will begin on Oct. 29 and continue potentially through Nov. 4.

In 2003, Ray Sasseville also faced allegations of illegal distribution, 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 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.

 

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